South Carolina General Assembly
125th Session, 2023-2024

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Indicates Matter Stricken
Indicates New Matter

S. 710

STATUS INFORMATION

Joint Resolution
Sponsors: Banking and Insurance Committee
Document Path: LC-0302WAB-RT23.docx

Introduced in the Senate on April 11, 2023
Currently residing in the Senate Committee on Banking and Insurance

Summary: Board of Financial Institutions - Consumer Finance Division - JR to Approve Reg Doc No 5141

HISTORY OF LEGISLATIVE ACTIONS

Date Body Action Description with journal page number
4/11/2023 Senate Introduced, read first time, placed on calendar without reference (Senate Journal-page 7)
1/10/2024 Senate Recommitted to Committee on Banking and Insurance (Senate Journal-page 13)

View the latest legislative information at the website

VERSIONS OF THIS BILL

04/11/2023
04/11/2023-A



Introduced

April 11, 2023

S. 710

Introduced by Banking and Insurance Committee

S. Printed 04/11/23--S.

Read the first time April 11, 2023

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A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE STATE Board of Financial Institutions - Consumer Finance Division, RELATING TO Check-Cashing Service: Purchase of Goods or Services, DESIGNATED AS REGULATION DOCUMENT NUMBER 5141, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1.   The regulations of the State Board of Financial Institutions - Consumer Finance Division, relating to Check-Cashing Service: Purchase of Goods or Services, designated as Regulation Document Number 5141, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the S.C. Code, are approved.

SECTION 2.   This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

   The State Board of Financial Institutions (Board) seeks to add R.15-68 to state the Board's interpretation that "other consideration" in Sections 34-41-10 and 34-41-30 includes the mandatory purchase of goods or services, to clarify that a person accepting such other consideration to cash a check is required to have a check-cashing license in this State, and to require a person who accepts other consideration only in the form of a mandatory purchase of goods or services must notify the Consumer Finance Division of this activity by filing affidavits in NMLS.

   The Notice of Drafting was published in the State Register on August 26, 2022.

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This web page was last updated on May 28, 2024 at 12:30 PM