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The 2024 NMLS Annual Renewal period starts November 1st.  All requirements in NMLS must be satisfied to process the renewal request.  See NMLS Renewals Page

 

 

 

Check Cashing

No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to Check Cashing Services Title 34 Chapter 41. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments.

Level I

Level I check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge or other consideration.

Level II

Level II check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration; however, a Level II licensee may not be licensed to engage in the business of deferred presentment.

This chapter shall not apply to:

  • A bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and
  • Any person or entity principally engaged in the bona fide retail sale of goods or services, who either as an incident to or independently of a retail sale or service and not holding itself out to be a Level I or Level II check-cashing service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.

Complete a record in Nationwide Multi-State Licensing System (NMLS) and submit it to the Consumer Finance Division for approval. Any company wishing to apply for a license must do so through NMLS. Check Cashing Level I and Level II licenses are issued and regulated pursuant to Title 34 Chapter 41.

New Regulations:

On May 26, 2023, the South Carolina Legislature passed the following regulations:

  • 15-66. Check Cashing – Use of the Nationwide Multistate Licensing System.
  • 15-67. Check Cashing – Required Records and Retention Period.
  • 15-68. Check Cashing – Other Consideration.

Please review the regulations in chapter 15 online on the South Carolina Code of State Regulations website.

Important Notice for Check Cashers (PDF)

Maximum Fee Form (PDF)