summary
Introduced
02/20/2025
02/20/2025
In Committee
05/08/2025
05/08/2025
Crossed Over
05/07/2025
05/07/2025
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 39-73-10, Relating To State Commodity Code Definitions, So As To Provide That The Administrator Of The State Commodity Code Be The South Carolina Attorney General; By Amending Section 39-73-40, Relating To Transactions Where Prohibition Is Not Applicable, So As To Add An Agent Or Investment Advisor Representative As Individuals Subject To An Order To Deny, Suspend, Or Revoke A Person's License; By Amending Section 39-73-60, Relating To Prohibited Acts, So As To Replace Section 39-73-310 With Section 39-73-30; By Amending Section 39-73-80, Relating To State Securities Laws, So As To Make Conforming Changes; By Amending Section 39-73-315, Relating To Administrator Actions To Prevent Violations Or Imminent Violations, So As To Provide That The Administrator Can Issue An Order Related To Any Action That May Violate This Chapter; By Amending Section 39-73-320, Relating To Legal, Equitable, And Special Remedies Available To A Court For Enforcement, So As To Provide That The Administrator May Maintain An Action In The Richland County Court Of Common Pleas; By Amending Section 39-73-325, Relating To Penalties For Violations, So As To Provide That The Administrator May Refer Violations To The Appropriate Division Of The Attorney General's Office Or Other Authority; By Amending Section 39-73-330, Relating To The Administration Of This Chapter, So As To Make Conforming Changes; By Amending Section 39-73-340, Relating To The Authority To Promulgate Regulations, Forms, And Orders, So As To Make Conforming Changes; By Amending Section 39-73-350, Relating To The Applicability Of Sections 39-73-20, 39-73-50, And 39-73-60 To Persons Who Sell, Buy, Or Offer To Sell Or Buy Commodities In This State, So As To Provide Guidelines For Applicable Radio And Television Communications; By Amending Section 39-73-360, Relating To Judicial Review, So As To Provide Guidelines; By Amending Section 39-73-370, Relating To Defense In A Case Based On Failure To Make Physical Delivery, So As To Make Conforming Changes; By Adding Section 39-73-375 So As To Provide That The Attorney General May Retain Funds From Fines And Penalties To Offset Relevant Expenses; By Adding Section 39-73-400 So As To Provide For Severability Of This Chapter; And By Repealing Section 39-73-355 Relating To Administrative Proceedings.
AI Summary
This bill makes several amendments to South Carolina's Commodity Code, primarily transferring administrative responsibilities from the Secretary of State to the Attorney General. The key changes include: redefining the "Administrator" as the Attorney General instead of the Secretary of State; expanding the administrator's authority to deny, suspend, or revoke licenses for agents and investment advisor representatives; clarifying prohibited acts in commodity transactions; enhancing the administrator's power to issue cease and desist orders and investigate potential violations; allowing the administrator to maintain legal actions in Richland County Court; modifying penalties for violations; and enabling the Attorney General's office to retain up to $750,000 annually from fines and penalties to offset enforcement costs. The bill also adds provisions for judicial review of administrative orders, provides guidelines for handling potential violations, and includes a severability clause to ensure that if any part of the act is found unconstitutional, the remaining portions will still be valid. These changes aim to strengthen oversight and enforcement of commodity-related transactions in South Carolina, giving the Attorney General more robust tools to protect investors and regulate the commodities market.
Committee Categories
Agriculture and Natural Resources, Business and Industry
Sponsors (1)
Last Action
Referred to Committee on Labor, Commerce and Industry (on 05/08/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0369&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/369_20250501.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/369_20250429.htm |
| Fiscal Note - S0369 2025-02-20 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0369%202025-02-20%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/369_20250220.htm |
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