2017 South Carolina Code of Laws
Title 35 - Securities
CHAPTER 11 - SOUTH CAROLINA ANTI-MONEY LAUNDERING ACT
Section 35-11-315. Renewal of license.

Section effective upon the later of June 9, 2017 or publication in the State Register of final regulations implementing 2016 Act No. 266.

(A) A person licensed pursuant to this article shall pay a biennial renewal fee of seven hundred fifty dollars no later than thirty days before each biennial anniversary of the issuance of the license or, if the last day is not a business day, on the next business day.

(B) A person licensed pursuant to this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain a:

(1) description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner on a required report; and

(2) list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations.

(C) If a licensee does not file a renewal report and pay its renewal fee by the renewal date or an extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the commissioner sends the notice of suspension.

(D) The commissioner for good cause may grant an extension of the renewal date.

HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff upon contingency.