(A) Each person required to be licensed pursuant to this chapter shall maintain in its offices such books, accounts, and records as the board reasonably may require. The books, accounts, and records must be maintained separate from any other business in which the person is engaged and must be retained for a period prescribed by the board.

(B) The licensee shall ensure that each customer cashing a check is provided a receipt showing the name or trade name of the licensee, the transaction date, amount of the check, and the fee charged.

Terms Used In South Carolina Code 34-41-70

  • 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
  • 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
  • Person: means an individual, partnership, association, or corporation. See South Carolina Code 34-41-10

(C) The board may examine the books, accounts, and records in order to determine whether the person is complying with this chapter and rules adopted pursuant to it. The cost of the examination must be paid by the licensee and must be determined by the board.

  Previous section
Next section  
 Chapter 41 Contents