S.C. Code Ann. § 27-32-210 – Persons aggrieved may seek recovery from fund; conditions

(A) Any person aggrieved by the conduct of a licensee hereunder is eligible to seek recovery from the fund if the following conditions have been met:
1. (1) the facts giving rise to the applicant's claim occurred on or after January 1, 1982, and were based on a specific violation of this chapter.
2. (2) the applicant has made demand upon the licensee by certified mail, return receipt requested, for his actual damages and such demand has been refused or ignored.
3. (3) the applicant is not:
  1. (a) related by blood or marriage to the licensee;
  2. (b) licensed under the provisions of this chapter;
  3. (c) the employer, principal or broker in charge of the licensee; or
  4. (d) a party jointly responsible for the claim.
4. (4) Application for recovery has been made not later than one year from the date or discovery of the loss.
  Failure of the applicant to fully comply with this section constitutes waiver of all rights hereunder.
(B) Application for recovery must be made under oath and upon such form as the commission shall prescribe and shall contain the following minimum information:
1. (1) name and address of the applicant;
2. (2) name and address of the licensee and his last known working address;
3. (3) amount of recovery sought, together with evidence supporting the claim;
4. (4) copies of all complaints or other legal process initiated;
5. (5) disclosure of any partial satisfaction received, offered or otherwise available from the licensee, his broker-in-charge, or from any bond or policy of insurance or any other source;
6. (6) a detailed statement of the events precipitating the loss, together with documents and other evidence supporting the claim.
(C) Upon receiving a claim in proper form, the commission shall forward the claim by certified mail, return receipt requested, to the last known address of the licensee and to the broker-in-charge of such licensee. The licensee and the broker-in-charge shall within twenty days file a verified answer to the claim. If no answer is filed within twenty days, the broker or licensee is in default and the commission shall schedule an arbitration of the claim. If the broker or licensee files a timely answer, the commission shall investigate the claim for a period not to exceed sixty days and shall thereafter promptly schedule an arbitration of the claim. The licensee, broker, commission, and claimant are entitled to present evidence, question, and cross examine witnesses as parties to the arbitration.