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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