South Carolina General Assembly
118th Session, 2009-2010

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S. 32

STATUS INFORMATION

General Bill
Sponsors: Senator Ford
Document Path: l:\council\bills\ms\7053mm09.docx

Introduced in the Senate on January 13, 2009
Currently residing in the Senate Committee on Banking and Insurance

Summary: Surcharge on securities sales

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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  12/10/2008  Senate  Prefiled
  12/10/2008  Senate  Referred to Committee on Banking and Insurance
   1/13/2009  Senate  Introduced and read first time SJ-87
   1/13/2009  Senate  Referred to Committee on Banking and Insurance SJ-87

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/10/2008

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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 6, 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, 2009.

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