South Carolina § 35-11-310 - Issuance of license.

§ 35-11-310. Issuance of license.

(A) When a person applies for a license pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Commissioner shall issue a license to an applicant pursuant to this article if the Commissioner finds that all of the following conditions have been fulfilled:

(1) the applicant has complied with Section 35-11-305; and

(2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.

(B) When an application for an original license pursuant to this article is complete, the Commissioner promptly shall notify the applicant in a record of the date on which the application was determined to be complete and:

(1) the Commissioner shall approve or deny the application within one hundred twenty days after that date; or

(2) if the application is not approved or denied within one hundred twenty days after that date the:

(a) application is considered approved; and

(b) Commissioner shall issue the license pursuant to this article, to take effect as of the first business day after expiration of the period.

(C) The Commissioner may for good cause extend the application period.

(D) The Commissioner shall issue a formal written notice of the denial of a license. The Commissioner shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied a license by the Commissioner pursuant to this article may request a hearing, within thirty days after receipt of the written notice of the denial pursuant to Section 35-11-710.

HISTORY: 2016 Act No. 266 (H.4554), SECTION 1, eff May 25, 2018; 2024 Act No. 218 (S.1031), SECTION 1, eff July 2, 2024.

Effect of Amendment

2024 Act No. 218, SECTION 1, substituted "Commissioner" for "commissioner" throughout the section, and rewrote (D).