{"data":{"id":"us-sc/s.c.-code-ann.-37-22-170","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 37-22-170","heading":"Managing principal; branch offices; notification of commissioner of designation and change of managing principal or branch manager.","body":"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.","path":["Title 37 - CONSUMER PROTECTION CODE","CHAPTER 22 Mortgage Lending"],"source_url":"https://www.scstatehouse.gov/code/t37c022.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:10:34Z","sha256":"f76c763e20a9ba12d6460640024e89acd32f3a670a2bc150c38d9d252c02e2b5","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-37-22-160","next":"us-sc/s.c.-code-ann.-37-22-180"},"notice":"GroundRules: Original legal text. Not legal advice."}