# S.C. Code Ann. § 37-22-120: SECTION 37-22-120. Licensing requirements

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-120

## Section

- **Citation:** S.C. Code Ann. § 37-22-120
- **Heading:** SECTION 37-22-120. Licensing requirements
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 37 / Chapter 22 / Section 37-22-120

## Text

(A) Without first obtaining a license pursuant to this chapter it is unlawful for a person, other than an exempt person, doing business in this State to: (1) act as a mortgage lender or, directly or indirectly, engage in the business of a mortgage lender under any name or title; or (2) circulate or use advertising, including electronic means, make a representation or give information to a person which indicates or reasonably implies activity within the scope of this chapter. (B) It is unlawful for a person to employ, compensate, or appoint as its agent a loan originator unless the loan originator is licensed as a loan originator pursuant to this chapter. An exempt person is not subject to this subsection. (C) The license of a loan originator is not effective during a period that the person is not employed by a mortgage lender licensed pursuant to this chapter. (D) If a loan originator ceases to be employed by a mortgage lender licensed pursuant to this chapter, the loan originator and the mortgage lender by whom that person is employed promptly shall notify the commissioner in writing. The mortgage lender's notice must include a statement of the specific reason or reasons for the termination of the loan originator's employment. The reason for termination is confidential information and must not be released to the public. (E) A loan originator must not be employed simultaneously by more than one mortgage lender licensed pursuant to this chapter. (F) Independent contractors, except for exempt persons, must be licensed separately. Processors and underwriters who are independent contractors must be licensed as provided in Section 37-22-110(34)(c).

## Nearby sections

- [S.C. Code Ann. § 37-22-110 SECTION 37-22-110. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-110.md)
- [S.C. Code Ann. § 37-22-120 SECTION 37-22-120. Licensing requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-120.md)
- [S.C. Code Ann. § 37-22-130 SECTION 37-22-130. Contested case proceedings; appeals.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-130.md)
- [S.C. Code Ann. § 37-22-140 SECTION 37-22-140. Application for licensure; information required; identification of managing principal; filing fee; surety bond; issuance of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-140.md)
- [S.C. Code Ann. § 37-22-150 SECTION 37-22-150. Expiration and renewal of licenses; fingerprint check; assignment or transfer of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-150.md)
- [S.C. Code Ann. § 37-22-160 SECTION 37-22-160. Continuing professional education.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-160.md)
- [S.C. Code Ann. § 37-22-170 SECTION 37-22-170. Managing principal; branch offices; notification of commissioner of designation and change of managing principal or branch manager.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-170.md)
- [S.C. Code Ann. § 37-22-180 SECTION 37-22-180. Notice of change of address; display of license.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-180.md)
- [S.C. Code Ann. § 37-22-190 SECTION 37-22-190. Prohibited activities; violation of state or federal law.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-190.md)
- [S.C. Code Ann. § 37-22-200 SECTION 37-22-200. Powers of commissioner relating to denial, suspension, revocation or refusal to renew license; surrender; investigations and subpoena of documents.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-200.md)
- [S.C. Code Ann. § 37-22-210 SECTION 37-22-210. Commissioner's records; segregated escrow funds; licensee ceasing business activities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-210.md)
- [S.C. Code Ann. § 37-22-220 SECTION 37-22-220. Maintenance of records by licensee; annual mortgage reports.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-220.md)
- [S.C. Code Ann. § 37-22-230 SECTION 37-22-230. Violations of chapter; penalties.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-230.md)
- [S.C. Code Ann. § 37-22-240 SECTION 37-22-240. Criminal background checks.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-240.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-120. Check the current official text before relying on it. Not legal advice.