South Carolina Legislature


 

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H 3973
Session 109 (1991-1992) 

H 3973 General Bill, By H.H. Keyserling
 A Bill to amend Section 35-1-510, Code of Laws of South Carolina, 1976,
 relating to registered broker-dealers, agents, investment advisers, and
 investment adviser representatives, so as to broaden and clarify the
 categories of persons not required to post bond.

   05/02/91  House  Introduced and read first time HJ-14
   05/02/91  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-14
   01/22/92  House  Committee report: Favorable with amendment Labor,
                     Commerce and Industry HJ-3
   01/23/92  House  Amended HJ-669
   01/23/92  House  Read second time HJ-670
   01/28/92  House  Read third time and sent to Senate
   01/29/92  Senate Introduced and read first time SJ-2
   01/29/92  Senate Referred to Committee on Banking and Insurance



Indicates Matter Stricken
Indicates New Matter

AMENDED

January 23, 1992

H. 3973

Introduced by REP. Keyserling

S. Printed 1/23/92--H.

Read the first time May 2, 1991.

A BILL

TO AMEND SECTION 35-1-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REGISTERED BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES, SO AS TO BROADEN AND CLARIFY THE CATEGORIES OF PERSONS NOT REQUIRED TO POST BOND.

Amend Title To Conform

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

SECTION 1. Section 35-1-510 of the 1976 Code is amended to read:

"Section 35-1-510. Registered broker-dealers, agents, investment advisers, and investment adviser representatives shall post surety bonds in amounts of fifty thousand dollars for broker-dealers and investment advisers and ten thousand dollars for agents and investment adviser representatives, conditioned that the registrant will comply with the provisions of this chapter and those orders and regulations as the commissioner may from time to time prescribe. The bond may be so drawn as to cover the original registration and any renewal of the registration. Any appropriate deposit of cash or securities must be accepted in lieu of the bond. Every bond must provide that no suit may be maintained to enforce any liability on the bond unless brought within three years after the sale or other act upon which the suit is based and must also provide that the liability of the surety on each bond to all persons aggrieved may in no event exceed in the aggregate the penal sum of the bond. No bond is required for persons who are: (1) members of the National Association of Security Dealers, Inc., or the Securities Investor Corporation or (2) investment advisers or investment adviser representatives who:

(a) are registered with the Securities and Exchange Commission;

(b) do not have custody of or general power of attorney over their clients' funds and securities and such lack of custody or power of attorney is specified by the client's agreement with the investment adviser or investment adviser representative. A limited power of attorney which does not allow custody over their clients' funds does not require bonding; and

(c) file annually with the Securities Commissioner a current statement of financial condition."

SECTION 2. This act takes effect upon approval by the Governor.

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