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S. 272
STATUS INFORMATION
General Bill
Sponsors: Senator Ford
Document Path: l:\council\bills\bbm\10499mm05.doc
Introduced in the Senate on January 18, 2005
Currently residing in the Senate Committee on Banking and Insurance
Summary: One dollar surcharge on sale of Security
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/18/2005 Senate Introduced and read first time SJ-8 1/18/2005 Senate Referred to Committee on Banking and Insurance SJ-8
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 35-1-615 SO AS TO IMPOSE A ONE-DOLLAR SURCHARGE ON A SALE OF A SECURITY BY A BROKER-DEALER REGISTERED IN THIS STATE, AND TO PROVIDE THAT THE MONIES DERIVED FROM THE SURCHARGE BE DEPOSITED IN THE GENERAL FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 1, Title 35 of the 1976 Code is amended by adding:
"Section 35-1-615. (A) A broker-dealer or agent required to be registered pursuant to Section 35-1-410 must collect a surcharge of one dollar in connection with a sale of a security as defined in Section 35-1-20(13).
(B) The monies collected pursuant to subsection (A) must be reported to the securities commissioner on a quarterly return and must be remitted at the end of each reporting period by the commissioner to the State Treasurer for deposit to the credit of the general fund."
SECTION 2. This act takes effect upon approval by the Governor and applies to the sale of a security occurring on or after July 1, 2005.
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