For the purpose of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CHECK CASHING ESTABLISHMENT. A business that regularly cashes checks, drafts, and money orders for a fee, service charge, or other consideration such as those services regulated by the State Board of Financial Institutions under Chapter 41 of Title 34 of the South Carolina Code of Laws.
TITLE LOAN LENDER. A supervised lender which regularly extends short term vehicle secured loans such as those regulated by S.C. Code § 37-3-413 and accepts as security title to motor vehicles. The term does not include supervised lenders other than those specializing in short term vehicle secured loans or banks, credit unions, savings banks, and like depository institutions.
DEFERRED PRESENTMENT LENDER. A business that regularly accepts a check from a borrower, drawn on the borrower’s bank account, to be presented for payment at a later date, and that charges a fee for the service such as those regulated under Chapter 39 of Title 34 of the South Carolina Code of Laws.
PAWN SHOP. A business that regularly lends money on the security of pledged tangible goods such as jewelry, cameras, or like personality or that purchases such goods on the condition that they may be redeemed or repurchased by seller for a fixed price within a fixed period of time such as those regulated under Chapter 39 of Title 40 of the South Carolina Code of Laws.
BAIL BONDING OFFICE. An establishment that provides services related to bail bonding.
(Ord. 2007-35, passed 1-14-08)