2017 South Carolina Code of Laws
Title 40 - Professions and Occupations
CHAPTER 58 - LICENSING OF MORTGAGE BROKERS ACT
Section 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.
Section effective September 16, 2017. See, also, section 40-58-60 effective until September 16, 2017.
(A) Upon the filing of an application for a license, if the administrator finds that the financial responsibility, experience, character, and general fitness of the applicant, and of the members if the applicant is a partnership, association, or limited liability company, and of the officers and directors if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business may be operated honestly, fairly, and efficiently according to the purposes of this chapter and in accordance with all applicable state and federal laws, it shall license the applicant and issue a license. If the administrator does not so find, it shall refuse to license the applicant and shall notify him of the denial.
(B) Upon the receipt of the license, the licensee is authorized to engage in the business for which the license was issued.
(C) Each license issued to a licensee must state the address at which the business is to be conducted and must state fully the name of the licensee and the date of the license. A license must be posted prominently in each place of business of the licensee. The license is not transferable or assignable.
(D) Issuance of a license does not indicate approval or acceptance of any contract, agreement, or other document submitted in support of the application. A licensee may not represent that its services or contracts are approved by the State or a state agency.
(E) If the information contained in any document filed with the administrator is or becomes inaccurate or incomplete in a material respect, the licensee promptly shall file a correcting amendment to the information contained in the document.
(F) All advertisements of mortgage loans must comply with the Truth in Lending Act, 15 U.S.C. 1601, et seq., and the South Carolina Consumer Protection Code, Title 37.
(G) Transitional licenses will be granted as authorized by and pursuant to the SAFE Act.
HISTORY: 2009 Act No. 67, Section 5; 2017 Act No. 93 (S.366), Section 12, eff September 16, 2017.
Editor's Note
Prior Laws:1988 Act No. 544; 1993 Act No. 172, Section 1; 1998 Act No. 336, Section 7; 2005 Act No. 7, Section 1.
Effect of Amendment
2017 Act No. 93, Section 12, added (G), authorizing transitional licenses; and made nonsubstantive changes.
