§ 40-58-10 Citation of chapter; mortgage loan broker requirements
§ 40-58-20 Definitions
§ 40-58-30 Mortgage brokers and loan originators to be licensed; exceptions
§ 40-58-40 Surety bonds; determination of amount; uses
§ 40-58-50 Application for licensure; applicant work experience and education requirements; exceptions; license required for qualified loan originator
§ 40-58-60 Issuance of license; contents and posting; issuance as indication of approval of contracts by State or state agency; correction of errors; advertising
§ 40-58-60 v2 Issuance of license; contents and posting; issuance as indication of approval of contracts by State or state agency; correction of errors; advertising
§ 40-58-65 Maintenance, availability, and examination of records; mortgage loan logs; official place of business; notice to close branch office or to cease business in State
§ 40-58-65 v2 Maintenance, availability, and examination of records; mortgage loan logs; official place of business; notice to close branch office or to cease business in State
§ 40-58-67 Continuing professional education requirements
§ 40-58-70 Prohibited activities
§ 40-58-75 Mortgage broker fee agreements disclosing charges
§ 40-58-78 Mortgage broker fee agreement requirements; penalty for violations; unintentional violations
§ 40-58-80 Denial, suspension, revocation, or nonrenewal of license; grounds; administrative penalty; cease and desist orders; investigation or examination of loans; notification of national registry
§ 40-58-90 Request for contested case hearing before Administrative Law Court
§ 40-58-100 Authority to promulgate regulations
§ 40-58-110 License application and renewal fees; term of license; late renewals
§ 40-58-120 Maintenance of records; composite annual report; confidentiality
§ 40-58-130 Participation in Nationwide Mortgage Licensing System Registry

Terms Used In South Carolina Code > Title 40 > Chapter 58

  • Act as a mortgage broker: means to act, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, by: (i) soliciting, processing, placing, or negotiating a mortgage loan for a borrower from a mortgage lender or depository institution or offering to process, place, or negotiate a mortgage loan for a borrower from a mortgage lender or depository institution, (ii) engaging in tablefunding of a mortgage loan, or (iii) acting as a loan correspondent, as that term is defined in 24 C. See South Carolina Code 38-59-240
  • Administrator: means the Administrator of the Department of Consumer Affairs (department) or the administrator's designees. See South Carolina Code 38-59-240
  • Administrator: means the individual to whom the director has delegated authority to administer the programs of a specific board or of a professional or occupational group for which the department has regulatory authority or has delegated authority to administer the programs of a specific board;

    (2) "Authorization to practice" or "Practice authorization" means the approval to practice the specified profession, engage in the specified occupation, or use a title protected under this article, which has been granted by the applicable board. See South Carolina Code 40-1-20
  • Advertising: means a commercial message in a medium that promotes, either directly or indirectly, a mortgage loan transaction. See South Carolina Code 38-59-240
  • Annuity: means each contract or agreement to make periodic payments, whether in fixed or variable dollar amounts, or both, at specified intervals. See South Carolina Code 31-3-580
  • Borrower: means a natural person in whose dwelling a security interest is or is intended to be retained or acquired if that person's ownership interest in the dwelling is or is to be subject to the security interest. See South Carolina Code 38-59-240
  • Branch manager: means the natural person who is in charge of and who is responsible for the business operations of a branch office of a licensee. See South Carolina Code 38-59-240
  • Branch office: means an office of the licensee that is separate and distinct from the licensee's principal office. See South Carolina Code 38-59-240
  • Clean claim: means an eligible electronic or paper claim for reimbursement that:

    (a) is received by the insurer within one hundred twenty business days of the date the health care services at issue were performed;

    (b)(i) when submitted via paper has all the elements of the standardized CMS 1500 or UB 04 claim form, or the successor of each as either may be amended from time to time; or

    (ii) when submitted via an electronic transaction, uses only permitted standard code sets and has all the elements of the standard electronic formats as required by the Health Insurance Portability and Accountability Act of 1996 and other federal and state regulatory authority;

    (c) is for health care services covered by the health insurance plan and rendered to an insured person by a provider eligible for reimbursement under the health insurance plan;

    (d) has any corresponding referral that may be required for the applicable claim;

    (e) is a claim for which the insurer is the primary payor, or for which the insurer's responsibility as a secondary payor has been clearly established;

    (f) has no material defect, error, or impropriety that would affect the adjudication of the claim;

    (g) includes all required substantiating documentation or coding;

    (h) is not subject to any particular circumstance that the insurer reasonably believes, subject to review by the Department of Insurance, would prevent accurate or timely payment from being made on the claim under the terms of the health insurance plan, the participating provider agreement, or the insurer's published filing requirements; and

    (i) is under a health insurance plan for which the insurer has been timely paid all applicable premiums. See South Carolina Code 38-59-210
  • commitment: means a statement, written or electronic, by the mortgage lender setting forth the terms and conditions upon which the mortgage lender is willing to make a particular mortgage loan to a particular borrower. See South Carolina Code 38-59-240
  • Company: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 31-3-580
  • control: means ownership of all of the voting stock or comparable voting interest of the controlled person. See South Carolina Code 38-59-240
  • Department: means the Department of Insurance of South Carolina. See South Carolina Code 31-3-580
  • Department: means the Department of Labor, Licensing and Regulation;

    (5) "Director" means the Director of the Department of Labor, Licensing and Regulation or the director's official designee;

    (6) "Licensee" means a person granted an authorization to practice pursuant to this article and refers to a person holding a license, permit, certification, or registration granted pursuant to this article;

    (7) "Licensing act" means the individual statute or regulations, or both, of each regulated profession or occupation which include, but are not limited to, board governance, the qualifications and requirements for authorization to practice, prohibitions, and disciplinary procedures;

    (8) "Person" means an individual, partnership, or corporation;

    (9) "Profession" or "occupation" means a profession or occupation regulated or administered, or both, by the department pursuant to this article. See South Carolina Code 40-1-20
  • Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 31-3-580
  • Employee: means a natural person who has an employment relationship, acknowledged by both the natural person and the mortgage broker, and is treated like an employee for purposes of compliance with the federal income tax laws. See South Carolina Code 38-59-240
  • Exempt person: means :

    (a) an employee of a licensee whose responsibilities are limited to clerical or support duties for the employer and who does not solicit borrowers, accept applications, or negotiate the terms of loans on behalf of the employer;

    (b) a depository institution or a subsidiary that is wholly owned and controlled by the depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration. See South Carolina Code 38-59-240
  • Financial services or financial services related business: means pertaining to securities, commodities, banking, insurance, consumer lending, or real estate including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage servicer, mortgage broker, real estate broker, real estate salesperson or agent, closing agent, title company, or escrow agent. See South Carolina Code 38-59-240
  • Force majeure: means any act of God, governmental act, act of terrorism, war, fire, flood, earthquake, hurricane, or other natural disaster, explosion or civil commotion. See South Carolina Code 38-59-210
  • insurance: includes annuities. See South Carolina Code 31-3-580
  • Insurance company: means an "insurer". See South Carolina Code 31-3-580
  • Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 31-3-580
  • Insurer: means an insurance company, a health maintenance organization, and any other entity providing health insurance coverage, as defined in Section 38-71-670(6), which is licensed to engage in the business of insurance in this State and which is subject to state insurance regulation. See South Carolina Code 38-59-210
  • Licensee: means a person who is licensed pursuant to this chapter. See South Carolina Code 38-59-240
  • Life insurance: means a contract of insurance upon the lives of human beings. See South Carolina Code 31-3-580
  • Loan originator: means a natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage broker, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan. See South Carolina Code 38-59-240
  • Managing principal: means a natural person who meets the requirements of Section 40-58-50(B) and who agrees to be primarily responsible for the operations of a licensed mortgage broker. See South Carolina Code 38-59-240
  • Mortgage broker: means a person who acts as a mortgage broker, as that term is defined in item (1) of this section. See South Carolina Code 38-59-240
  • Mortgage lender: means a person who acts as a mortgage lender as that term is defined in item (2) of this section or engages in the business of servicing mortgage loans for others or collecting or otherwise receiving mortgage loan payments directly from borrowers for distribution to another person. See South Carolina Code 38-59-240
  • Mortgage loan: means a loan made to a natural person primarily for personal, family, or household use, primarily secured by a mortgage, deed of trust, or other security interest on residential real property or security interest arising under an installment sales contract or equivalent security interest against the borrower's dwelling and: (i) located in South Carolina, (ii) negotiated, offered, or otherwise transacted within this State, in whole or in part, or (iii) made or extended within this State. See South Carolina Code 38-59-240
  • Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators of licensees licensed pursuant to this chapter. See South Carolina Code 38-59-240
  • Participating provider: means a provider who provides covered health care services to an insured or a member pursuant to a contract with an insurer or health insurance plan. See South Carolina Code 38-59-210
  • Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. See South Carolina Code 31-3-580
  • Person: means a natural person, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized. See South Carolina Code 38-59-240
  • Policy: means a contract of insurance. See South Carolina Code 31-3-580
  • Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 31-3-580
  • Provider: means a physician, hospital, or other person properly licensed, certified, or permitted, where required, to furnish health care services. See South Carolina Code 38-59-210
  • Qualified loan originator: means a natural person who acts as a loan originator exclusively for a mortgage broker licensee and who is not an employee of the mortgage broker. See South Carolina Code 38-59-240
  • Terminate: means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See South Carolina Code 31-3-580
  • Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See South Carolina Code 38-59-240