Introduction

In South Carolina, businesses that provide check cashing services must obtain a Level II Check Cashing License from the South Carolina Board of Financial Institutions. This license applies to both dedicated check cashing operations and retail businesses that offer check cashing as part of their services. Securing this license is essential for operating legally.

 

Licensing Requirements

To apply for a Level II Check Cashing License in South Carolina, you must:

• Apply through the NMLS.

• Submit detailed business and financial information.

• Provide criminal background checks for all owners and control persons.

• Submit proof of your business location with a lease or property deed.​

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Regulations and Compliance

South Carolina requires strict adherence to check cashing regulations:

• All fees must be clearly disclosed to customers and posted in your store.

• Each transaction must be recorded, and receipts must be issued.

• Customer identity must be verified with a valid government-issued ID.

• Your business must comply with consumer protection laws and safeguard against fraud.

 

Processing Time

Once your application is submitted, the typical processing time is 6-8 weeks, depending on the complexity of your submission and any additional information requested by the Department.

 

How We Can Help

We’ll guide you through the entire licensing process for South Carolina, including:

• Preparing and filing your application 

• Creating and tailoring a compliance program for your business.

• Providing guidance on handling background checks and fingerprinting requirements.

Our goal is to make the licensing process as smooth and efficient as possible.

 

FAQs

Q: What happens if I don’t comply with state regulations?
A: Non-compliance could lead to fines, license suspension, or even the revocation of your license. Staying compliant is key to avoiding issues.

 

Q: Can I offer check cashing services while waiting for my license to be approved?
A: No. You must have an active license before you begin offering check cashing services.