S 1128 General Bill, By Reese
 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.

   03/20/02  Senate Introduced and read first time SJ-3
   03/20/02  Senate Referred to Committee on Banking and Insurance SJ-3

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.