South Carolina § 37-9-103 - Relationship between separate subsidiary corporations; obligations of parent and subsidiary.
Full text of South Carolina South Carolina Code of Laws § 37-9-103 — Relationship between separate subsidiary corporations; obligations of parent and subsidiary., with citation guidance and answers to common questions.
§ 37-9-103. Relationship between separate subsidiary corporations; obligations of parent and subsidiary.
A wholly owned subsidiary of a parent corporation which subsidiary has elected to be licensed under the provisions of this chapter, and a separate wholly owned subsidiary of the same parent corporation which subsidiary has elected to be licensed under the provisions of Chapter 29, Title 34 are not considered to be related persons for purposes of Section 37-9-102; provided, that a parent corporation with these two subsidiaries operating under different licenses, shall not permit these or any other subsidiaries to exchange, convert, transfer, or sell a license or facility from one subsidiary to another and the failure to comply with the provisions of this proviso constitutes just cause for the revocation of the license exchanged, converted, transferred, or sold; and provided further, that the failure to take reasonable steps to determine if a consumer has a current loan on the books with another subsidiary of the same parent corporation shall serve as just cause for revocation of the license of the subsidiary failing to make this determination if a pattern of such misconduct is shown.
HISTORY: 1986 Act No. 370, SECTION 2.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 37-9-103
What does South Carolina Code of Laws § 37-9-103 cover?
Section 37-9-103 ("Relationship between separate subsidiary corporations; obligations of parent and subsidiary.") 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 § 37-9-103?
A common citation format is "South Carolina Code of Laws § 37-9-103" (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 § 37-9-103 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.