South Carolina General Assembly
114th Session, 2001-2002

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Bill 1128

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      1128
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20020320
Primary Sponsor:                  Reese
All Sponsors:                     Reese
Drafted Document Number:          l:\council\bills\bbm\10924zcw02.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Uniform Securities Act, provisions 
                                  regarding


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020320  Introduced, read first time,           02 SBI
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTIONS 35-1-20 AND 35-1-30, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIFORM SECURITIES ACT, SO AS TO REFLECT THE SECRETARY OF STATE AS BEING THE SECURITIES COMMISSIONER WHO SHALL ADMINISTER THE ACT; TO AMEND SECTION 35-1-220, AS AMENDED, RELATING TO THE RETENTION OF A PORTION OF FEES AND PROCEEDS IN SETTLEMENT OF VIOLATIONS TO OFFSET COSTS OF ADMINISTERING THE UNIFORM SECURITIES ACT, SO AS TO PROVIDE THAT THE SECRETARY OF STATE MAY RETAIN A PORTION OF THESE FEES AND PROCEEDS; AND TO REPEAL SECTION 1-7-115, RELATING TO THE DUTIES OF THE DIVISION OF SECURITIES BEING DEVOLVED UPON THE ATTORNEY GENERAL.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 35-1-20(1) of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:

"(1) 'Securities commissioner' means Attorney General Secretary of State, who shall be ex officio securities commissioner."

SECTION 2. Section 35-1-30 of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:

"Section 35-1-30. This chapter shall be administered by the Attorney General Secretary of State who shall be ex officio the securities commissioner and who may employ such additional assistants as he deems necessary. The securities commissioner may delegate any or all of his duties pursuant to this act to members of his staff, as he deems necessary or appropriate."

SECTION 3. Section 35-1-220 of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:

"Section 35-1-220. (A) The Attorney General Secretary of State may retain the first five hundred thousand dollars from fee revenues collected pursuant to this chapter to be used for the operations of the Securities Division.

(B) The Attorney General Secretary of State may retain the first two hundred fifty thousand dollars received by the Division of Securities in a fiscal year in settlement of litigation enforcement action and reimbursements of expenses arising from violations under this chapter to offset investigative, prosecutive, and administrative costs of enforcing this chapter."

SECTION 4. Section 1-7-115 of the 1976 Code is repealed.

SECTION 5. This act takes effect upon approval by the Governor.

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