H 4228 Joint Resolution, By  House Labor, Commerce and Industry

Similar(S 840)
 A Joint Resolution to approve regulations of the of the Department of Labor,
 Licensing and Regulation-Board of Accountancy, relating to revocation of
 registration and penalties for reinstatement, office registration, and
 responsibilities and practices, designated as Regulation Document Number 1818,
 pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code.

   05/18/95  House  Introduced, read first time, placed on calendar
                     without reference HJ-44
   05/24/95  House  Debate adjourned until Thursday, May 25, 1995 HJ-35
   05/25/95  House  Tabled HJ-40

May 18, 1995

H. 4228

S. Printed 5/18/95--H.

Read the first time May 18, 1995.

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF LABOR, LICENSING, AND REGULATION - BOARD OF ACCOUNTANCY, RELATING TO REVOCATION OF REGISTRATION AND PENALTIES FOR REINSTATEMENT, OFFICE REGISTRATION, AND RESPONSIBILITIES AND PRACTICES, DESIGNATED AS REGULATION DOCUMENT NUMBER 1818, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

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

SECTION 1. The regulations of the Department of Labor, Licensing, and Regulation - Board of Accountancy, relating to revocation of registration and penalties for reinstatement, office registration, and responsibilities and practices, designated as Regulation Document Number 1818, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION 2. This joint resolution takes effect upon approval by the Governor.

SUMMARY AS SUBMITTED BY PROMULGATING AGENCY.

1-13. The proposed amendment will also require that a certified public accountant, public accountant or accounting practitioner whose license has been revoked for non-payment of the annual renewal fee must in addition to the reinstatement penalty of $50 and all renewal fees and penalties, submit a continuing education report showing completion of such continuing professional education as would have been required had the certificate of registration or license not been revoked, not to exceed a total of 120 hours.

1-15. The proposed amendment will add the requirement that each firm of certified public accountants or public accountants be organized in accordance with the applicable South Carolina Code of Laws as a proprietorship, partnership, limited liability partnership, limited liability company or professional corporation.

1-33. The proposed amendment changes the form of acceptable organizations to a proprietorship, partnership, limited liability partnership, limited liability company or professional corporation. Also, to add the requirement that no licensee use a professional or firm name or designation that is fictitious or misleading about the persons who are partners, officers, members, or shareholders in the firm; nor a firm name that implies the existence of a professional corporation when the firm is not a professional corporation; or the existence of a partnership when there is not a partnership; or a name that implies the existence of a firm with two or more licensees when there is only one owner.