Who needs to register?
Under South Carolina statute, a person is engaged in money transmission if the person sells or issues payment instruments, stored value, or receiving money or monetary value for transmission.
Who is the regulator?
Rhode Island Division of Banking
What are the money transmitter license requirements?
To apply as a money transmitter in the state of South Carolina requires the following fees and documentation:
- $1,500 application fee
- $750 license fee
- Legal name of applicant, along with their residential and business address, and any fictitious or trade name used by the applicant in conducting its business.
- A list of criminal convictions of the applicant or material litigation in the past 10 years
- A description of money services provided by the applicant previously
- A list of applicant’s proposed authorized delegates and the locations in South Carolina where the applicant and the applicant’s authorized delegates propose to engage in money transmission or provide other money services
- A list of other states in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state
- Information concerning a bankruptcy or receivership proceeding affecting the licensee
- A sample form of contract for authorized delegates, if applicable, and a sample form of payment instrument or instrument upon which stored value is recorded, if applicable
- The name and address of any bank through which the applicant’s payment instruments and stored value will be paid
- A description of the source of money and credit to be used by the applicant to provide money services; and
- Other information the commissioner reasonably requires with respect to the applicant
What are the general bonding requirements?
General bonding requirements in the state of Carolina is $50,000 + $10,000 for each location up to a maximum of $250,000.
Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.