# 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 > South Carolina · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T40_C58_S40-58-60 ## Section - **Citation:** S.C. Code Ann. § 40-58-60 - **Heading:** 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 - **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 40-58-60 ## Text (A) Upon the filing of an application for a license, if the administrator finds that the financial responsibility, experience, character, and general fitness of the applicant, and of the members if the applicant is a partnership, association, or limited liability company, and of the officers and directors if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business may be operated honestly, fairly, and efficiently according to the purposes of this chapter and in accordance with all applicable state and federal laws, it shall license the applicant and issue a license. If the administrator does not so find, it shall refuse to license the applicant and shall notify him of the denial. (B) Upon the receipt of the license, the licensee is authorized to engage in the business for which the license was issued. (C) Each license issued to a licensee must state the address at which the business is to be conducted and must state fully the name of the licensee and the date of the license. A license must be posted prominently in each place of business of the licensee. The license is not transferable or assignable. (D) Issuance of a license does not indicate approval or acceptance of any contract, agreement, or other document submitted in support of the application. A licensee may not represent that its services or contracts are approved by the State or a state agency. (E) If the information contained in any document filed with the administrator is or becomes inaccurate or incomplete in a material respect, the licensee promptly shall file a correcting amendment to the information contained in the document. (F) All advertisements of mortgage loans must comply with the Truth in Lending Act, 15 U.S.C. 1601, et seq., and the South Carolina Consumer Protection Code, Title 37. (G) Transitional licenses will be granted as authorized by and pursuant to the SAFE Act. Editor's Note Prior Laws:1988 Act No. 544; 1993 Act No. 172, SECTION 1; 1998 Act No. 336, SECTION 7; 2005 Act No. 7, SECTION 1. Effect of Amendment 2017 Act No. 93, SECTION 12, added (G), authorizing transitional licenses; and made nonsubstantive changes. ## 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_S40-58-60. Check the current official text before relying on it. Not legal advice.