South Carolina Code 35-11-500. Authority to conduct examinations
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(A) The commissioner may conduct an annual examination of a licensee or of any of the licensee’s authorized delegates on a forty-five day notice in a record to the licensee.
(B) The commissioner may examine a licensee or its authorized delegate, at any time, without notice, if the commissioner has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a rule adopted or an order issued pursuant to this chapter.
Terms Used In South Carolina Code 35-11-500
- 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
- Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See South Carolina Code 35-11-105
- Unsafe or unsound practice: means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person, which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers. See South Carolina Code 35-11-105
(C) If the commissioner concludes that an on-site examination is necessary pursuant to subsection (A), the licensee shall pay the reasonable cost of the examination.
(D) Information obtained during an examination pursuant to this chapter may be disclosed only as provided in § 35-11-530.