South Carolina Code 35-11-225. Renewal of license
(B) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain:
Terms Used In South Carolina Code 35-11-225
- Authorized delegate: means a person a licensee designates to provide money services on behalf of the licensee. See South Carolina Code 35-11-105
- Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
- 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.
- Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. See South Carolina Code 35-11-105
- Money services: means money transmission or currency exchange. See South Carolina Code 35-11-105
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or another legal or commercial entity. See South Carolina Code 35-11-105
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See South Carolina Code 35-11-105
- Stored value: means monetary value that is evidenced by an electronic record. See South Carolina Code 35-11-105
(1) a copy of the licensee’s most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee’s most recent audited consolidated annual financial statement;
(2) the number and monetary amount of payment instruments and stored value sold by the licensee in this State which have not been included in a renewal report, and the monetary amount of payment instruments and stored value currently outstanding;
(3) a description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner on a required report;
(4) a list of the licensee’s permissible investments and a certification that the licensee continues to maintain permissible investments pursuant to the requirements set forth in §§ 35-11-600 and 35-11-605;
(5) proof that the licensee continues to maintain adequate security as required by § 35-11-215; and
(6) a list of the locations in this State where the licensee or an authorized delegate of the licensee engages in money transmission or provides other money services.
(C) If a licensee does not file a renewal report or pay its renewal fee by the renewal date or an extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee’s license is suspended ten days after the commissioner sends the notice of suspension. The suspension must be lifted if, within twenty days after its license is suspended, the licensee:
(1) files the report and pays the renewal fee; and
(2) pays one hundred dollars for each day after suspension that the commissioner did not receive the renewal report and the renewal fee.
(D) The commissioner for good cause may grant an extension of the renewal date.