As used in this chapter, unless the context clearly requires otherwise, the term:

(1) "Board" means the State Board of Financial Institutions.

Terms Used In South Carolina Code 34-41-10

  • Board: means the State Board of Financial Institutions. See South Carolina Code 34-41-10
  • Cashing: means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. See South Carolina Code 34-41-10
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Level II check-cashing service: means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. See South Carolina Code 34-41-10
  • Licensee: means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter. See South Carolina Code 34-41-10
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, association, or corporation. See South Carolina Code 34-41-10

(2) "Cashing" means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments.

(3) "Level I check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration.

(4) "Level II check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II licensee may not be licensed to engaged in the business of deferred presentment.

(5) "Licensee" means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter.

(6) "Person" means an individual, partnership, association, or corporation.

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