# 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

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T37_C22_S37-22-170

## Section

- **Citation:** S.C. Code Ann. § 37-22-170
- **Heading:** SECTION 37-22-170. Managing principal; branch offices; notification of commissioner of designation and change of managing principal or branch manager
- **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 37-22-170

## Text

A mortgage lender licensed pursuant to this chapter shall have a managing principal who operates the business under that manager's full charge, control, and supervision. A mortgage lender may operate a branch office subject to the requirements of this chapter. Each principal and branch office of a mortgage lender licensed pursuant to this chapter shall have a branch manager who meets the requirements of Section 37-22-140(B) and (C)(1). Each mortgage lender licensed pursuant to this chapter shall file a form prescribed by the commissioner indicating the business's designation of managing principal and branch manager for each branch and their acceptance of the responsibility. The managing principal for a licensee's business also may serve as the branch manager of one of the licensee's branch offices. A mortgage lender licensed pursuant to this chapter shall notify the commissioner of a change in its managing principal or any branch manager. The license of a licensee who does not comply with this provision must be suspended pursuant to Section 37-22-200 until the licensee complies with this section. A licensee who operates as a sole proprietorship is a managing principal for the purposes of this chapter.

## 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_S37-22-170. Check the current official text before relying on it. Not legal advice.