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The Official Web Site of the State of South Carolina

Consumer Finance

About the Consumer Finance Division

The South Carolina Board of Financial Institutions Consumer Finance Division (CFD) is responsible for the licensing, supervision, and examination of all:

  • Consumer Finance Companies

Details: This consists of all companies, excluding depository institutions or insurance companies, that make consumer loans which have annual percentage rates exceeding 12% and are not secured by real property or a residential dwelling.

  • Deferred Presentment Services, a.k.a. ‘Payday Lender’

Details: A person may not engage in the business of deferred presentment services without first obtaining a license pursuant to 34-39-130.  A separate license is required for each location from which the business is conducted.

  • Check-Cashing Companies

Details: No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to 34-41-10. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments.

  • Mortgage Lender/Servicer Companies

Details: As of January 1, 2010, The South Carolina State Board of Financial Institutions/Consumer Finance Division requires all companies and branches wishing to act as a mortgage lender/servicer/branch or a mortgage loan originator to complete a record in NMLS and submit it to the South Carolina State Board of Financial Institutions/Consumer Finance Division for approval.


The Division is overseen by Commissioner of Consumer Finance Ronald R. Bodvake. For more information on the Board of Financial Institutions’ Consumer Finance Division and its operations, please visit the Division’s website.