Consumer Finance Division
The Consumer Finance Division (CFD) is responsible for regulating licensing and compliance examination for non-depository consumer lending, deferred presentment services (“aka payday lending”), check cashing, mortgage lending, mortgage servicing and all of their employees doing loan originating or loan modification activity.
Consumer Loans...
made by non-bank / depository institutions with interest rates exceeding 12% APR are required to be licensed through the CFD whether located in South Carolina, outside of the state or doing lending activity via the internet, mail or other means.
Links to state laws on consumer loans:
http://www.scstatehouse.gov/code/t37c003.php
http://www.scstatehouse.gov/code/t34c029.php
Deferred Presentment Services (aka payday lending)...
A person may not engage in the business of deferred presentment services without first obtaining a license pursuant to Title 34 Chapter 39. A separate license is required for each location from which the business is conducted.
Deferred Presentment providers are required to enter consumer information into the South Carolina Deferred Presentment database (Veritec Solutions, LLC.) to determine consumer eligibility as set forth in Title 34. See Section (34-39-175) Link to law on deferred presentment
http://www.scstatehouse.gov/code/t34c039.php
Check Cashing...
activities performed by non-depository entities where fees are charged or other consideration made is required to be licensed in South Carolina through CFD.
Link to check cashing laws http://www.scstatehouse.gov/code/t34c041.php
Mortgage Lending / Servicing...
by non-depository entities are required to be licensed in South Carolina through the CFD. Subsidiaries of depository institutions that are not wholly owned and regulated by one of the federal banking agencies are also required to be licensed in South Carolina through CFD. Loan originators employed by licensed lenders/servicers must also be licensed through CFD. Please note that loan modifications done by employees of licensed servicers is also considered origination activity by South Carolina law and required licensing.
Link to laws on lending/servicing
http://www.scstatehouse.gov/code/t37c022.php
Also see requirements for “High Cost Home Loans at
http://www.scstatehouse.gov/code/t37c023.php
****All mortgage licensing is initiated through the Nationwide Mortgage Licensing system and Registry. See link for NMLS http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
Contact The Consumer Finance Division
Phone: 803-734-2020 Fax: 803-734-2025
Mailing Address:
3rd Floor, Edgar Brown Building
1205 Pendleton St., Columbia, SC 29201
General e-mail – cfd@bofi.sc.gov
Assistant Commissioner of Consumer Finance, Jim Copeland
Assistant Commissioner of Consumer Finance, Gayle Fletcher
Administrative Assistant, Sylvia Goodson