South Carolina Code 34-36-30. Principal responsible for acts of brokers and brokers’ agents or employees
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Terms Used In South Carolina Code 34-36-30
- Loan broker: means any person who:
(a) for or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;
(b) for or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;
(c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or
(d) holds himself out as a loan broker. See South Carolina Code 34-36-10 - Principal: means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker. See South Carolina Code 34-36-10
Each principal of a loan broker may be sanctioned for the actions of the loan broker, including the loan broker’s agents or employees acting in the course of business of the loan broker.