The State of South Carolina Attorney General, Legal Services Division regulates and administers the Money Transmission program and has oversight of the licensing, as well as handling of auditing and consumer complaints.
Chapter 11 Section 35-11-200 of the Code of Laws of South Carolina requires any person that is in the business of advertising or providing money transmission services and currency exchanges to first obtain a license.
The licensing process includes:
1. Payment of the license fee and completion of the application and related forms.
2. If available, provide copies of audited financial statements for the most recent fiscal year. Additionally, the next two years financial statements will need to be submitted to the state.
3. A minimum $50,000 surety bond is required for the primary business location, and a $10,000 surety bond is required for each additional location, up to a maximum of $250,000 surety bond. A further surety bond limit of up to $1,000,000 may be required based on the net worth of the business and project volume of money transactions. Another form of security may be substituted for the surety bond and must be of equal value of the bond.
The premium that you pay for a South Carolina Money Transmission Surety Bond is dependent on credit and the bond amount required.
The SC Anti-Money Laundering Act has not given a date when the new act will go into effect. The Act was supposed to have begun June 9, 2017 but that date has now been pushed back.
Hours: 8:00-5:00 CST, Monday through Friday