(b) The Board shall grant or deny each application for a license which is accompanied by the required fees, within sixty days from the date of mailing said notice, unless extended by written agreement of the applicant and Board, if it shall find (1) that the financial responsibility, character, experience, and general fitness of the applicant are such as to command the confidence of the public and to warrant belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter, which requirements shall be maintained during the period of the license, (2) that the applicant has available liquid assets of not less than twenty-five thousand dollars for operation of such business at the specified location; provided, that any licensed person engaged in the business of lending as of August 7, 1966 shall have five years from August 7, 1966 to meet this requirement, for the operation of such business at the specified location, and (3) allowing such applicant to engage in business will promote the convenience and advantage of the community in which the licensed office is to be located; thereupon, it shall enter an order granting the application, place on file its findings of fact and forthwith issue a license to the applicant. However, where the number of licensees in a community is less than two, upon properly qualified applications under clauses (1) and (2) hereof, the Board shall issue additional licenses as to bring the number of licenses to two in such community.
Terms Used In South Carolina Code 34-29-40
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: shall mean the State Board of Bank Control and its duly authorized deputies. See South Carolina Code 34-29-10
- License: shall mean the privilege certificate issued by the Board under the authority of this chapter to conduct the business regulated by this chapter. See South Carolina Code 34-29-10
- Licensee: shall mean a person to whom one or more licenses have been issued. See South Carolina Code 34-29-10
- Person: shall mean an individual, partnership, association, corporation and all other legal and commercial entities. See South Carolina Code 34-29-10
(c) If the findings of the Board are not favorable, it shall place on file its findings of fact and enter an order denying the application and notifying the applicant of the denial, returning the license fee but retaining the investigation fee.