(A) A licensee may not advance monies on the security of a check unless the account on which the presented check is drawn is a legitimate, open, and active account.

(B) A licensee, in every location conducting business under a license issued pursuant to this chapter, conspicuously shall post and at all times display a notice stating the fee charged for deferred presentment services. A licensee shall file with the board a statement of the fees charged at every location licensed for deferred presentment services.

Terms Used In South Carolina Code 34-39-170

  • Board: means the State Board of Financial Institutions. See South Carolina Code 34-39-120
  • Check: means a check signed by the maker and made payable to a person licensed pursuant to this chapter. 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

(C) A licensee shall endorse in the name of the licensee every check, draft, or money order presented by the licensee for payment or deposit.

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