Consumer & commercial lending in South Carolina

Who needs this in South Carolina

A company that makes consumer loans to South Carolina residents generally needs a supervised lender license from South Carolina Department of Consumer Affairs when the product, rate, or amount crosses the state’s trigger. Banks and credit unions lending under a charter are usually exempt. Commercial-purpose loans often sit outside the consumer statute — confirm before you treat a business loan as unlicensed.

Where to file

Consumer-credit licenses file with Consumer Affairs. Mortgage company licenses file with the Board of Financial Institutions. File in South Carolina because the borrower lives there, not because your office does.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts