(A) A person may not engage in the business of deferred presentment services without first obtaining a license pursuant to this chapter. A separate license is required for each location from which the business is conducted. The licensee shall post its license to engage in the business of deferred presentment services at each location licensed pursuant to this chapter.

(B) A person engaged in the business of deferred presentment services on the effective date of this chapter may continue to engage in the business without a license until the board has acted upon the application for a license, but the application must be filed within sixty days after the effective date of this chapter.

Terms Used In South Carolina Code 34-39-130

  • Board: means the State Board of Financial Institutions. See South Carolina Code 34-39-120
  • Deferred presentment services: means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:

    (a) accepting a check dated on the date it was written; and

    (b) holding the check for a period of time before presentment for payment or deposit. See South Carolina Code 34-39-120
  • Licensee: means a person licensed to provide deferred presentment services pursuant to this chapter. See South Carolina Code 34-39-120
  • Location: means the entire space in which deferred presentment services are provided. See South Carolina Code 34-39-120
  • Person: means an individual, group of individuals, partnership, association, corporation, or other business unit or legal entity. See South Carolina Code 34-39-120

(C) A person may not engage in the business of deferred presentment services with a customer residing in this State, whether or not that person has a location in South Carolina, except in accordance with the provisions of this chapter and without having first obtained a license pursuant to this chapter.

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