South Carolina General Assembly
113th Session, 1999-2000

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Bill 4011


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      4011
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990429
Primary Sponsor:                  Bowers
All Sponsors:                     Bowers
Drafted Document Number:          l:\council\bills\dka\3104mm99.doc
Residing Body:                    House
Current Committee:                Labor, Commerce and Industry Committee 26 
                                  HLCI
Subject:                          Retailer of sales may cash checks for 
                                  nominal fee and be exempt from certain 
                                  regulations; Banks and Savings and Loans


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990429  Introduced, read first time,           26 HLCI
                  referred to Committee


                             Versions of This Bill

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 34-39-140, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM REGULATION AS A DEFERRED PRESENTMENT SERVICE, AND SECTION 34-41-30, RELATING TO EXEMPTIONS FROM REGULATION AS A CHECK-CASHING SERVICE, BOTH SO AS TO EXEMPT A RETAILER OF SALES OR SERVICES WHO, INCIDENTAL TO THE SALES OR SERVICES OFFERED, CASHES CHECKS FOR NO FEE OR FOR A NOMINAL FEE AND TO DEFINE "NOMINAL FEE".

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 34-39-140 of the 1976 Code, as added by Act 433 of 1998, is amended to read:

"Section 34-39-140. This chapter does not apply to:

(1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and

(2) a person 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 deferred presentment service, from time to time cashes checks, drafts, or money orders without a fee or other consideration or for a nominal fee. For purposes of this section 'nominal fee' means not more than one percent of the face amount of the check, draft, or money order or one dollar for each check, draft, or money order, whichever is greater, and the gross aggregate income from which is less than five thousand dollars annually at each location of the retailer."

SECTION 2. Section 34-41-30 of the 1976 Code, as added by Act 433 of 1998, is amended to read:

"Section 34-41-30. This chapter shall not apply to:

(1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and

(2) any a person or an 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 or for a nominal fee. For purposes of this section 'nominal fee' means not more than one percent of the face amount of the check, draft, or money order or one dollar for each check, draft, or money order, whichever is greater, and the gross aggregate income from which is less than five thousand dollars annually at each location of the retailer."

SECTION 3. This act takes effect upon approval by the Governor.

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