Current Status Introducing Body:Senate Bill Number:940 Ratification Number:348 Act Number:327 Primary Sponsor:J. Verne Smith Type of Legislation:GB Subject:Commodity Code, incorrect sections deleted Date Bill Passed both Bodies:19940407 Computer Document Number:NO5/7430BD.93 Governor's Action:S Date of Governor's Action:19940420 Introduced Date:19940111 Last History Body:------ Last History Date:19940420 Last History Type:Act No. 327 Scope of Legislation:Statewide All Sponsors:J. Verne Smith Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
940 ------ 19940420 Act No. 327
940 ------ 19940420 Signed by Governor
940 ------ 19940414 Ratified R 348
940 House 19940407 Read third time, enrolled for
ratification
940 House 19940406 Read second time
940 House 19940323 Committee Report: Favorable 26
940 House 19940203 Introduced, read first time, 26
referred to Committee
940 Senate 19940202 Read third time, sent to House
940 Senate 19940201 Read second time
940 Senate 19940127 Committee Report: Favorable 12
940 Senate 19940111 Introduced, read first time, 12
referred to Committee
940 Senate 19931220 Prefiled, referred to 12
Committee
View additional legislative information at the LPITS web site.
(A327, R348, S940)
AN ACT TO AMEND SECTIONS 39-73-315 AND 39-73-320, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE COMMODITY CODE, SO AS TO DELETE THE PROVISIONS CONTAINING REFERENCES TO INCORRECT SECTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
Authorization for disciplinary action and action for a permanent injunction deleted
SECTION 1. Section 39-73-315 of the 1976 Code, as added by Act 68 of 1993, is amended to read:
"Section 39-73-315. (A) If the administrator believes, whether or not based upon an investigation conducted under Section 39-73-310, that a person has engaged or is about to engage in an act or a practice constituting a violation of this chapter or a related regulation, the administrator may:
(1) issue a cease and desist order;
(2) issue an order imposing a civil penalty of not more than ten thousand dollars for a single violation or one hundred thousand dollars for multiple violations in a single proceeding or a series of related proceedings; or
(3) initiate the actions specified in subsection (B).
(B) The administrator may institute one or more of the following actions in the appropriate courts of this State or in the appropriate courts of another state in addition to legal or equitable remedies otherwise available:
(1) a declaratory judgment;
(2) an action for a prohibitory or mandatory injunction to enjoin the violation and to ensure compliance with this chapter or a regulation or order of the administrator;
(3) an action for disgorgement;
(4) an action for appointment of a receiver or conservator for the defendant or the defendant's assets."
Permanent injunction deleted
SECTION 2. Section 39-73-320 of the 1976 Code, as added by Act 68 of 1993, is amended to read:
"Section 39-73-320. (A) (1) Upon a proper showing by the administrator that a person has violated or is about to violate this chapter or a regulation or order of the administrator, the court may grant appropriate legal or equitable remedies.
(2) Upon a showing of a violation of this chapter or a regulation or order of the administrator, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions, and writs of prohibition or mandamus, may grant the following special remedies:
(a) imposition of a civil penalty of not more than ten thousand dollars for a single violation or one hundred thousand dollars for multiple violations in a single proceeding or a series of related proceedings;
(b) disgorgement;
(c) declaratory judgment;
(d) restitution to investors wishing restitution;
(e) appointment of a receiver or conservator for the defendant or the defendant's assets.
(3) Appropriate remedies when the defendant is shown only about to violate this chapter or a regulation or order of the administrator is limited to:
(a) temporary restraining order;
(b) temporary or permanent injunction;
(c) writ of prohibition or mandamus; or
(d) order appointing a receiver or conservator for the defendant or the defendant's assets.
(B) The court may not require the administrator to post a bond in an official action under this chapter.
(C) (1) Upon a proper showing by the administrator or securities or commodity agency of another state that a person, other than a government or governmental agency or instrumentality, has violated, or is about to violate, the commodity code of that state or a regulation or order of the administrator or securities or commodity agency of that state, the court may grant appropriate legal and equitable remedies.
(2) Upon showing of a violation of the securities or commodity act of the foreign state or a regulation or order of the administrator or securities or commodity agency of the foreign state, the court, in addition to traditional legal or equitable remedies, including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions, and writs of prohibition or mandamus, may grant the following special remedies:
(a) disgorgement;
(b) appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this State.
(3) Appropriate remedies when the defendant is shown only about to violate the securities or commodity act of the foreign state or a regulation or order of the administrator or securities or commodity agency of the foreign state is limited to:
(a) temporary restraining order;
(b) temporary or permanent injunction;
(c) writ or prohibition or mandamus; or
(d) order appointing a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant's assets located in this State."
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 20th day of April, 1994.