Current Status Bill Number:
4467Ratification Number: 376Act Number: 311Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19980121Primary Sponsor: KlauberAll Sponsors: KlauberDrafted Document Number: psd\7031jm.98Date Bill Passed both Bodies: 19980513Governor's Action: SDate of Governor's Action: 19980526Subject: Uniform Securities Act, offenses and penalties for violations of; Uniform Laws, Businesses, Secretary of State
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19980611 Act No. A311 ------ 19980526 Signed by Governor ------ 19980521 Ratified R376 Senate 19980513 Read third time, enrolled for ratification Senate 19980407 Read second time Senate 19980402 Committee report: Favorable 02 SBI Senate 19980212 Introduced, read first time, 02 SBI referred to Committee House 19980211 Read third time, sent to Senate House 19980210 Read second time House 19980204 Committee report: Favorable 25 HJ House 19980121 Introduced, read first time, 25 HJ referred to CommitteeView additional legislative information at the LPITS web site.
(A311, R376, H4467)
AN ACT TO AMEND SECTION 35-1-1590, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PENALTIES FOR VIOLATING THE UNIFORM SECURITIES ACT, SO AS TO CREATE CERTAIN FELONY OFFENSES AND PENALTIES AND REVISE THE PENALTY FOR THE EXISTING MISDEMEANOR OFFENSE.
Be it enacted by the General Assembly of the State of South Carolina:
New felonies; misdemeanor penalty changed
SECTION 1. Section 35-1-1590 of the 1976 Code, as last amended by Act 451 of 1992, is further amended to read:
Section 35-1-1590. Any person who wilfully violates any provision of this chapter except Section 35-1-160, who wilfully violates any rule or order under this chapter, or who wilfully violates Section 35-1-160, knowing the statement made to be false or misleading in any material respect, is guilty of a:
(1) felony and, upon conviction, must be fined not more than fifty thousand dollars or imprisoned not more than ten years, or both, if the person's actions result in loss to an investor of twenty thousand dollars or more;
(2) felony and, upon conviction, must be fined in the discretion of the court or imprisoned not more than five years, or both, if the person's actions result in loss to an investor of more than one thousand dollars but less than twenty thousand dollars;
(3) misdemeanor and, upon conviction, must be fined not more than thirty thousand dollars or imprisoned not more than three years, or both, if the person's actions result in loss to an investor of one thousand dollars or less, or if no losses are proven.
However, no person may be imprisoned for the violation of any rule or order if he proves that he had no knowledge of the rule or order.
SECTION 2. All proceedings pending and all rights and liabilities existing, acquired, or incurred at the time this act takes effect are saved. Except as otherwise provided, the provisions of this act apply prospectively to crimes and offenses committed on or after the effective date of this act.
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 26th day of May, 1998.