# S.C. Code Ann. § 40-58-30: SECTION 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions

> South Carolina · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-30

## Section

- **Citation:** S.C. Code Ann. § 40-58-30
- **Heading:** SECTION 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions
- **Jurisdiction:** South Carolina
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** SC Code / Title 40 / Chapter 58 / Section 40-58-30

## Text

(A) A person may not act as a mortgage broker in this State without first being licensed with the administrator. A person, required to be licensed pursuant to this chapter, may not do business without a license under any name or title, or circulate or use advertising, including electronic means, or make a representation or give information to any person, which indicates or reasonably implies activity within the scope of this chapter unless that person has a license. (B) It is unlawful for a person to employ, to compensate, or to appoint as its agent a loan originator unless the loan originator is licensed pursuant to this chapter. The license of a loan originator is not effective during any period when that person is not employed by a mortgage broker licensed pursuant to this chapter. When a loan originator ceases to be employed by a licensed mortgage broker, the loan originator and the mortgage broker by whom that person was employed shall notify promptly the administrator in writing. The mortgage broker'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. A loan originator must not be employed simultaneously by more than one mortgage broker. If a licensed loan originator changes employment, a new license must be issued and a fee of twenty-five dollars must be paid for issuance of the new license. (C) Notwithstanding subsection (A) of this section, the provisions of this chapter do not apply to an exempt person. (D) Independent contractors, including processors and underwriters, must be separately licensed. Editor's Note Prior Laws:1988 Act No. 544; 1993 Act No. 172, SECTION 1; 1998 Act No. 336, SECTION 4; 2005 Act No. 7, SECTION 1.

## Nearby sections

- [S.C. Code Ann. § 40-58-10 SECTION 40-58-10. Citation of chapter; mortgage loan broker requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-10.md)
- [S.C. Code Ann. § 40-58-20 SECTION 40-58-20. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-20.md)
- [S.C. Code Ann. § 40-58-30 SECTION 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-30.md)
- [S.C. Code Ann. § 40-58-40 SECTION 40-58-40. Surety bonds; determination of amount; uses.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-40.md)
- [S.C. Code Ann. § 40-58-50 SECTION 40-58-50. Application for licensure; applicant work experience and education requirements; exceptions; license required for qualified loan originator.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-50.md)
- [S.C. Code Ann. § 40-58-60 SECTION 40-58-60. Issuance of license; contents and posting; issuance as indication of approval of contracts by State or state agency; correction of errors; advertising.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-60.md)
- [S.C. Code Ann. § 40-58-65 SECTION 40-58-65. Maintenance, availability, and examination of records; mortgage loan logs; official place of business; notice to close branch office or to cease business in State.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-65.md)
- [S.C. Code Ann. § 40-58-67 SECTION 40-58-67. Continuing professional education requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-67.md)
- [S.C. Code Ann. § 40-58-70 SECTION 40-58-70. Prohibited activities.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-70.md)
- [S.C. Code Ann. § 40-58-75 SECTION 40-58-75. Mortgage broker fee agreements disclosing charges.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-75.md)
- [S.C. Code Ann. § 40-58-78 SECTION 40-58-78. Mortgage broker fee agreement requirements; penalty for violations; unintentional violations.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-78.md)
- [S.C. Code Ann. § 40-58-80 SECTION 40-58-80. Denial, suspension, revocation, or nonrenewal of license; grounds; administrative penalty; cease and desist orders; investigation or examination of loans; notification of national registry.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-80.md)
- [S.C. Code Ann. § 40-58-90 SECTION 40-58-90. Request for contested case hearing before Administrative Law Court.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-90.md)
- [S.C. Code Ann. § 40-58-100 SECTION 40-58-100. Authority to promulgate regulations.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-100.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-30. Check the current official text before relying on it. Not legal advice.