South Carolina § 40-58-30 - Mortgage brokers and loan originators to be licensed; exceptions.
Full text of South Carolina South Carolina Code of Laws § 40-58-30 — Mortgage brokers and loan originators to be licensed; exceptions., with citation guidance and answers to common questions.
§ 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions.
(A) A person may not act as a mortgage broker in this State without first being licensed with the administrator. A person, required to be licensed pursuant to this chapter, may not do business without a license under any name or title, or circulate or use advertising, including electronic means, or make a representation or give information to any person, which indicates or reasonably implies activity within the scope of this chapter unless that person has a license.
(B) It is unlawful for a person to employ, to compensate, or to appoint as its agent a loan originator unless the loan originator is licensed pursuant to this chapter. The license of a loan originator is not effective during any period when that person is not employed by a mortgage broker licensed pursuant to this chapter. When a loan originator ceases to be employed by a licensed mortgage broker, the loan originator and the mortgage broker by whom that person was employed shall notify promptly the administrator in writing. The mortgage broker'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. A loan originator must not be employed simultaneously by more than one mortgage broker. If a licensed loan originator changes employment, a new license must be issued and a fee of twenty-five dollars must be paid for issuance of the new license.
(C) Notwithstanding subsection (A) of this section, the provisions of this chapter do not apply to an exempt person.
(D) Independent contractors, including processors and underwriters, must be separately licensed.
HISTORY: 2009 Act No. 67, SECTION 5.
Editor's Note
Prior Laws:1988 Act No. 544; 1993 Act No. 172, SECTION 1; 1998 Act No. 336, SECTION 4; 2005 Act No. 7, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 40-58-30
What does South Carolina Code of Laws § 40-58-30 cover?
Section 40-58-30 ("Mortgage brokers and loan originators to be licensed; exceptions.") 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 § 40-58-30?
A common citation format is "South Carolina Code of Laws § 40-58-30" (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 § 40-58-30 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.