What type of financing does not require a license if a salesperson is involved?

In South Carolina, financing options that involve banks or credit unions typically do not require a salesperson to hold a license when they are involved in the transaction. This is due to the regulatory framework that governs traditional financial institutions, where loans issued by banks and credit unions are often regulated and supervised, ensuring they adhere to specific lending standards and practices.

Banks and credit unions have established protocols and are subject to state and federal regulations, which provides a level of protection for consumers that is outside the typical realm of a manufactured housing salesperson’s duties. Consequently, salespersons facilitating these transactions are not required to obtain a special license because the financial institutions take on the responsibility of ensuring compliance with lending laws and regulations.

In contrast, private lenders, retailers offering installment loans, or subprime loans may involve a broader spectrum of risk and less regulatory oversight, thereby necessitating additional licenses for salespersons to protect consumer interests in those scenarios. This distinction highlights the regulatory environment surrounding different sources of financing in the manufactured housing market.