Bill

Bill > H4247


SC H4247

SC H4247
Commodity Code Execution


summary

Introduced
03/27/2025
In Committee
05/06/2025
Crossed Over
05/02/2025
Passed
05/08/2025
Dead
Signed/Enacted/Adopted
05/27/2025

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 Agents Or Investment Advisor Representatives As Individuals Subject To Orders 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 39-73-315, Relating To Administrator Actions To Prevent Violations Or Imminent Violations, So As To Provide That The Administrator Can Issue Orders 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 Office Of Attorney General 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 Repealing Section 39-73-355 Relating To Administrative Proceedings; And By Amending Section 4-9-145, Relating To Litter Control Officers, So As To Provide What Data Is Used To Determine The Number Of Litter Control Officers. - Ratified Title

AI Summary

This bill makes several amendments to South Carolina's Commodity Code, primarily shifting the administrative responsibilities from the Secretary of State to the Attorney General. Key provisions include changing the definition of "Administrator" to mean the Attorney General, expanding the grounds for denying, suspending, or revoking licenses to include agents and investment advisor representatives, and modifying provisions related to prohibited acts, administrative actions, and legal remedies. The bill also adds a new section allowing the Attorney General to retain up to $750,000 in fines and penalties annually to offset investigation and prosecution costs, with any excess funds being deposited in the general fund. The bill clarifies the Attorney General's powers to issue cease and desist orders, impose civil penalties, and take legal action against individuals or entities violating commodity trading regulations. Additionally, the bill provides for judicial review of administrative orders and ensures that if any part of the act is found unconstitutional, the remaining portions will remain valid. The changes aim to strengthen oversight and enforcement of commodity trading regulations in South Carolina.

Committee Categories

Business and Industry

Sponsors (2)

Last Action

Act No. 67 (on 05/27/2025)

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