South Carolina § 37-22-120 - Licensing requirements.
Full text of South Carolina South Carolina Code of Laws § 37-22-120 — Licensing requirements., with citation guidance and answers to common questions.
§ 37-22-120. Licensing requirements.
(A) Without first obtaining a license pursuant to this chapter it is unlawful for a person, other than an exempt person, doing business in this State to:
(1) act as a mortgage lender or, directly or indirectly, engage in the business of a mortgage lender under any name or title; or
(2) circulate or use advertising, including electronic means, make a representation or give information to a person which indicates or reasonably implies activity within the scope of this chapter.
(B) It is unlawful for a person to employ, compensate, or appoint as its agent a loan originator unless the loan originator is licensed as a loan originator pursuant to this chapter. An exempt person is not subject to this subsection.
(C) The license of a loan originator is not effective during a period that the person is not employed by a mortgage lender licensed pursuant to this chapter.
(D) If a loan originator ceases to be employed by a mortgage lender licensed pursuant to this chapter, the loan originator and the mortgage lender by whom that person is employed promptly shall notify the commissioner in writing. The mortgage lender's notice must include a statement of the specific reason or reasons for the termination of the loan originator's employment. The reason for termination is confidential information and must not be released to the public.
(E) A loan originator must not be employed simultaneously by more than one mortgage lender licensed pursuant to this chapter.
(F) Independent contractors, except for exempt persons, must be licensed separately. Processors and underwriters who are independent contractors must be licensed as provided in Section 37-22-110(34)(c).
HISTORY: 2009 Act No. 67, SECTION 2, eff January 1, 2010.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 37-22-120
What does South Carolina Code of Laws § 37-22-120 cover?
Section 37-22-120 ("Licensing requirements.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 37-22-120?
A common citation format is "South Carolina Code of Laws § 37-22-120" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 37-22-120 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.