S.C. Code Ann. § 35-11-510 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-510
SECTION 35-11-510. Reports.
Status: in_force

(A) A licensee shall file with the Commissioner within fifteen business days any material changes in information provided in a licensee's application as prescribed by the Commissioner. (B) Each licensee shall submit a report of authorized delegates within forty-five days of the end of the calendar quarter. The Commissioner is authorized and encouraged to utilize NMLS for the submission of the report required by this subsection provided that such functionality is consistent with the requirements of this subsection. The authorized delegate report must include, at a minimum, each authorized delegate's: (1) company legal name; (2) taxpayer employer identification number; (3) principal provider identifier; (4) physical address; (5) mailing address; (6) any business conducted in other states; (7) any fictitious or trade name; (8) contact person's name, phone number, and email; (9) start date as licensee's authorized delegate; (10) end date acting as licensee's authorized delegate, if applicable; and (11) any other information the Commissioner reasonably requires with respect to the authorized delegate. (C) A licensee shall file a report with the Commissioner within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Section 101-110, as amended or recodified from time to time, for bankruptcy or reorganization; (2) the filing of a petition by or against the licensee for receivership, the commencement of another judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or (3) the commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (D) A licensee shall file a report with the Commissioner within three business days after the licensee has reason to know of the occurrence of any of the following events: (1) a charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or (2) a charge or conviction of an authorized delegate for a felony. (E) Each licensee shall submit a report of condition within forty-five days of the end of the calendar quarter, or within any extended time as the Commissioner may prescribe. The report of condition must include: (1) financial information at the licensee level; (2) nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission; (3) permissible investments report; (4) transaction destination country reporting for money received for transmission, if applicable, which shall only be included in a report of condition submitted within forty-five days of the end of the fourth calendar quarter; and (5) any other information the Commissioner reasonably requires with respect to the licensee. The Commissioner is authorized and encouraged to utilize NMLS for the submission of the report required by this subsection and is authorized to change or update as necessary the requirements of this subsection to carry out the purposes of this chapter and maintain consistency with NMLS reporting. (F) Each licensee, within ninety days after the end of each fiscal year, or within any extended time as the Commissioner may prescribe, shall file with the Commissioner: (1) an audited financial statement of the licensee for the fiscal year prepared in accordance with United States Generally Accepted Accounting Principles, prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Commissioner, which must include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Commissioner. If the certificate or opinion is qualified, the Commissioner may order the licensee to take any action as the Commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification; and (2) any other information as the Commissioner may reasonably require. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-1-608 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-608
SECTION 35-1-608. Uniformity and cooperation with other agencies.
Status: in_force

(a) The Securities Commissioner shall, in its discretion, cooperate, coordinate, consult, and, subject to Section 35-1-607, share records and information with the securities regulator of another State, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the United States Department of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission, the Securities Investor Protection Corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking and insurance regulator, and a governmental law enforcement agency to effectuate greater uniformity in securities matters among the federal government, self-regulatory organizations, States, and foreign governments. (b) In cooperating, coordinating, consulting, and sharing records and information under this section and in acting by rule, order, or waiver under this chapter, the Securities Commissioner shall, in its discretion, take into consideration in carrying out the public interest the following general policies: (1) maximizing effectiveness of regulation for the protection of investors; (2) maximizing uniformity in federal and state regulatory standards; and (3) minimizing burdens on the business of capital formation, without adversely affecting essentials of investor protection. (c) The cooperation, coordination, consultation, and sharing of records and information authorized by this section includes: (1) establishing or employing one or more designees as a central depository for registration and notice filings under this chapter and for records required or allowed to be maintained under this chapter; (2) developing and maintaining uniform forms; (3) conducting a joint examination or investigation; (4) holding a joint administrative hearing; (5) instituting and prosecuting a joint civil or administrative proceeding; (6) sharing and exchanging personnel; (7) coordinating registrations under Sections 35-1-301 and 35-1-401 through 35-1-404 and exemptions under Section 35-1-203; (8) sharing and exchanging records, subject to Section 35-1-607; (9) formulating rules, statements of policy, guidelines, forms, and interpretative opinions and releases; (10) formulating common systems and procedures; (11) notifying the public of proposed rules, forms, statements of policy, and guidelines; (12) attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, deemed necessary or appropriate to promote or achieve uniformity; and (13) developing and maintaining a uniform exemption from registration for small issuers, and taking other steps to reduce the burden of raising investment capital by small businesses.
S.C. Code Ann. § 35-11-815 — SC Code / Title 35 / Chapter 11 / Article 8 / Section 35-11-815
SECTION 35-11-815. Regulations.
Status: in_force

The Commissioner may promulgate and amend regulations or issue orders necessary to carry out the purposes of this chapter in order to provide for the protection of the public and to assist licensees in interpreting and complying with this chapter. Effect of Amendment 2024 Act No. 218, SECTION 1, substituted "Commissioner" for "commissioner".
S.C. Code Ann. § 35-2-103 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-103
SECTION 35-2-103. "Interested shares" defined; "Exchange Act" defined.
Status: in_force

(A) As used in this article, "interested shares" means the shares of an issuing public corporation in respect of which any of the following persons may exercise or direct the exercise of the voting power of the corporation in the election of directors: (1) an acquiring person or member of a group with respect to a control share acquisition; (2) any officer of the issuing public corporation; (3) any employee of the issuing public corporation who is also a director of the corporation. (B) As used in this article, "Exchange Act" means the act of Congress known as the Securities Exchange Act of 1934, as amended.
S.C. Code Ann. § 35-1-510 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-510
SECTION 35-1-510. Rescission offers.
Status: in_force

A purchaser, seller, or recipient of investment advice regarding securities may not maintain an action under Section 35-1-509 if: (1) The purchaser, seller, or recipient of investment advice regarding securities receives in a record, before the action is instituted: (A) an offer stating the respect in which liability under Section 35-1-509 may have arisen and fairly advising the purchaser, seller, or recipient of investment advice regarding securities of that person's rights in connection with the offer, and any financial or other information necessary to correct all material misrepresentations or omissions in the information that was required by this chapter to be furnished to that person at the time of the purchase, sale, or investment advice regarding securities; (B) if the basis for relief under this section may have been a violation of Section 35-1-509(b), an offer to repurchase the security for cash, payable on delivery of the security, equal to the consideration paid, including without limitation all commissions and fees, and interest at the legal rate of interest from the date of the purchase, less the amount of any income received on the security, or, if the purchaser no longer owns the security, an offer to pay the purchaser upon acceptance of the offer damages in an amount that would be recoverable upon a tender, less the value of the security when the purchaser disposed of it, and interest at the legal rate of interest from the date of the purchase in cash equal to the damages computed in the manner provided in this subsection; (C) if the basis for relief under this section may have been a violation of Section 35-1-509(c), an offer to tender the security, on payment by the seller of an amount equal to the purchase price paid, less income received on the security by the purchaser and interest at the legal rate of interest from the date of the sale; or if the purchaser no longer owns the security, an offer to pay the seller upon acceptance of the offer, in cash, damages in the amount of the difference between the price at which the security was purchased and the value the security would have had at the time of the purchase in the absence of the purchaser's conduct that may have caused liability and interest at the legal rate of interest from the date of the sale; (D) if the basis for relief under this section may have been a violation of Section 35-1-509(d); and if the customer is a purchaser, an offer to pay as specified in subparagraph (B); or, if the customer is a seller, an offer to tender or to pay as specified in subparagraph (C); (E) if the basis for relief under this section may have been a violation of Section 35-1-509(e), an offer to reimburse in cash the consideration paid for the advice and interest at the legal rate of interest from the date of payment; or (F) if the basis for relief under this section may have been a violation of Section 35-1-509(f), an offer to reimburse in cash the consideration paid for the advice, the amount of any actual damages that may have been caused by the conduct, and interest at the legal rate of interest from the date of the violation causing the loss; (2) the offer under paragraph (1) states that it must be accepted by the purchaser, seller, or recipient of investment advice regarding securities within 30 days after the date of its receipt by the purchaser, seller, or recipient of investment advice or any shorter period, of not less than three days, that the Securities Commissioner, by order, specifies; (3) the offeror has the present ability to pay the amount offered or to tender the security under paragraph (1); (4) the offer under paragraph (1) is delivered to the purchaser, seller, or recipient of investment advice, or sent in a manner that ensures receipt by the purchaser, seller, or recipient of investment advice; and (5) the purchaser, seller, or recipient of investment advice that accepts the offer under paragraph (1) in a record within the period specified under paragraph (2) is paid in accordance with the terms of the offer.
S.C. Code Ann. § 35-2-203 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-203
SECTION 35-2-203. "Associate" defined.
Status: in_force

As used in this article, "associate", when used to indicate a relationship with any person, means: (1) any corporation or organization of which the person is an officer or partner or is (directly or indirectly) the beneficial owner of ten percent or more of any class of voting shares; (2) any trust or other estate in which the person has a substantial beneficial interest or as to which the person serves as trustee or in a similar fiduciary capacity; and (3) any relative or spouse of the person, or any relative of the spouse, who has the same home as the person.
S.C. Code Ann. § 35-2-218 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-218
SECTION 35-2-218. Business combination with interested shareholder within two years of share acquisition date.
Status: in_force

(a) Notwithstanding any other provision of law, except Sections 35-2-220 through 35-2-223, a resident domestic corporation may not engage in any business combination with any interested shareholder of the resident domestic corporation for a period of two years following the interested shareholder's share acquisition date unless the business combination or the purchase of shares made by the interested shareholder on the interested shareholder's share acquisition date is approved by a majority of the disinterested members of the board of directors of the resident domestic corporation before the interested shareholder's share acquisition date. As used in this section, a director or person is 'disinterested' if the director or person is not a present or former officer or employee of the resident domestic corporation, or related corporation. If the board has less than three disinterested directors, the board shall appoint three or more disinterested persons to serve as a committee to vote on the issue. (b) If a good faith proposal regarding a business combination is made in writing to the board of directors of the resident domestic corporation, the board of directors shall respond in writing within thirty days or that shorter period, if any, as may be required by the Exchange Act, setting forth its reasons for its decision regarding the proposal. (c) If a good faith proposal to purchase shares is made in writing to the board of directors of the resident domestic corporation, the board of directors, unless it responds affirmatively in writing within thirty days or that shorter period, if any, as may be required by the Exchange Act, is considered to have disapproved the share purchase.
S.C. Code Ann. § 35-11-525 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-525
SECTION 35-11-525. Money laundering reports.
Status: in_force

(A) A licensee and an authorized delegate shall file with the Commissioner all reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. (B) The timely filing of a complete and accurate report required pursuant to subsection (A) with the appropriate federal agency is in compliance with the requirements of subsection (A), unless the Commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the Commissioner. Effect of Amendment 2024 Act No. 218, SECTION 1, in (A), substituted "the Bank Secrecy Act" for "31 U.S.C. Section 5311 (1994), 31 C.F.R. Section 103 (2000)"; and made nonsubstantive changes throughout.
S.C. Code Ann. § 35-11-735 — SC Code / Title 35 / Chapter 11 / Article 7 / Section 35-11-735
SECTION 35-11-735. Appointment of receiver for licensee.
Status: in_force

(A) Whenever a licensee has refused or is unable to pay its obligations generally as they become due or whenever it appears to the Commissioner that a licensee is in an unsafe or unsound condition, the Commissioner may apply to the Richland County Court of Common Pleas or to the circuit court of any county in which the licensee is located for the appointment of a receiver for the licensee. The court may require the receiver to post a bond in an amount that appears necessary to protect claimants of the licensee. (B) The receiver, subject to the approval of the court, shall take possession of the books, records, and assets of the licensee and shall take an action with respect to employees, agents, or representatives of the licensee or other action that may be necessary to conserve the assets of the licensee or ensure payment of instruments issued by the licensee pending further disposition of its business as provided by law. The receiver shall sue and defend, compromise, and settle all claims involving the licensee and exercise the powers and duties that are necessary and consistent with the laws of this State applicable to the appointment of receivers. (C) The receiver, from time to time, but in no event less frequently than once each calendar quarter, shall report to the court with respect to all acts and proceedings in connection with the receivership. Effect of Amendment 2024 Act No. 218, SECTION 1, in (A), in the first sentence, substituted "Commissioner" for "commissioner" in two places, and substituted "Richland County Court of Common Pleas" and "Richland County Circuit Court".
S.C. Code Ann. § 35-2-226 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-226
SECTION 35-2-226. Conflict of laws with respect to foreign corporations.
Status: in_force

If the laws of the State under which a foreign corporation otherwise affected by this article was incorporated, chartered, or otherwise organized are expressly inconsistent with any section, subsection, item, paragraph, subparagraph, sentence, clause, or phrase of this article, that portion of this article has no force and effect with respect to that foreign corporation and the remainder of this article remains in full force and effect with respect to that foreign corporation as if that inconsistent section, subsection, item, paragraph, subparagraph, sentence, clause, or phrase of this article was not a part thereof originally.
S.C. Code Ann. § 35-1-507 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-507
SECTION 35-1-507. Qualified immunity.
Status: in_force

A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the Securities Commissioner, or designee of the Securities Commissioner, the Securities and Exchange Commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
S.C. Code Ann. § 35-11-810 — SC Code / Title 35 / Chapter 11 / Article 8 / Section 35-11-810
SECTION 35-11-810. Administration by Commissioner.
Status: in_force

This chapter is administered by the Commissioner who may employ such additional assistants as he deems necessary. The Commissioner may delegate any or all of his duties pursuant to this chapter to members of his staff, as he deems necessary or appropriate. Effect of Amendment 2024 Act No. 218, SECTION 1, substituted "Commissioner" for "commissioner" in two places.
S.C. Code Ann. § 35-11-825 — SC Code / Title 35 / Chapter 11 / Article 8 / Section 35-11-825
SECTION 35-11-825. Fees, assessments, and fines.
Status: in_force

The Commissioner may retain all fees, assessments, and fines received under this chapter for the administration of this chapter.
S.C. Code Ann. § 35-11-235 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-235
SECTION 35-11-235. Suspension or revocation of license.
Status: in_force

(A) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Commissioner may suspend or revoke the licensee's license pursuant to Section 35-11-700 or 35-11-710 or other applicable state law for such suspension or revocation. (B) An applicant for a money transmission license must demonstrate that it meets or will meet, and a money transmission licensee must at all times meet, the requirements in Sections 35-11-215, 35-11-230, and 35-11-600 of this chapter.
S.C. Code Ann. § 35-11-500 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-500
SECTION 35-11-500. Authority to conduct examinations.
Status: in_force

(A) The Commissioner may conduct an examination or investigation of a licensee or of any of the licensee's authorized delegates or otherwise take independent action authorized by this chapter or by a rule or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the USA Patriot Act. The Commissioner may: (1) conduct an examination either on-site or off-site as the Commissioner may reasonably require; (2) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government; (3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Commissioner; and (4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate. (B) A licensee or authorized delegate shall provide, and the Commissioner shall have full and complete access to, all records the Commissioner may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the Commissioner, provided, the Commissioner may utilize multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this section. (C) If the Commissioner concludes that an examination is necessary pursuant to subsection (A), the licensee shall pay the reasonable cost of the examination. (D) Information obtained during an examination pursuant to this chapter may be disclosed only as provided in Section 35-11-530. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-2-221 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-221
SECTION 35-2-221. Election not to be covered by this article; application of article.
Status: in_force

This article does not apply to any business combination of a resident domestic corporation: (1) the original articles of incorporation of which contain a provision expressly electing not to be governed by this article; or (2) that adopts an amendment of the resident domestic corporation's articles of incorporation expressly electing not to be governed by this article; or (3) with an interested shareholder whose share acquisition date is on or before the effective date of this article; or (4) such business combination was the subject of a written agreement in existence and binding upon the resident domestic corporation on the effective date of this article and such agreement is not amended or modified in any material respect after the effective date of this article. Editor's Note 1988 Act No. 444 SECTION 6 provides as follows: "For purposes of this act, when the terms 'effective date of this chapter' or 'effective date of this article' or similar derivations thereof are used in Chapter 2, Title 35 of the 1976 Code, as contained in Section 5 of this act, these terms must be construed to mean the effective date of the amendments to Chapter 2 of Title 35 as contained in this act."
S.C. Code Ann. § 35-2-215 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-215
SECTION 35-2-215. "Share acquisition date" defined.
Status: in_force

As used in this article, "share acquisition date", with respect to any person and any resident domestic corporation, means the date that the person first becomes an interested shareholder of the resident domestic corporation.
S.C. Code Ann. § 35-11-905 — SC Code / Title 35 / Chapter 11 / Article 9 / Section 35-11-905
SECTION 35-11-905. Effective date of chapter.
Status: in_force

(A) A person licensed in this State to engage in the business of money transmission may not be subject to the amended provisions of this chapter, to the extent that they conflict with the prior law or establish new requirements not imposed under the prior law, until the first January first after the effective date of this chapter. (B) Notwithstanding subsection (A), a licensee only must be required to amend its authorized delegate contracts for contracts entered into or amended after the effective date of the amendments to this chapter or the completion of any transition period contemplated under subsection (A). Nothing herein may be construed as limiting an authorized delegate's obligations to operate in full compliance with this chapter as required by Section 35-11-400(C).
S.C. Code Ann. § 35-11-535 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-535
SECTION 35-11-535. Forwarding money received for transmission.
Status: in_force

(A) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur. (B) If a licensee fails to forward money received for transmission in accordance with this section, the licensee must respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law, rule, or regulation.
S.C. Code Ann. § 35-1-840 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-840
SECTION 35-1-840. Immunity from administrative and civil liability arising from a disclosure pursuant to Section 35-1-830.
Status: in_force

A qualified individual who, in good faith and exercising reasonable care, complies with Section 35-1-830 shall be immune from any administrative or civil liability that might otherwise arise from such a disclosure.
S.C. Code Ann. § 35-11-820 — SC Code / Title 35 / Chapter 11 / Article 8 / Section 35-11-820
SECTION 35-11-820. Fees for filings.
Status: in_force

The Commissioner may establish reasonable fees for filings required or permitted by regulation or order adopted pursuant to this chapter, and other miscellaneous filings for which no fees are otherwise specified by law.
S.C. Code Ann. § 35-1-800 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-800
SECTION 35-1-800. Definitions.
Status: in_force

In this article, unless the context otherwise requires: (1) "Agencies" means the Adult Protective Services Program in the Department of Social Services and the Securities Division of the Office of the Attorney General. (2) "Eligible adult" means: (a) a person fifty-five years of age or older; or (b) a vulnerable adult subject to Section 43-35-10(11). (3) "Financial exploitation" means: (a) the wrongful or unauthorized taking, withholding, appropriation, or use of the money, assets, or property of an eligible adult; or (b) any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, to: (i) obtain the control, use, or benefit, through deception, intimidation, or undue influence, or by the use of any scheme, device, or artifice to defraud, of the eligible adult's money, assets, or property to deprive the eligible adult of the ownership, use, benefit, or possession of his money, assets, or property; or (ii) convert the money, assets, or property of the eligible adult to deprive the eligible adult of the ownership, use, benefit, or possession of his money, assets, or property. (4) "Qualified individual" means any agent, broker-dealer, investment adviser representative, investment adviser, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser. (5) "Reasonably associated individual" means any person known to a qualified individual to be reasonably associated with an eligible adult or his account.
S.C. Code Ann. § 35-1-203 — SC Code / Title 35 / Chapter 1 / Article 2 / Section 35-1-203
SECTION 35-1-203. Additional exemptions and waivers.
Status: in_force

A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of Sections 35-1-301 through 35-1-306 and 35-1-504; and an order under this chapter may waive, in whole or in part, any or all of the conditions for an exemption or offer under Sections 35-1-201 and 35-1-202.
S.C. Code Ann. § 35-1-104 — SC Code / Title 35 / Chapter 1 / Article 1 / Section 35-1-104
SECTION 35-1-104. References to federal agencies.
Status: in_force

A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department.
S.C. Code Ann. § 35-6-30 — SC Code / Title 35 / Chapter 6 / Section 35-6-30
SECTION 35-6-30. Security allowed to be registered in beneficiary form when form authorized by certain laws; presumption of validity.
Status: in_force

A security may be registered in beneficiary form, if the form is authorized by this chapter, by the laws of the state of organization of the issuer or registering entity; by the laws of the state of the location of the registering entity's principal office, the office of its transfer agent, or its office making the registration; or by the laws of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which these provisions are not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
S.C. Code Ann. § 35-1-410 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-410
SECTION 35-1-410. Examination and filing fee requirements.
Status: in_force

(a) The Securities Commissioner shall establish fees by rule or order for: (1) an initial filing of an application as a broker-dealer and renewal of an application by a broker-dealer for registration; (2) an application for registration as an agent and renewal of registration as an agent; (3) an application for registration as an investment adviser and renewal of registration as an investment adviser; (4) an application for registration as an investment adviser representative, a renewal of registration as an investment adviser representative, and a change of registration as an investment adviser representative; and (5) an initial fee and annual notice fee for a federal covered investment adviser required to file a notice under Section 35-1-405. (b) A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order provides under this chapter. (c) When an application or other filing fee is denied or withdrawn, the filing fee shall not be refunded, except upon order by the Securities Commissioner. (d) A rule adopted or order issued under this chapter may require that an examination, including an examination developed or approved by an organization of securities regulators, be successfully completed by a class of individuals or all individuals. An order issued under this chapter may waive, in whole or in part, an examination as to an individual and a rule adopted under this chapter may waive, in whole or in part, an examination as to a class of individuals if the Securities Commissioner determines that the examination is not necessary or appropriate in the public interest and for the protection of investors.
S.C. Code Ann. § 35-1-407 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-407
SECTION 35-1-407. Succession and change in registration of broker-dealer or investment adviser.
Status: in_force

(a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to Section 35-1-401 or 35-1-403 or a notice pursuant to Section 35-1-405 for the unexpired portion of the current registration or notice filing. (b) A broker-dealer or investment adviser that changes its form of organization or State of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. A predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within forty-five days after filing its amendment to effect succession. (c) A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or on a date designated by the registrant. (d) A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued under this chapter.
S.C. Code Ann. § 35-11-830 — SC Code / Title 35 / Chapter 11 / Article 8 / Section 35-11-830
SECTION 35-11-830. Review of orders.
Status: in_force

A person aggrieved by a final order of the Commissioner may obtain a review of the order in the Richland County Court of Common Pleas by filing in the court, within thirty days after entry of the order, a written petition praying that the order may be modified or set aside in whole or in part. The aggrieved person, upon filing a petition, may move before the court in which the petition is filed to stay the effectiveness of the Commissioner's final order until such time as the court has reviewed the order. If the court orders a stay, the aggrieved person must post any bond set by the court in which a petition is filed. A copy of the petition must be served upon the Commissioner, and the Commissioner shall certify and file in court a copy of the filing and evidence upon which the order was entered. When these have been filed, the court has exclusive jurisdiction to affirm, modify, enforce, or set aside the order, in whole or in part. The findings of the Commissioner as to the facts, if supported by competent, material, and substantial evidence, are conclusive.
S.C. Code Ann. § 35-1-401 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-401
SECTION 35-1-401. Broker-dealer registration requirement; exemptions.
Status: in_force

(a) It is unlawful for a person to transact business in this State as a broker-dealer unless the person is registered under this chapter as a broker-dealer or is exempt from registration as a broker-dealer under subsection (b) or (d). (b) The following persons are exempt from the registration requirement of subsection (a): (1) a broker-dealer without a place of business in this State if its only transactions effected in this State are with: (A) the issuer of the securities involved in the transactions; (B) a broker-dealer registered as a broker-dealer under this chapter or not required to be registered as a broker-dealer under this chapter; (C) an institutional investor; (D) a nonaffiliated federal covered investment adviser with investments under management in excess of one hundred million dollars acting for the account of others pursuant to discretionary authority in a signed record; (E) a bona fide preexisting customer whose principal place of residence is not in this State and the person is registered as a broker-dealer under the Securities Exchange Act of 1934 or not required to be registered under the Securities Exchange Act of 1934 and is registered under the securities act of the State in which the customer maintains a principal place of residence; (F) a bona fide preexisting customer whose principal place of residence is in this State but was not present in this State when the customer relationship was established, if: (i) the broker-dealer is registered under the Securities Exchange Act of 1934 or not required to be registered under the Securities Exchange Act of 1934 and is registered under the securities laws of the State in which the customer relationship was established and where the customer had maintained a principal place of residence; and (ii) within forty-five days after the customer's first transaction in this State, the person files an application for registration as a broker-dealer in this State and a further transaction is not effected more than seventy-five days after the date on which the application is filed, or, if earlier, the date on which the Securities Commissioner notifies the person that the Securities Commissioner has denied the application for registration or has stayed the pendency of the application for good cause; (G) not more than three customers in this State during the previous twelve months, in addition to those customers specified in subparagraphs (A) through (F) and under subparagraph (H), if the broker-dealer is registered under the Securities Exchange Act of 1934 or not required to be registered under the Securities Exchange Act of 1934 and is registered under the securities act of the State in which the broker-dealer has its principal place of business; and (H) any other person exempted by rule adopted or order issued under this chapter; and (2) a person that deals solely in United States government securities and is supervised as a dealer in government securities by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Office of Thrift Supervision. (c) It is unlawful for a broker-dealer, or for an issuer engaged in offering, offering to purchase, purchasing, or selling securities in this State, directly or indirectly, to employ or associate with an individual to engage in an activity related to securities transactions in this State if the registration of the individual is suspended or revoked or the individual is barred from employment or association with a broker-dealer, an issuer, an investment adviser, or a federal covered investment adviser by an order of the Securities Commissioner under this chapter, the Securities and Exchange Commission, or a self-regulatory organization. A broker-dealer or issuer does not violate this subsection if the broker-dealer or issuer did not know and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from a broker-dealer or issuer and for good cause, an order under this chapter may modify or waive, in whole or in part, the application of the prohibitions of this subsection. (d) A rule adopted or order issued under this chapter may permit: (1) a broker-dealer that is registered in Canada or other foreign jurisdiction and that does not have a place of business in this State to effect transactions in securities with or for, or attempt to effect the purchase or sale of any securities by: (A) an individual from Canada or other foreign jurisdiction who is temporarily present in this State and with whom the broker-dealer had a bona fide customer relationship before the individual entered the United States; (B) an individual from Canada or other foreign jurisdiction who is present in this State and whose transactions are in a self-directed tax advantaged retirement plan of which the individual is the holder or contributor in that foreign jurisdiction; or (C) an individual who is present in this State, with whom the broker- dealer customer relationship arose while the individual was temporarily or permanently resident in Canada or the other foreign jurisdiction; and (2) an agent who represents a broker-dealer that is exempt under this subsection to effect transactions in securities or attempt to effect the purchase or sale of securities in this State as permitted for a broker-dealer described in paragraph (1).
S.C. Code Ann. § 35-11-305 — SC Code / Title 35 / Chapter 11 / Article 3 / Section 35-11-305
SECTION 35-11-305. Application for license.
Status: in_force

(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. The application shall state or contain: (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director; (2) the location of the principal office of the applicant; (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations; and (4) other information the Commissioner reasonably requires with respect to the applicant, but not more than the Commissioner may require pursuant to Article 2. (B) A nonrefundable application fee of one thousand five hundred dollars and a license fee of one thousand six hundred dollars must accompany an application for a license pursuant to this article. The license fee must be refunded if the application is denied. (C) The Commissioner may waive one or more requirements of subsection (A) or permit an applicant to submit other information in lieu of the required information. Effect of Amendment 2024 Act No. 218, SECTION 1, in (A), deleted (4), redesignated former (5) as (4), and made nonsubstantive changes; in (B), in the first sentence, substituted "one thousand six hundred dollars" for "seven hundred fifty dollars"; and added (C).
S.C. Code Ann. § 35-1-810 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-810
SECTION 35-1-810. Notification of agencies.
Status: in_force

If a qualified individual reasonably believes that the financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, then the qualified individual may promptly notify the agencies.
S.C. Code Ann. § 35-1-501 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-501
SECTION 35-1-501. General fraud.
Status: in_force

It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly: (1) to employ a device, scheme, or artifice to defraud; (2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or (3) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
S.C. Code Ann. § 35-2-209 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-209
SECTION 35-2-209. "Exchange Act" defined.
Status: in_force

As used in this article, "Exchange Act" means the act of Congress known as the Securities Exchange Act of 1934, as amended.
S.C. Code Ann. § 35-2-102 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-102
SECTION 35-2-102. "Control share acquisition" defined.
Status: in_force

(a) As used in this article, "control share acquisition" means the acquisition (directly or indirectly) by any person of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares. (b) For purposes of this section, shares acquired within ninety days or shares acquired pursuant to a plan to make a control share acquisition are considered to have been acquired in the same acquisition. (c) For purposes of this section, a person who acquires shares in the ordinary course of business for the benefit of others in good faith and not for the purpose of circumventing this article has voting power only of shares in respect of which that person would be able to exercise or direct the exercise of votes without further instruction from others. (d) The acquisition of any shares of an issuing public corporation does not constitute a control share acquisition if the acquisition is consummated in any of the following circumstances: (1) before the effective date of this chapter; (2) pursuant to a contract existing before the effective date of this chapter; (3) pursuant to the laws of descent and distribution; (4) pursuant to the satisfaction of a pledge or other security interest created in good faith and not for the purpose of circumventing this article; (5) pursuant to a merger or plan of share exchange in compliance with law if the issuing public corporation is a party to the agreement of merger or plan of share exchange. (e) The acquisition of shares of an issuing public corporation in good faith and not for the purpose of circumventing this article by or from: (1) any person whose voting rights had previously been authorized by shareholders in compliance with this article; or (2) any person whose previous acquisition of shares of an issuing public corporation would have constituted a control share acquisition but for subsection (d) does not constitute a control share acquisition, unless the acquisition entitles any person (directly or indirectly, alone or as a part of a group) to exercise or direct the exercise of voting power of the corporation in the election of directors in excess of the range of the voting power otherwise authorized.
S.C. Code Ann. § 35-1-409 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-409
SECTION 35-1-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.
Status: in_force

Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued under this chapter. The Securities Commissioner may institute a revocation or suspension proceeding under Section 35-1-412 within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.
S.C. Code Ann. § 35-6-20 — SC Code / Title 35 / Chapter 6 / Section 35-6-20
SECTION 35-6-20. Individuals eligible to obtain registration in beneficiary form; multiple owners of security.
Status: in_force

Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, and not as tenants in common.
S.C. Code Ann. § 35-11-540 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-540
SECTION 35-11-540. Applicability of section; refunds.
Status: in_force

(A) This section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time; or (2) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee. (B) Every licensee shall refund to the sender within ten days of receipt of the sender's written request for a refund of any and all money received for transmission unless any of the following occurs: (1) the money has been forwarded within ten days of the date on which the money was received for transmission; (2) instructions have been given committing an equivalent amount of money to the person designated by the sender within ten days of the date on which the money was received for transmission; (3) the agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten days of the date on which the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with the other provisions of this section; (4) the refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur; or (5) the refund request does not enable the licensee to: (a) identify the sender's name and address or telephone number; or (b) identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
S.C. Code Ann. § 35-1-701 — SC Code / Title 35 / Chapter 1 / Article 7 / Section 35-1-701
SECTION 35-1-701. Application of act to existing proceeding and existing rights and duties.
Status: in_force

(a) The predecessor chapter exclusively governs all actions or proceedings that are pending on the effective date of this chapter or may be instituted on the basis of conduct occurring before the effective date of this chapter, but a civil action may not be maintained to enforce any liability under the predecessor chapter unless instituted within any period of limitation that applied when the cause of action accrued or within five years after the effective date of this chapter, whichever is earlier. (b) All effective registrations under the predecessor chapter, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor chapter remain in effect while they would have remained in effect if this chapter had not been enacted. They are considered to have been filed, issued, or imposed under this chapter, but are exclusively governed by the predecessor chapter. (c) The predecessor chapter exclusively applies to an offer or sale made within one year after the effective date of this chapter pursuant to an offering made in good faith before the effective date of this chapter on the basis of an exemption available under the predecessor chapter.
S.C. Code Ann. § 35-1-601 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-601
SECTION 35-1-601. Administration.
Status: in_force

(a) This chapter shall be administered by the Attorney General who shall be ex officio the Securities Commissioner and who may employ such additional assistants as he deems necessary. The Securities Commissioner may delegate any or all of his duties pursuant to this chapter to members of his staff, as he deems necessary or appropriate. (b) It is unlawful for the Securities Commissioner or an officer, employee, or designee of the Securities Commissioner to use for personal benefit or the benefit of others records or other information obtained by or filed with the Securities Commissioner that are not public under Section 35-1-607(b). This chapter does not authorize the Securities Commissioner or an officer, employee, or designee of the Securities Commissioner to disclose the record or information, except in accordance with Section 35-1-602, 35-1-607(c), or 35-1-608. (c) This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise. (d) The Securities Commissioner may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on responsible investing and on the prevention and detection of securities fraud. In developing and implementing these initiatives, the Securities Commissioner may collaborate with public and nonprofit organizations with an interest in investor education. The Securities Commissioner may accept grants or donations to develop and implement investor education initiatives. This subsection does not authorize the Securities Commissioner to require participation or monetary contributions of a registrant in an investor education program.
S.C. Code Ann. § 35-11-230 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-230
SECTION 35-11-230. Net worth.
Status: in_force

(A) A licensee under this chapter shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one billion dollars, and one-half of one percent of additional assets for over one billion dollars. (B) Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to Section 35-11-205(B)(6). (C) Notwithstanding the foregoing provisions of this section, the Commissioner shall have the authority, for good cause shown, to exempt, in whole or in part, from the requirements of this section any applicant or licensee. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-1-504 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-504
SECTION 35-1-504. Filing of sales and advertising literature.
Status: in_force

(a) Except as otherwise provided in subsection (b), a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice regarding securities, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter. (b) This section does not apply to sales and advertising literature specified in subsection (a) which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by Section 35-1-201, 35-1-202, or 35-1-203 except as required pursuant to Section 35-1-201(7).
S.C. Code Ann. § 35-11-545 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-545
SECTION 35-11-545. Applicability of section; receipts.
Status: in_force

(A) This section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time; (2) money received for transmission that is not primarily for personal, family, or household purposes; (3) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee; or (4) payroll processing services. (B) For purposes of this article, "receipt" means a paper receipt, electronic record, or other written confirmation. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by phone, a receipt may be provided electronically. All electronic receipts shall be provided in a retainable form. (C) Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. (1) The receipt must contain the following information, as applicable: (a) the name of the sender; (b) the name of the designated recipient; (c) the date of the transaction; (d) the unique transaction or identification number; (e) the name of the licensee, NMLS Unique ID, the licensee's business address, and the licensee's customer service telephone number; (f) the amount of the transaction in United States dollars; (g) any fee charged by the licensee to the sender for the transaction; and (h) any taxes collected by the licensee from the sender for the transaction. (2) The receipt required by this section shall be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically or by phone, if other than English.
S.C. Code Ann. § 35-1-603 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-603
SECTION 35-1-603. Civil enforcement.
Status: in_force

(a) If the Securities Commissioner believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this chapter or a rule adopted or order issued under this chapter, the Securities Commissioner may maintain an action in the Richland County Court of Common Pleas to enjoin the act, practice, or course of business and to enforce compliance with this chapter or a rule adopted or order issued under this chapter. (b) In an action under this section and on a proper showing, the court may: (1) issue a permanent or temporary injunction, restraining order, or declaratory judgment; (2) order other appropriate or ancillary relief, which may include: (A) an asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the Securities Commissioner, for the defendant or the defendant's assets; (B) ordering the Securities Commissioner to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property; (C) imposing a civil penalty in an amount not to exceed ten thousand dollars for each violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this chapter or the predecessor chapter or a rule adopted or order issued under this chapter or the predecessor chapter; and (D) ordering the payment of prejudgment and postjudgment interest; or (3) order such other relief as the court considers appropriate. (c) The Securities Commissioner may not be required to post a bond in an action or proceeding under this chapter.
S.C. Code Ann. § 35-11-215 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-215
SECTION 35-11-215. Security.
Status: in_force

(A) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond, letter of credit, or other similar security in a form acceptable to the Commissioner. (B) The amount of the required security must be: (1) the greater of one hundred thousand dollars or an amount equal to one hundred percent of the licensee's average daily money transmission liability in this State calculated for the most recently completed three-month period, up to a maximum of five hundred thousand dollars; or (2) in the event that the licensee's tangible net worth exceeds ten percent of total assets, the licensee shall maintain a surety bond of one hundred thousand dollars. (C) A licensee that maintains a bond in the maximum amount provided for in Section 35-11-215(B)(1) or (2) may not be required to calculate its average daily money transmission liability for purposes of this section. (D) A licensee may exceed the maximum required bond amount pursuant to Section 35-11-605(A)(5). Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-11-110 — SC Code / Title 35 / Chapter 11 / Article 1 / Section 35-11-110
SECTION 35-11-110. Applicability of chapter.
Status: in_force

(A) This chapter does not apply to: (1) the United States or a department, agency, or instrumentality thereof, or its agent; (2) money transmission by the United States Postal Service or by an agent of the United States Postal Service; (3) a state, county, city, or any other governmental agency or governmental subdivision or instrumentality of a state, or its agent; (4) a federally insured depository financial institution, bank holding company, office of an international banking corporation, foreign bank that establishes a federal branch pursuant to the International Bank Act, 12 U.S.C. Section 3102, as amended or recodified from time to time, corporation organized pursuant to the Bank Service Corporation Act, 12 U.S.C. Sections 1861-1867, as amended or recodified from time to time, or corporation organized under the Edge Act, 12 U.S.C. Sections 611-633, as amended or recodified from time to time; (5) electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or on behalf of a state or governmental subdivision, agency, or instrumentality thereof; (6) a board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. Section 1-25 as amended or recodified from time to time, or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for a board of trade; (7) a registered futures commission merchant under the federal commodities laws to the extent of its operation as a futures commission merchant; (8) an operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers; (9) a person registered as a securities broker-dealer under federal or state securities laws to the extent of his operation as a securities broker-dealer; (10) an individual employed by a licensee, authorized delegate, or any person exempted from the licensing requirements of this chapter when acting within the scope of employment and under the supervision of the licensee, authorized delegate, or exempted person as an employee and not as an independent contractor; (11) a person expressly appointed as a third-party service provider to, or agent of, an entity exempt under Section 35-11-110(A)(4), solely to the extent that: (a) such service provider or agent is engaging in money transmission on behalf of and pursuant to a written agreement with the exempt entity that sets forth the specific functions that the service provider or agent is to perform; and (b) the exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations upon receipt of the purchaser's or holder's money or monetary value by the service provider or agent; (12) a person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, provided that: (a) there exists a written agreement between the payee and the agent directing the agent to collect and process payments from payors on the payee's behalf; (b) the payee holds the agent out to the public as accepting payments for goods or services on the payee's behalf; and (c) payment for the goods and services is treated as received by the payee upon receipt by the agent so that the payor's obligation is extinguished and there is no risk of loss to the payor if the agent fails to remit the funds to the payee; (13) a person that acts as an intermediary by processing payments between an entity that has directly incurred an outstanding money transmission obligation to a sender, and the sender's designated recipient, provided that the entity: (a) is properly licensed or exempt from licensing requirements under this chapter; (b) provides a receipt, electronic record, or other written confirmation to the sender identifying the entity as the provider of money transmission in the transaction; and (c) bears sole responsibility to satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender's designated recipient; (14) a person exempt by regulation or order if the Commissioner finds such exemption to be in the public interest and that the regulation of such person is not necessary for the purposes of this chapter; or (15) payroll processing services. (B) The Commissioner may require that a person claiming to be exempt from licensing pursuant to this section provide information and documentation to the Commissioner demonstrating that it qualifies for any claimed exemption. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-5-40 — SC Code / Title 35 / Chapter 5 / Section 35-5-40
SECTION 35-5-40. Prohibition of registration by instrument creating fiduciary relationship.
Status: in_force

The provisions of this chapter shall apply to any bank, trust company or national bank located in this State acting in a fiduciary capacity whether such fiduciary capacity arose before or is created after the effective date of this chapter, unless registration as provided in this chapter is prohibited by the will, judgment, decree or any other instrument creating the fiduciary relationship.
S.C. Code Ann. § 35-1-101 — SC Code / Title 35 / Chapter 1 / Article 1 / Section 35-1-101
SECTION 35-1-101. Short title.
Status: in_force

This chapter may be cited as the South Carolina Uniform Securities Act of 2005.
S.C. Code Ann. § 35-1-307 — SC Code / Title 35 / Chapter 1 / Article 3 / Section 35-1-307
SECTION 35-1-307. Waiver and modification.
Status: in_force

The Securities Commissioner may waive or modify, in whole or in part, any or all of the requirements of Sections 35-1-302, 35-1-303, and 35-1-304(b) or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to Section 35-1-305(i).
S.C. Code Ann. § 35-1-402 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-402
SECTION 35-1-402. Agent registration requirement and exemptions.
Status: in_force

(a) It is unlawful for an individual to transact business in this State as an agent unless the individual is registered under this chapter as an agent or is exempt from registration as an agent under subsection (b). (b) The following individuals are exempt from the registration requirement of subsection (a): (1) an individual who represents a broker-dealer in effecting transactions in this State limited to those described in Section 15(h)(2) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)(2)); (2) an individual who represents a broker-dealer that is exempt under Section 35-1-401(b) or (d); (3) an individual who represents an issuer with respect to an offer or sale of the issuer's own securities or those of the issuer's parent or any of the issuer's subsidiaries, and who is not compensated in connection with the individual's participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities; (4) an individual who represents an issuer and who effects transactions in the issuer's securities exempted by Section 35-1-202, other than Section 35-1-202(11) and (14); (5) an individual who represents an issuer that effects transactions solely in federal covered securities of the issuer, but an individual who effects transactions in a federal covered security under Section 18(b)(3) or 18(b)(4)(D) of the Securities Act of 1933 (15 U.S.C. Section 77r(b)(3) or 77r(b)(4)(D)) is not exempt if the individual is compensated in connection with the agent's participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities; (6) an individual who represents a broker-dealer registered in this State under Section 35-1-401(a) or exempt from registration under Section 35-1-401(b) in the offer and sale of securities for an account of a nonaffiliated federal covered investment adviser with investments under management in excess of one hundred million dollars acting for the account of others pursuant to discretionary authority in a signed record; (7) an individual who represents an issuer in connection with the purchase of the issuer's own securities; (8) an individual who represents an issuer and who restricts participation to performing clerical or ministerial acts; or (9) any other individual exempted by rule adopted or order issued under this chapter. (c) The registration of an agent is effective only while the agent is employed by or associated with a broker-dealer registered under this chapter or an issuer that is offering, selling, or purchasing its securities in this State. (d) It is unlawful for a broker-dealer, or an issuer engaged in offering, selling, or purchasing securities in this State, to employ or associate with an agent who transacts business in this State on behalf of broker-dealers or issuers unless the agent is registered under subsection (a) or exempt from registration under subsection (b). (e) An individual may not act as an agent for more than one broker-dealer or one issuer at a time, unless the broker-dealer or the issuer for which the agent acts are affiliated by direct or indirect common control or are authorized by rule or order under this chapter.
S.C. Code Ann. § 35-1-505 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-505
SECTION 35-1-505. Misleading filings.
Status: in_force

It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
S.C. Code Ann. § 35-2-107 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-107
SECTION 35-2-107. Special meeting of shareholders.
Status: in_force

(a) If the acquiring person requests at the time of delivery of an acquiring person statement and gives an undertaking to pay the corporation's expenses of a special meeting, within ten days thereafter, the directors of the issuing public corporation shall call a special meeting of shareholders of the issuing public corporation for the purpose of considering the voting rights to be accorded the shares acquired or to be acquired in the control share acquisition. (b) Unless the acquiring person agrees in writing to another date, the special meeting of shareholders must be held within fifty days after receipt by the issuing public corporation of the request. (c) If no request is made, the voting rights to be accorded the shares acquired in the control share acquisition must be presented to the next special or annual meeting of shareholders. (d) If the acquiring person requests in writing at the time of delivery of the acquiring person statement, the special meeting must not be held sooner than thirty days after receipt by the issuing public corporation of the acquiring person statement.
S.C. Code Ann. § 35-1-850 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-850
SECTION 35-1-850. Delay of a disbursement or transaction due to suspected financial exploitation.
Status: in_force

(A) A broker-dealer or investment adviser may delay a disbursement from, or a transaction in connection with, an account of an eligible adult or an account on which an eligible adult is a beneficiary if: (1) the broker-dealer, the investment adviser, or a qualified individual reasonably believes that, after initiating an internal review of the requested disbursement or transaction and the suspected financial exploitation, the requested disbursement or transaction may result in the financial exploitation of the eligible adult; and (2) the broker-dealer or investment adviser: (a) immediately, and in no event more than two business days after the requested disbursement or transaction is delayed, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in the suspected or attempted financial exploitation of the eligible adult; (b) immediately, and in no event more than two business days after the requested disbursement or transaction is delayed, notifies the agencies; and (c) continues an internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and provides status updates to the agencies upon request. (B) Any delay of a disbursement or transaction as authorized by this section will expire upon the sooner of: (1) a determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in the financial exploitation of the eligible adult; or (2) thirty business days after the date on which the broker-dealer or investment adviser first delayed the requested disbursement or transaction, unless either of the agencies requests that the broker-dealer or investment adviser extends the delay, in which case the delay shall expire no more than fifty-five business days after the date on which the broker-dealer or investment adviser first delayed the disbursement or transaction, unless sooner terminated or extended by either of the agencies or an order of a court of competent jurisdiction. (C) The Court of Common Pleas may enter an order extending the delay of the disbursement or transaction, or may order other protective relief based on the petition of either of the agencies, the broker-dealer or investment adviser that initiated the delay under this section, or another interested party.
S.C. Code Ann. § 35-6-100 — SC Code / Title 35 / Chapter 6 / Section 35-6-100
SECTION 35-6-100. Registering entities; establishment of terms and conditions under which they will receive requests.
Status: in_force

A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (1) for registrations in beneficiary form, and (2) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered transfer on death beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters "LDPS", standing for "lineal descendants per stirpes". This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendant of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
S.C. Code Ann. § 35-11-520 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-520
SECTION 35-11-520. Records.
Status: in_force

(A) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank reconciliation records; (4) records of outstanding money transmission obligations; (5) records of each money transmission obligation paid within the three-year period; (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and (7) other records the Commissioner reasonably requires by rule. (B) The items specified in subsection (A) may be maintained in any form of record. (C) Records may be maintained outside this State if they are made accessible to the Commissioner on a seven business-day notice that is sent in a record. (D) All records maintained by the licensee as required in subsections (A) through (C) are open to inspection by the Commissioner pursuant to Section 35-11-500. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-11-400 — SC Code / Title 35 / Chapter 11 / Article 4 / Section 35-11-400
SECTION 35-11-400. Relationship between licensee and authorized delegate.
Status: in_force

(A) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (B) Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee must: (1) adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the licensee's authorized delegates comply with applicable state and federal law; (2) enter into a written contract that complies with Section 35-11-400(D); and (3) conduct a reasonable risk-based background investigation sufficient for the licensee to determine whether the authorized delegate has complied and will likely comply with applicable state and federal law. (C) An authorized delegate must operate in full compliance with this chapter. (D) The written contract required by Section 35-11-400(B) must be signed by the licensee and the authorized delegate and, at a minimum, must: (1) appoint the person signing the contract as the licensee's authorized delegate with the authority to conduct money transmission on behalf of the licensee; (2) set forth the nature and scope of the relationship between the licensee and the authorized delegate and the respective rights and responsibilities of the parties; (3) require the authorized delegate to agree to fully comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission, including this chapter and regulations implementing this chapter, relevant provisions of the Bank Secrecy Act and the USA Patriot Act; (4) require the authorized delegate to remit and handle money and monetary value in accordance with the terms of the contract between the licensee and the authorized delegate; (5) impose a trust on money and monetary value net of fees received for money transmission for the benefit of the licensee; (6) require the authorized delegate to prepare and maintain records as required by this chapter or regulations implementing this chapter, or as reasonably requested by the Commissioner; (7) acknowledge that the authorized delegate consents to examination or investigation by the Commissioner; (8) state that the licensee is subject to regulation by the Commissioner and that, as part of that regulation, the Commissioner may suspend or revoke an authorized delegate designation or require the licensee to terminate an authorized delegate designation; and (9) acknowledge receipt of the written policies and procedures required under Section 35-11-400(B)(1). (E) If the licensee's license is suspended, revoked, surrendered, or expired, the licensee must, within five business days, provide documentation to the Commissioner that the licensee has notified all applicable authorized delegates of the licensee whose names are in a record filed with the Commissioner of the suspension, revocation, surrender, or expiration of a license. Upon suspension, revocation, surrender, or expiration of a license, applicable authorized delegates shall immediately cease to provide money transmission as an authorized delegate of the licensee. (F) An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. If any authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be considered held in trust in favor of the licensee in an amount equal to the amount of money net of fees received from money transmission. (G) An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-2-101 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-101
SECTION 35-2-101. "Control shares" defined.
Status: in_force

As used in this article, "control shares" means shares that, except for this article, would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power of the issuing public corporation in the election of directors within any of the following ranges of voting power: (1) one-fifth or more but less than one-third of all voting power; (2) one-third or more but less than a majority of all voting power; (3) a majority or more of all voting power. Editor's Note 1988 Act No. 444, SECTION 6 provides as follows: "Section 6. For purposes of this act, when the terms 'effective date of this chapter' or 'effective date of this article' or similar derivations thereof are used in Chapter 2, Title 35 of the 1976 Code, as contained in Section 5 of this act, these terms must be construed to mean the effective date of the amendments to Chapter 2 of Title 35 as contained in this act."
S.C. Code Ann. § 35-2-210 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-210
SECTION 35-2-210. "Interested shareholder" defined.
Status: in_force

(a) As used in this article, "interested shareholder", when used in reference to any resident domestic corporation, means any person (other than the resident domestic corporation or any subsidiary of the resident domestic corporation) that is: (1) the beneficial owner (directly or indirectly) of ten percent or more of the voting power of the outstanding voting shares of the resident domestic corporation; or (2) an affiliate or associate of the resident domestic corporation and at any time within the two-year period immediately before the date in question was the beneficial owner (directly or indirectly) of ten percent or more of the voting power of the then outstanding shares of the resident domestic corporation. (b) For the purpose of determining whether a person is an interested shareholder, the number of voting shares of the resident domestic corporation considered to be outstanding includes shares considered to be beneficially owned by the person through application of Section 35-2-204, but does not include any other unissued shares of voting shares of the resident domestic corporation that may be issuable under any agreement, arrangement, or understanding, or upon exercise of conversion rights, warrants, or options, or otherwise.
S.C. Code Ann. § 35-1-611 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-611
SECTION 35-1-611. Service of process.
Status: in_force

(a) A consent to service of process complying with this section required by this chapter must be signed and filed in the form required by a rule or order under this chapter. A consent appointing the Securities Commissioner the person's agent for service of process in a noncriminal action or proceeding against the person, or the person's successor or personal representative under this chapter or a rule adopted or order issued under this chapter after the consent is filed, has the same force and validity as if the service were made personally on the person filing the consent. A person that has filed a consent complying with this subsection in connection with a previous application for registration or notice filing need not file an additional consent. (b) If a person, including a nonresident of this State, engages in an act, practice, or course of business prohibited or made actionable by this chapter or a rule adopted or order issued under this chapter and the person has not filed a consent to service of process under subsection (a), the act, practice, or course of business constitutes the appointment of the Securities Commissioner as the person's agent for service of process in a noncriminal action or proceeding against the person or the person's successor or personal representative. (c) Service under subsection (a) or (b) may be made by providing a copy of the process to the office of the Securities Commissioner, but it is not effective unless: (1) the plaintiff, which may be the Securities Commissioner, promptly sends notice of the service and a copy of the process, return receipt requested, to the defendant or respondent at the address set forth in the consent to service of process or, if a consent to service of process has not been filed, at the last known address, or takes other reasonable steps to give notice; and (2) the plaintiff files an affidavit of compliance with this subsection in the action or proceeding on or before the return day of the process, if any, or within the time that the court, or the Securities Commissioner in a proceeding before the Securities Commissioner, allows. (d) Service pursuant to subsection (c) may be used in a proceeding before the Securities Commissioner or by the Securities Commissioner in a civil action in which the Securities Commissioner is the moving party. (e) If process is served under subsection (c), the court, or the Securities Commissioner in a proceeding before the Securities Commissioner, shall order continuances as are necessary or appropriate to afford the defendant or respondent reasonable opportunity to defend.
S.C. Code Ann. § 35-1-880 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-880
SECTION 35-1-880. No protection for qualified individuals participating in or materially aiding the financial exploitation of an eligible adult.
Status: in_force

Nothing in this article is intended to, nor does it limit or shield in any manner, a qualified individual from civil liability against any claim, including reasonable attorneys' fees, costs, and litigation expenses, for participating in or materially aiding the financial exploitation of an eligible adult. Any such claims shall be asserted by the eligible adult, or on his behalf by an appropriate guardian or representative who is not involved in or otherwise suspected of participating in the financial exploitation of the eligible adult, by filing a civil action in circuit court.
S.C. Code Ann. § 35-11-725 — SC Code / Title 35 / Chapter 11 / Article 7 / Section 35-11-725
SECTION 35-11-725. Criminal penalties.
Status: in_force

(A) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained pursuant to this chapter, who intentionally makes a false entry or omits a material entry in that record, or violates a rule promulgated or order issued pursuant to this chapter is guilty of a Class B felony. (B) A person who knowingly engages in an activity for which a license is required pursuant to this chapter without being licensed pursuant to this chapter and who receives more than five hundred dollars in compensation within a thirty-day period from this activity is guilty of a Class B felony. (C) A person who knowingly engages in an activity for which a license is required pursuant to this chapter without being licensed pursuant to this chapter and who receives no more than five hundred dollars in compensation within a thirty-day period from this activity is guilty of a Class A misdemeanor. Effect of Amendment 2024 Act No. 218, SECTION 1, reenacted the section with no apparent change.
S.C. Code Ann. § 35-5-20 — SC Code / Title 35 / Chapter 5 / Section 35-5-20
SECTION 35-5-20. Registration on request of principal or unincorporated fiduciary.
Status: in_force

Any bank or trust company incorporated under the laws of this State or any national bank located in this State may, when acting as agent, custodian or attorney in fact, upon the request of the principal, including unincorporated fiduciaries, register stocks, bonds or other securities held in such capacity in the name of a nominee or nominees of such corporate fiduciary; provided, that such bank, trust company or national bank shall not deliver or redeliver any such stocks, bonds or other securities to such unincorporated fiduciary or principal who has caused any stocks, bonds or other securities to be so registered in the name of the nominee of such bank, trust company or national bank without first causing such stocks, bonds or other securities to be registered in the name of such unincorporated fiduciary or principal as such. Any sale or transfer of such stocks, bonds or other securities made by such bank, trust company or national bank at the direction of such principal, or unincorporated fiduciary shall not be construed to be delivered or redelivered but any such bank, trust company or national bank or any nominee or nominees in whose name such securities shall be registered shall be deemed to have fully discharged its, his or their responsibilities if any such bonds, stocks or other securities are sold or transferred in accordance with the direction of the principal or unincorporated fiduciary making such deposit, and the proceeds of such sale or transfer accounted for and delivered to such unincorporated fiduciary or principal.
S.C. Code Ann. § 35-11-225 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-225
SECTION 35-11-225. Renewal of license.
Status: in_force

(A) A license issued under this chapter must be renewed annually. (1) An annual renewal fee of one thousand six hundred dollars must be paid no more than sixty days before the license expiration. (2) The renewal term must be for a period of one year and begins on January first of each year after the initial license term and expires on December thirty-first of the year the renewal term begins. (B) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Commissioner. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the Commissioner on a required report. (C) The Commissioner for good cause may grant an extension of the renewal date. (D) The Commissioner is authorized and encouraged to utilize NMLS to process license renewals provided that such functionality is consistent with this section. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-6-70 — SC Code / Title 35 / Chapter 6 / Section 35-6-70
SECTION 35-6-70. Death of sole owner or last of multiple owners; passing of ownership; reregistration; lack of surviving beneficiary.
Status: in_force

On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
S.C. Code Ann. § 35-11-405 — SC Code / Title 35 / Chapter 11 / Article 4 / Section 35-11-405
SECTION 35-11-405. Unauthorized activities.
Status: in_force

A person may not provide money services on behalf of a person not licensed pursuant to this chapter or not exempt pursuant to Section 35-11-110. A person that engages in that activity provides money services to the same extent as if the person were a licensee and is jointly and severally liable with the unlicensed or nonexempt person. Effect of Amendment 2024 Act No. 218, SECTION 1, in the first sentence, inserted "or not exempt pursuant to Section 35-11-110", and in the second sentence, inserted "and is jointly and severally liable with the unlicensed or nonexempt person".
S.C. Code Ann. § 35-1-606 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-606
SECTION 35-1-606. Administrative files and opinions.
Status: in_force

(a) The Securities Commissioner shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this chapter or the predecessor chapter; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter or the predecessor chapter; and interpretative opinions or no action determinations issued under this chapter. (b) The Securities Commissioner shall make all rules, forms, interpretative opinions, and orders available to the public. (c) The Securities Commissioner shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule adopted or order issued under this chapter may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate by the Securities Commissioner of a record's nonexistence is prima facie evidence of a record or its nonexistence.
S.C. Code Ann. § 35-1-406 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-406
SECTION 35-1-406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative.
Status: in_force

(a) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with Section 35-1-611, passing one or more examinations as required by the Securities Commissioner, paying the fee specified pursuant to Section 35-1-410, and paying any reasonable fees charged by the designee of the Securities Commissioner for processing the filing. The application must contain: (1) the information or record required for the filing of a uniform application; and (2) upon request by the Securities Commissioner, any other financial or other information or record that the Securities Commissioner determines is appropriate. (b) If the information or record contained in an application filed under subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment. (c) If an order is not in effect and a proceeding is not pending under Section 35-1-412, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application. (d) A registration is effective until midnight on December thirty-first of the year for which the application for registration is filed. Unless an order is in effect under Section 35-1-412, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by meeting the filing fee and examination requirements specified pursuant to Section 35-1-410, and by paying costs charged by the designee of the Securities Commissioner for processing the filings. (e) A rule adopted or order issued under this chapter may impose other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
S.C. Code Ann. § 35-2-224 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-224
SECTION 35-2-224. Applicability to foreign corporations.
Status: in_force

(a) The provisions of this article also apply to a foreign corporation incorporated in any state other than South Carolina that has: (1) a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act; and (2) its principal place of business, its principal office, or more than forty percent of its assets within South Carolina; and either: (A) more than ten percent of its shareholders resident in South Carolina; (B) more than ten percent of its shares owned by South Carolina residents; or (C) ten thousand shareholders resident in South Carolina. (b) The residence of a shareholder is presumed to be the address appearing in the records of the corporation. (c) Shares held by banks (except as trustee or guardian), brokers, or nominees must be disregarded for purposes of calculating the percentages or numbers described in this section. Effect of Amendment The 1990 amendment, in subsection (a), item (1), inserted "or another federal agency" and substituted "and" for "or" at the end; the provisions of former items (2) and (3) were deleted, and former item (4) was renumbered item (2).
S.C. Code Ann. § 35-11-315 — SC Code / Title 35 / Chapter 11 / Article 3 / Section 35-11-315
SECTION 35-11-315. Renewal of license.
Status: in_force

(A) All licenses issued pursuant to this article expire on December thirty-first of each year. A person licensed pursuant to this article shall pay a renewal fee of one thousand six hundred dollars on or before December first of each year. (B) A person licensed pursuant to this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Commissioner. The renewal report must state or contain a: (1) description of each material change in information submitted by the licensee in its original license application which has not been reported to the Commissioner on a required report; and (2) list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations. (C) The Commissioner for good cause may grant an extension of the renewal date. Effect of Amendment 2024 Act No. 218, SECTION 1, substituted "Commissioner" for "commissioner" throughout the section; rewrote (A); deleted (C); and redesignated former (D) as (C).
S.C. Code Ann. § 35-1-508 — SC Code / Title 35 / Chapter 1 / Article 5 / Section 35-1-508
SECTION 35-1-508. Criminal penalties.
Status: in_force

(a) A person that wilfully violates this chapter, or a rule adopted or order issued under this chapter, except Section 35-1-504 or the notice filing requirements of Section 35-1-302 or 35-1-405, or that wilfully violates Section 35-1-505 knowing that the statement made is false or misleading in a 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. An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order. (b) The Securities Commissioner may refer that evidence as is available concerning violations of this chapter or of any rule or order under this chapter to the appropriate Division of the Attorney General's Office or other appropriate prosecution, law enforcement, or licensing authorities who may institute the appropriate proceedings under this chapter. (c) This chapter does not limit the power of this State to punish a person for conduct that constitutes a crime under other laws of this State.
S.C. Code Ann. § 35-11-220 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-220
SECTION 35-11-220. Issuance of license.
Status: in_force

(A) When an application for an original license is filed and considered complete pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Commissioner shall issue a license to an applicant pursuant to this article if the Commissioner finds that all of the following conditions have been fulfilled: (1) the applicant has complied with Sections 35-11-205, 35-11-215, and 35-11-230; and (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission. (B) When an application for an original license pursuant to this article is complete, the Commissioner promptly shall notify the applicant in a record of the date on which the application was determined to be complete and: (1) the Commissioner shall approve or deny the application within one hundred twenty days after that date; or (2) if the application is not approved or denied within one hundred twenty days after that date the: (a) application is considered approved; and (b) Commissioner shall issue the license pursuant to this article, to take effect as of the first business day after expiration of the one hundred twenty-day period. (C) The Commissioner may for good cause extend the application period. (D) A determination by the Commissioner that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the Criminal Background Check response from the FBI, and addresses all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided. (E) The Commissioner shall issue a formal written notice of the denial of a license application. The Commissioner shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the Commissioner pursuant to this section may request a hearing, within thirty days after receipt of the written notice of the denial pursuant to Section 35-11-710. (F) The initial license term begins on the day the application is approved. The license expires on December thirty-first of the year in which the license term began, unless the initial license date is between November first and December thirty-first, in which instance the initial license term runs through December thirty-first of the following year. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-1-301 — SC Code / Title 35 / Chapter 1 / Article 3 / Section 35-1-301
SECTION 35-1-301. Securities registration requirement.
Status: in_force

It is unlawful for a person to offer or sell a security in this State unless: (1) the security is a federal covered security; (2) the security, transaction, or offer is exempted from registration under Sections 35-1-201 through 35-1-203; or (3) the security is registered under this chapter.
S.C. Code Ann. § 35-2-108 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-108
SECTION 35-2-108. Notice of shareholder meeting.
Status: in_force

(a) If a special meeting is requested, notice of the special meeting of shareholders must be given as promptly as reasonably practicable by the issuing public corporation to all shareholders of record as of the record date set for the meeting, whether or not entitled to vote at the meeting. (b) Notice of the special or annual shareholder meeting at which the voting rights are to be considered must include or be accompanied by both of the following: (1) a copy of the acquiring person statement delivered to the issuing public corporation pursuant to this article; (2) a statement by the board of directors of the corporation, authorized by its directors, of its position or recommendation, or that it is taking no position or making no recommendation, with respect to the proposed control share acquisition.
S.C. Code Ann. § 35-1-820 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-820
SECTION 35-1-820. Immunity from administrative and civil liability arising from a disclosure pursuant to Section 35-1-810.
Status: in_force

A qualified individual who, in good faith and exercising reasonable care, makes a disclosure of information pursuant to Section 35-1-810 shall be immune from any administrative or civil liability that might otherwise arise from such a disclosure or from the failure to notify an eligible adult of such a disclosure.
S.C. Code Ann. § 35-2-106 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-106
SECTION 35-2-106. Acquiring person statement.
Status: in_force

Any person who proposes to make or has made a control share acquisition may at the person's election deliver an acquiring person statement to the issuing public corporation at the issuing public corporation's principal office. The acquiring person statement must set forth all of the following: (1) the identity of the acquiring person and each other member of any group of which the person is a part for purposes of determining control shares; (2) a statement that the acquiring person statement is given pursuant to this article; (3) the number of shares of the issuing public corporation owned (directly or indirectly) by the acquiring person and each other member of the group; (4) the range of voting power under which the control share acquisition falls or, if consummated, would fall; (5) if the control share acquisition has not taken place: (A) a description in reasonable detail of the terms of the proposed control share acquisition; and (B) representations of the acquiring person, together with a statement in reasonable detail of the facts upon which they are based, that the proposed control share acquisition, if consummated, will not be contrary to law, and that the acquiring person has the financial capacity to make the proposed control share acquisition.
S.C. Code Ann. § 35-2-213 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-213
SECTION 35-2-213. "Resident domestic corporation" defined.
Status: in_force

(a) As used in this article, "resident domestic corporation" means a domestic corporation that has a class of voting shares registered with the Securities and Exchange Commission or another federal agency under Section 12 of the 1934 Exchange Act. (b) A resident domestic corporation does not cease to be a resident domestic corporation by reason of events occurring or actions taken while the resident domestic corporation is subject to this article. Effect of Amendment The 1990 amendment revised, in subsection (a), the definition of "resident domestic corporation".
S.C. Code Ann. § 35-11-505 — SC Code / Title 35 / Chapter 11 / Article 5 / Section 35-11-505
SECTION 35-11-505. Cooperation.
Status: in_force

(A) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commissioner is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this State and other states. As a participant in multistate supervision, the Commissioner shall: (1) cooperate, coordinate, and share information with other state and federal regulators in accordance with Section 35-11-530; (2) enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and (3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, provided that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with Section 35-11-530. (B) The Commissioner may not waive, and nothing in this section constitutes a waiver of, the Commissioner's authority to conduct an examination or investigation or otherwise take independent action authorized by this chapter, or a rule adopted or order issued under this chapter, to enforce compliance with applicable state or federal law. (C) A joint examination or investigation, or acceptance of an examination or investigation report, does not waive an examination assessment provided for in this chapter. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-11-205 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-205
SECTION 35-11-205. Application for license.
Status: in_force

(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. Each form must contain content as set forth by regulation, order, instruction, or procedure of the Commissioner and may be changed or updated by the Commissioner in accordance with applicable law in order to carry out the purposes of this chapter and maintain consistency with NMLS licensing standards and practices. The application must state or contain: (1) the legal name, residential and business addresses of the applicant, and any fictitious or trade name used by the applicant in conducting its business; (2) a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application; (3) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State; (4) a list of the applicant's proposed authorized delegates and the locations in this State where the applicant and the applicant's authorized delegates propose to engage in money transmission or provide other money services; (5) a list of other states in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state; (6) information concerning a bankruptcy or receivership proceeding affecting the licensee or a person in control of a licensee; (7) a sample form of contract for authorized delegates, if applicable; (8) a sample form of payment instrument, if applicable; (9) the name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and (10) other information the commissioner reasonably requires with respect to the applicant. (B) If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant also shall provide: (1) the date of the applicant's incorporation or formation and state or country of incorporation or formation; (2) if applicable, a certificate of good standing from this State and the state or country in which the applicant is incorporated or formed; (3) a brief description of the structure or organization of the applicant, including a parent entity or subsidiary of the applicant, and whether a parent entity or subsidiary is publicly traded; (4) the legal name, a fictitious or trade name, all business and residential addresses, and the employment, in the ten-year period next preceding the submission of the application of each executive officer, manager, director, or person who has control of the applicant; (5) a list of criminal convictions and material litigation in which an executive officer, a manager, director, or person in control of, the applicant has been involved in the ten-year period next preceding the submission of the application; (6) a copy of the applicant's audited financial statements for the most recent fiscal year and, if available, for the two-year period next preceding the submission of the application or, if determined to be acceptable to the Commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the Commissioner; (7) a certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter; (8) if the applicant is publicly traded, a copy of the most recent report filed with the United States Securities and Exchange Commission pursuant to Section 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. Section 78m, as amended or recodified from time to time; (9) if the applicant is a wholly owned subsidiary of a: (a) corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed pursuant to Section 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. Section 78m, as amended or recodified from time to time; or (b) corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States; (10) the name and address of the applicant's registered agent in this State; and (11) other information the Commissioner reasonably requires with respect to the applicant. (C) A nonrefundable application fee of one thousand five hundred dollars and a license fee of one thousand six hundred dollars must accompany an application for a license pursuant to this article. The license fee must be refunded if the application is denied. (D) The Commissioner may waive one or more requirements of subsections (A) and (B) or permit an applicant to submit other information in lieu of the required information. Effect of Amendment 2024 Act No. 218, SECTION 1, rewrote the section.
S.C. Code Ann. § 35-2-206 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-206
SECTION 35-2-206. "Common stock" defined.
Status: in_force

As used in this article, "common stock" means any shares other than preferred shares.
S.C. Code Ann. § 35-1-830 — SC Code / Title 35 / Chapter 1 / Article 8 / Section 35-1-830
SECTION 35-1-830. Disclosure of financial exploitation to designated third party.
Status: in_force

If a qualified individual reasonably believes that the financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, then the qualified individual may notify any third party previously designated by the eligible adult or, if such a person has not been designated or cannot be contacted, a reasonably associated individual. Disclosure may not be made to any designated third party that is suspected of the financial exploitation or other abuse of the eligible adult.
S.C. Code Ann. § 35-1-103 — SC Code / Title 35 / Chapter 1 / Article 1 / Section 35-1-103
SECTION 35-1-103. References to federal statutes.
Status: in_force

"Securities Act of 1933" (15 U.S.C. Section 77a et seq.), "Securities Exchange Act of 1934" (15 U.S.C. Section 78a et seq.), " Public Utility Holding Company Act of 1935"(15 U.S.C. Section 79 et seq.), " Investment Company Act of 1940" (15 U.S.C. Section 80a-1 et seq.), " Investment Advisers Act of 1940" (15 U.S.C. Section 80b-1 et seq.), "Employee Retirement Income Security Act of 1974" (29 U.S.C. Section 1001 et seq.), " National Housing Act" (12 U.S.C. Section 1701 et seq.), "Commodity Exchange Act" (7 U.S.C. Section 1 et seq.), "Internal Revenue Code" (26 U.S.C. Section 1 et seq.), "Securities Investor Protection Act of 1970" (15 U.S.C. Section 78aaa et seq.), "Securities Litigation Uniform Standards Act of 1998" (112 Stat. 3227), "Small Business Investment Act of 1958" (15 U.S.C. Section 661 et seq.), and "Electronic Signatures in Global and National Commerce Act" (15 U.S.C. Section 7001 et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect on the date of enactment of this chapter, or as later amended.
S.C. Code Ann. § 35-1-412 — SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-412
SECTION 35-1-412. Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration.
Status: reserved

(a) If the Securities Commissioner finds that the order is in the public interest and subsection (d) authorizes the action, an order issued under this chapter may deny an application, or may condition or limit registration of an applicant to be a broker-dealer, agent, investment adviser, or investment adviser representative, and, if the applicant is a broker-dealer or investment adviser, of a partner, officer, director, or person having a similar status or performing similar functions, or a person directly or indirectly in control, of the broker-dealer or investment adviser. (b) If the Securities Commissioner finds that the order is in the public interest and subsection (d) authorizes the action, an order issued under this chapter may revoke, suspend, condition, or limit the registration of a registrant and, if the registrant is a broker-dealer or investment adviser, of a partner, officer, director, or person having a similar status or performing similar functions, or a person directly or indirectly in control, of the broker-dealer or investment adviser. However, the Securities Commissioner may not: (1) institute a revocation or suspension proceeding under this subsection based on an order issued under a law of another State that is reported to the Securities Commissioner or a designee of the Securities Commissioner more than one year after the date of the order on which it is based; or (2) under subsection (d)(5)(A) or (B), issue an order on the basis of an order issued under the securities act of another State unless the other order was based on conduct for which subsection (d) would authorize the action had the conduct occurred in this State. (c) If the Securities Commissioner finds that the order is in the public interest and subsection (d)(1) through (6), (8), (9), (10), or (12) and (13) authorizes the action, an order under this chapter may censure, impose a bar, and/or impose a civil penalty in an amount not to exceed $10,000 for each violation, on a registrant, and, if the registrant is a broker-dealer or investment adviser, a partner, officer, director, or person having a similar status or performing similar functions, or a person directly or indirectly in control, of the broker-dealer or investment adviser. (d) A person may be disciplined under subsections (a) through (c) if the person: (1) has filed an application for registration in this State under this chapter or the predecessor chapter within the previous 10 years, which, as of the effective date of registration or as of any date after filing in the case of an order denying effectiveness, was incomplete in any material respect or contained a statement that, in light of the circumstances under which it was made, was false or misleading with respect to a material fact; (2) wilfully violated or wilfully failed to comply with this chapter or the predecessor chapter or a rule adopted or order issued under this chapter or the predecessor chapter within the previous 10 years; (3) has been convicted of a felony or within the previous 10 years has been convicted of a misdemeanor involving a security, a commodity future or option contract, or an aspect of a business involving securities, commodities, investments, franchises, insurance, banking, or finance; (4) is enjoined or restrained by a court of competent jurisdiction in an action instituted by the Securities Commissioner under this chapter or the predecessor chapter, a State, the Securities and Exchange Commission, or the United States from engaging in or continuing an act, practice, or course of business involving an aspect of a business involving securities, commodities, investments, franchises, insurance, banking, or finance; (5) is the subject of an order, issued after notice and opportunity for hearing by: (A) the securities or other financial services regulator of a State or the Securities and Exchange Commission or other federal agency denying, revoking, barring, or suspending registration as a broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative; (B) the securities regulator of a State or the Securities and Exchange Commission against a broker-dealer, agent, investment adviser, investment adviser representative, or federal covered investment adviser; (C) the Securities and Exchange Commission or a self-regulatory organization suspending or expelling the registrant from membership in the self-regulatory organization; (D) a court adjudicating a United States Postal Service fraud order; (E) the insurance regulator of a State denying, suspending, or revoking registration as an insurance agent; or (F) a depository institution or financial services regulator suspending or barring the person from the depository institution or other financial services business; (6) is the subject of an adjudication or determination, after notice and opportunity for hearing, by the Securities and Exchange Commission, the Commodity Futures Trading Commission; the Federal Trade Commission; a federal depository institution regulator, or a depository institution, insurance, or other financial services regulator of a State that the person wilfully violated the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, or the Commodity Exchange Act, the securities or commodities law of a State, or a federal or state law under which a business involving investments, franchises, insurance, banking, or finance is regulated; (7) is insolvent, either because the person's liabilities exceed the person's assets or because the person cannot meet the person's obligations as they mature, but the Securities Commissioner may not enter an order against an applicant or registrant under this paragraph without a finding of insolvency as to the applicant or registrant; (8) refuses to allow or otherwise impedes the Securities Commissioner from conducting an audit or inspection under Section 35-1-411(d) or refuses access to a registrant's office to conduct an audit or inspection under Section 35-1-411(d); (9) has failed to reasonably supervise an agent, investment adviser representative, or other individual, if the agent, investment adviser representative, or other individual was subject to the person's supervision and committed a violation of this chapter or the predecessor chapter or a rule adopted or order issued under this chapter or the predecessor chapter within the previous 10 years; (10) has not paid the proper filing fee within 30 days after having been notified by the Securities Commissioner of a deficiency, but the Securities Commissioner shall vacate an order under this paragraph when the deficiency is corrected; (11) after notice and opportunity for a hearing, has been found within the previous 10 years: (A) by a court of competent jurisdiction to have wilfully violated the laws of a foreign jurisdiction under which the business of securities, commodities, investment, franchises, insurance, banking, or finance is regulated; (B) to have been the subject of an order of a securities regulator of a foreign jurisdiction denying, revoking, or suspending the right to engage in the business of securities as a broker-dealer, agent, investment adviser, investment adviser representative, or similar person; or (C) to have been suspended or expelled from membership by or participation in a securities exchange or securities association operating under the securities laws of a foreign jurisdiction; (12) is the subject of a cease and desist order issued by the Securities and Exchange Commission or issued under the securities, commodities, investment, franchise, banking, finance, or insurance laws of a State; (13) has engaged in dishonest or unethical practices in the securities, commodities, investment, franchise, banking, finance, or insurance business within the previous 10 years; or (14) is not qualified on the basis of factors such as training, experience, and knowledge of the securities business. However, in the case of an application by an agent for a broker-dealer that is a member of a self- regulatory organization or by an individual for registration as an investment adviser representative, a denial order may not be based on this paragraph if the individual has successfully completed all examinations required by Section 35-1-410(d). The Securities Commissioner may require an applicant for registration under Section 35-1-402 or 35-1-404 who has not been registered in a State within the two years preceding the filing of an application in this State to successfully complete an examination. (e) Reserved (f) The Securities Commissioner may suspend or deny an application summarily; restrict, condition, limit, or suspend a registration; or censure, bar, or impose a civil penalty on a registrant before final determination of an administrative proceeding. Upon the issuance of an order, the Securities Commissioner shall promptly notify each person subject to the order that the order has been issued, the reasons for the action, and that within 15 days after the receipt of a request in a record from the person the matter will be scheduled for a hearing. If a hearing is not requested and none is ordered by the Securities Commissioner within 30 days after the date of service of the order, the order becomes final by operation of law. If a hearing is requested or ordered, the Securities Commissioner, after notice of and opportunity for hearing to each person subject to the order, may modify or vacate the order or extend the order until final determination. (g) An order issued may not be issued under this section, except under subsection (f), without: (1) appropriate notice to the applicant or registrant; (2) opportunity for hearing; and (3) findings of fact and conclusions of law in a record. (h) A person that controls, directly or indirectly, a person not in compliance with this section may be disciplined by order of the Securities Commissioner under subsections (a) through (c) to the same extent as the noncomplying person, unless the controlling person did not know, and in the exercise of reasonable care could not have known, of the existence of conduct that is a ground for discipline under this section. (i) The Securities Commissioner may not institute a proceeding under subsection (a), (b), or (c) based solely on material facts actually known by the Securities Commissioner unless an investigation or the proceeding is instituted within one year after the Securities Commissioner actually acquires knowledge of the material facts.
S.C. Code Ann. § 35-2-201 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-201
SECTION 35-2-201. "Affiliate" defined.
Status: in_force

As used in this article, "affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a specified person. Editor's Note 1988 Act No. 444 SECTION 6 provides as follows: "For purposes of this act, when the terms 'effective date of this chapter' or 'effective date of this article' or similar derivations thereof are used in Chapter 2, Title 35 of the 1976 Code, as contained in Section 5 of this act, these terms must be construed to mean the effective date of the amendments to Chapter 2 of Title 35 as contained in this act."
S.C. Code Ann. § 35-11-900 — SC Code / Title 35 / Chapter 11 / Article 9 / Section 35-11-900
SECTION 35-11-900. Uniformity of application and construction.
Status: in_force

In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Effect of Amendment 2024 Act No. 218, SECTION 1, reenacted the section with no apparent change.
S.C. Code Ann. § 35-6-10 — SC Code / Title 35 / Chapter 6 / Section 35-6-10
SECTION 35-6-10. Short title; definitions.
Status: in_force

(A) This chapter may be cited as the Uniform Transfer on Death Security Registration Act. (B) As used in this chapter: (1) "Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. (2) "Devisee" means a person designated in a will to receive a disposition of property. (3) "Heirs" means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent. (4) "Person" means an individual, a corporation, an organization, or other legal entity. (5) "Personal representative" includes a personal representative, administrator, or other person who performs substantially the same functions by law. (6) "Register", including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities. (7) "Registration entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. (8) "Security" means and is defined as provided in Section 35-1-102(29) and as a security account. (9) "Security account" means: (a) a reinvestment account associated with a security; a securities account with a broker; a cash balance in a brokerage account, cash, interest earnings, or dividends earned or declared on a security in an account; a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death; or (b) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death. (10) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. Code Commissioner's Note At the direction of the Code Commissioner, in (B)(8), the incorrect reference to "Section 35-1-102(28)" was corrected to read "Section 35-1-102(29)". Effect of Amendment The 2005 amendment, in paragraph (B)(8), substituted "35-1-102(28)" for "35-1-320(5) and (8)".
S.C. Code Ann. § 35-11-200 — SC Code / Title 35 / Chapter 11 / Article 2 / Section 35-11-200
SECTION 35-11-200. License required.
Status: in_force

(A) A person may not engage in the business of money transmission or advertise, solicit, or hold himself out as providing money transmission unless the person is: (1) licensed under this article; (2) an authorized delegate of a person licensed pursuant to this article; or (3) exempted under Section 35-11-110. (B) A license issued pursuant to this chapter is not transferable or assignable. Effect of Amendment 2024 Act No. 218, SECTION 1, in (A), in (1), substituted "article" for "chapter or approved to engage in money transmission pursuant to Section 35-11-210", and rewrote (3).
S.C. Code Ann. § 35-2-208 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-208
SECTION 35-2-208. "Control" defined.
Status: in_force

(a) As used in this article, "control", including the terms "controlling", "controlled by", and "under common control with", means the possession (directly or indirectly) of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. (b) A person's beneficial ownership of ten percent or more of the voting power of a corporation's outstanding voting shares creates a presumption that the person has control of the corporation. (c) Notwithstanding subsections (a) and (b), a person is not considered to have control of a corporation if the person holds voting power, in good faith and not for the purpose of circumventing this article, as an agent, bank, broker, nominee, custodian, or trustee for one or more beneficial owners who do not individually or as a group have control of the corporation.
S.C. Code Ann. § 35-2-216 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-216
SECTION 35-2-216. "Subsidiary" defined.
Status: in_force

As used in this article, "subsidiary" of any resident domestic corporation means any other corporation of which voting shares having a majority of the outstanding voting shares of the other corporation entitled to be cast are owned (directly or indirectly) by the resident domestic corporation.
S.C. Code Ann. § 35-5-10 — SC Code / Title 35 / Chapter 5 / Section 35-5-10
SECTION 35-5-10. Bank and trust company fiduciaries may register and hold securities for nominees.
Status: in_force

Any bank or trust company incorporated under the laws of this State or any national bank located in this State may, when acting in any fiduciary capacity whether as sole fiduciary or as a co-fiduciary, register and hold, in the name of a nominee or nominees thereof, any stocks, bonds or other securities held in such fiduciary capacity, if when acting as co-fiduciary it secures the consent of its co-fiduciaries, who are hereby authorized to give such consent; provided that: (1) The records of the fiduciary or fiduciaries and all accounts rendered by it or them shall at all times clearly show the ownership of the securities so registered. (2) Such securities shall at all times be kept separate and apart from the assets of such bank, trust company or national bank. (3) The bank, trust company or national bank shall be liable for any loss resulting from any acts or omissions to act of such nominee, in connection with the securities so held by such nominee, to the same extent as if such securities had been held in the fiduciary's own name as fiduciary.
S.C. Code Ann. § 35-1-306 — SC Code / Title 35 / Chapter 1 / Article 3 / Section 35-1-306
SECTION 35-1-306. Denial, suspension, and revocation of securities registration.
Status: in_force

(a) The Securities Commissioner may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, a registration statement if the Securities Commissioner finds that the order is in the public interest and that: (1) the registration statement as of its effective date or before the effective date in the case of an order denying effectiveness, an amendment under Section 35-1-305(j) as of its effective date, or a report under Section 35-1-305(i), is incomplete in a material respect or contains a statement that, in the light of the circumstances under which it was made, was false or misleading with respect to a material fact; (2) this chapter or a rule adopted or order issued under this chapter or a condition imposed under this chapter has been wilfully violated, in connection with the offering, by the person filing the registration statement; by the issuer, a partner, officer, or director of the issuer or a person having a similar status or performing a similar function; a promoter of the issuer; or a person directly or indirectly controlling or controlled by the issuer; but only if the person filing the registration statement is directly or indirectly controlled by or acting for the issuer; or by an underwriter; (3) the security registered or sought to be registered is the subject of a permanent or temporary injunction of a court of competent jurisdiction or an administrative stop order or similar order issued under any federal, foreign, or state law other than this chapter applicable to the offering, but the Securities Commissioner may not institute a proceeding against an effective registration statement under this paragraph more than one year after the date of the order or injunction on which it is based, and the Securities Commissioner may not issue an order under this paragraph on the basis of an order or injunction issued under the securities act of another State unless the order or injunction was based on conduct that would constitute, as of the date of the order, a ground for a stop order under this section; (4) the issuer's enterprise or method of business includes or would include activities that are unlawful where performed; (5) with respect to a security sought to be registered under Section 35-1-303, there has been a failure to comply with the undertaking required by Section 35-1-303(b)(4); (6) the applicant or registrant has not paid the filing fee, but the Securities Commissioner shall void the order if the deficiency is corrected; or (7) the offering: (A) will work or tend to work a fraud upon purchasers or would so operate; or (B) has been or would be made with unreasonable amounts of underwriters' and sellers' discounts, commissions, or other compensation, or promoters' profits or participations, or unreasonable amounts or kinds of options. (b) To the extent practicable, the Securities Commissioner by rule adopted or order issued under this chapter shall publish standards that provide notice of conduct that violates subsection (a)(7). (c) The Securities Commissioner may not institute a stop order proceeding against an effective registration statement on the basis of conduct or a transaction known to the Securities Commissioner when the registration statement became effective unless the proceeding is instituted within thirty days after the registration statement became effective. (d) The Securities Commissioner may summarily revoke, deny, postpone, or suspend the effectiveness of a registration statement pending final determination of an administrative proceeding. Upon the issuance of the order, the Securities Commissioner shall promptly notify each person specified in subsection (e) that the order has been issued, the reasons for the revocation, denial, postponement, or suspension, and that within fifteen days after the receipt of a request in a record from the person the matter will be scheduled for a hearing. If a hearing is not requested and none is ordered by the Securities Commissioner, within thirty days after the date of service of the order, the order becomes final. If a hearing is requested or ordered, the Securities Commissioner, after notice of and opportunity for hearing for each person subject to the order, may modify or vacate the order or extend the order until final determination. (e) A stop order may not be issued under this section without: (1) appropriate notice to the applicant or registrant, the issuer, and the person on whose behalf the securities are to be or have been offered; (2) an opportunity for hearing; and (3) findings of fact and conclusions of law in a record. (f) The Securities Commissioner may modify or vacate a stop order issued under this section if the Securities Commissioner finds that the conditions that caused its issuance have changed or that it is necessary or appropriate in the public interest or for the protection of investors.
S.C. Code Ann. § 35-2-109 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-109
SECTION 35-2-109. Voting rights of acquired control shares; resolution.
Status: in_force

(a) Control shares acquired in a control share acquisition have the same voting rights as were accorded the shares before the control share acquisition only to the extent granted by resolution approved by the shareholders of the issuing public corporation. (b) To be approved under this section, the resolution must be approved by: (1) each voting group entitled to vote separately on the proposal by a majority of all the votes entitled to be cast by that voting group, with the holders of the outstanding shares of a class being entitled to vote as a separate voting group if the proposed control share acquisition, if fully carried out, would result in any of the following changes: (i) increase or decrease the aggregate number of authorized shares of the class; (ii) effect an exchange or reclassification of all or part of the shares of the class into shares of another class; (iii) effect an exchange or reclassification, or create the right of exchange, of all or part of the shares of another class into shares of the class; (iv) change the designation, rights, preferences, or limitations of all or part of the shares of the class; (v) change the shares of all or part of the class into a different number of shares of the same class; (vi) create a new class of shares having rights or preferences with respect to distributions or to dissolution that are prior, superior, or substantially equal to the shares of the class; (vii) increase the rights, preferences, or number of authorized shares of any class that, after giving effect to the amendment, have rights or preferences with respect to distributions or to dissolution that are prior, superior, or substantially equal to the shares of the class; (viii) limit or deny an existing preemptive right of all or part of the shares of the class; or (ix) cancel or otherwise affect rights to distributions or dividends that have accumulated but not yet been declared on all or part of the shares of the class; and (2) each voting group entitled to vote separately on the proposal by a majority of all the votes entitled to be cast by that group, excluding all interested shares.
S.C. Code Ann. § 35-2-105 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-105
SECTION 35-2-105. Voting rights under Section 35-2-109.
Status: in_force

Unless the corporation's articles of incorporation or bylaws provide that this article does not apply to control share acquisitions of shares of the corporation before the control share acquisition, control shares of an issuing public corporation acquired in a control share acquisition have only those voting rights as are conferred by Section 35-2-109.
S.C. Code Ann. § 35-1-303 — SC Code / Title 35 / Chapter 1 / Article 3 / Section 35-1-303
SECTION 35-1-303. Securities registration by coordination.
Status: in_force

(a) A security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination under this section. (b) A registration statement and accompanying records under this section must contain or be accompanied by the following records in addition to the information specified in Section 35-1-305 and a consent to service of process complying with Section 35-1-611: (1) a copy of the latest form of prospectus filed under the Securities Act of 1933; (2) a copy of the articles of incorporation and bylaws or their substantial equivalents currently in effect; a copy of any agreement with or among underwriters; a copy of any indenture or other instrument governing the issuance of the security to be registered; and a specimen, copy, or description of the security that is required by rule adopted or order issued under this chapter; (3) copies of any other information or any other records filed by the issuer under the Securities Act of 1933 requested by the Securities Commissioner; and (4) an undertaking to forward each amendment to the federal prospectus, other than an amendment that delays the effective date of the registration statement, promptly after it is filed with the Securities and Exchange Commission. (c) A registration statement under this section becomes effective simultaneously with or subsequent to the federal registration statement when all the following conditions are satisfied: (1) a stop order under subsection (d) or Section 35-1-306 or issued by the Securities and Exchange Commission is not in effect and a proceeding is not pending against the issuer under Section 35-1-306; and (2) the registration statement has been on file for at least twenty days or a shorter period provided by rule adopted or order issued under this chapter. (d) The registrant shall promptly notify the Securities Commissioner in a record of the date when the federal registration statement becomes effective and the content of any price amendment and shall promptly file a record containing the price amendment. If the notice is not timely received, the Securities Commissioner may issue a stop order, without prior notice or hearing, retroactively denying effectiveness to the registration statement or suspending its effectiveness until compliance with this section. The Securities Commissioner shall promptly notify the registrant of an order by telegram, telephone, facsimile, or other electronic means and promptly confirm this notice by a record. If the registrant subsequently complies with the notice requirements of this section, the stop order is void as of the date of its issuance. (e) If the federal registration statement becomes effective before each of the conditions in this section is satisfied or is waived by the Securities Commissioner, the registration statement is automatically effective under this chapter when all the conditions are satisfied or waived. If the registrant notifies the Securities Commissioner of the date when the federal registration statement is expected to become effective, the Securities Commissioner shall promptly notify the registrant by telegram, telephone, facsimile, or other electronic means and promptly confirm this notice by a record, indicating whether all the conditions are satisfied or waived and whether the Securities Commissioner intends the institution of a proceeding under Section 35-1-306. The notice by the Securities Commissioner does not preclude the institution of such a proceeding.
S.C. Code Ann. § 35-2-110 — SC Code / Title 35 / Chapter 2 / Article 1 / Section 35-2-110
SECTION 35-2-110. Redemption of acquired control shares.
Status: in_force

(a) If authorized in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, control shares acquired in a control share acquisition with respect to which no acquiring person statement has been filed with the issuing public corporation, at any time during the period ending sixty days after the last acquisition of control shares by the acquiring person, may be subject to redemption by the corporation at the fair value thereof pursuant to the procedures adopted by the corporation. (b) Control shares acquired in a control share acquisition are not subject to redemption after an acquiring person statement has been filed unless the shares are not accorded full voting rights by the shareholders as provided in Section 35-2-109.
S.C. Code Ann. § 35-1-607 — SC Code / Title 35 / Chapter 1 / Article 6 / Section 35-1-607
SECTION 35-1-607. Public records; confidentiality.
Status: in_force

(a) Except as otherwise provided in subsection (b), records obtained by the Securities Commissioner or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination. (b) The following records are not public records and are not available for public examination under subsection (a): (1) a record obtained by the Securities Commissioner in connection with an audit or inspection under Section 35-1-411(d) or an investigation under Section 35-1-602; (2) a part of a record filed in connection with a registration statement under Sections 35-1-301 and 35-1-303 through 35-1-305 or a record under Section 35-1-411(d) that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law; (3) a record that is not required to be provided to the Securities Commissioner or filed under this chapter and is provided to the Securities Commissioner only on the condition that the record will not be subject to public examination or disclosure; (4) a nonpublic record received from a person specified in Section 35-1-608(a); (5) any social security number, residential address unless used as a business address, and residential telephone number unless used as a business telephone number, contained in a record that is filed; (6) a record obtained by the Securities Commissioner through a designee of the Securities Commissioner that a rule or order under this chapter determines has been: (A) expunged from the Securities Commissioner's records by the designee; or (B) determined to be nonpublic or nondisclosable by that designee if the Securities Commissioner finds the determination to be in the public interest and for the protection of investors; (7) a record provided to the Securities Division of the Office of the Attorney General pursuant to Section 35-1-870. (c) If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in Section 35-1-608(a), the Securities Commissioner may disclose a record obtained in connection with an audit or inspection under Section 35-1-411(d) or a record obtained in connection with an investigation under Section 35-1-602. Effect of Amendment 2021 Act No. 84, SECTION 3, in (b), added (7).
S.C. Code Ann. § 35-1-702 — SC Code / Title 35 / Chapter 1 / Article 7 / Section 35-1-702
SECTION 35-1-702. Fees; portion of recovery in civil and administrative enforcement actions retained by Attorney General.
Status: in_force

(a) Every applicant applying for registration as a broker-dealer, broker-dealer agent, investment adviser, or investment adviser representative and every person filing a securities registration statement or a notice filing for a federal covered security or a federal covered investment adviser shall pay the below specified fees and meet other requirements established by statute or otherwise set pursuant to this chapter. When an application is denied or withdrawn, the filing fee must not be refunded. The following fees are in effect for the filings designated until the Securities Commissioner promulgates a rule or order establishing different fees: (1) For all initial and renewal notice filings of federal covered securities as defined in Section 18(b)(2) of the Securities Act of 1933: Five hundred forty-six dollars (2) For all documents filed with respect to a federal covered security under Section 18(b)(3) or (4): Twenty-five dollars (3) For all initial and subsequent notice filings of federal covered securities under Section 18(b)(4)(D) of the Securities Act of 1933 and all filings pursuant to Regulation D of the Securities Act of 1933: Three hundred dollars (4) For all registration statements pursuant to this chapter: Five hundred dollars (5) For all post-effective amendments to increase the number of securities to be offered or sold pursuant to a current registration statement: Five hundred dollars (6) Broker-Dealer (initial filing fee): Three hundred ten dollars (7) Broker-Dealer (renewal filing fee): Three hundred ten dollars (8) Broker-Dealer Agent (initial filing fee): One hundred ten dollars (9) Broker-Dealer Agent (renewal or change of registration filing fee): One hundred ten dollars (10) Investment Advisers (initial filing fee): Two hundred ten dollars (11) Investment Advisers (renewal filing fee): Two hundred ten dollars (12) Investment Adviser Representatives (initial filing fee): Fifty-five dollars (13) Investment Adviser Representatives (renewal or change of registration filing fee): Fifty-five dollars (14) Federal Covered Investment Advisers (initial fee): Two hundred ten dollars (15) Federal Covered Investment Advisers (renewal filing fee): Two hundred ten dollars. (b) The Attorney General may retain the first one million five hundred thousand dollars from fee revenues collected pursuant to this chapter to be used for the operations of the Securities Division. The Attorney General may transfer to the South Carolina Law Enforcement Division two hundred thousand dollars after retaining the first one million five hundred thousand dollars collected pursuant to this chapter to be retained, expended, and carried forward for the provision of investigators for the State Grand Jury. The funds transferred to the State Law Enforcement Division must be used only for purposes of the State Grand Jury, and may not be transferred to another program or used for another purpose. (c) The Attorney General may retain the first seven hundred fifty thousand dollars received by the Division of Securities in a fiscal year in settlement of litigation enforcement action and reimbursements of expenses arising from violations under this chapter to offset investigative, prosecutorial, and administrative costs of enforcing this chapter. Effect of Amendment The 2006 amendment, in subparagraph (a)(9), substituted "One hundred ten" for "One hundred" dollars.
S.C. Code Ann. § 35-2-222 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-222
SECTION 35-2-222. Inadvertent interested shareholder; application of article.
Status: in_force

This article does not apply to any business combination of a resident domestic corporation with an interested shareholder of the resident domestic corporation who became an interested shareholder inadvertently, if the interested shareholder: (1) as soon as practicable, divests itself of a sufficient amount of the voting shares of the corporation so that it no longer is the beneficial owner (directly or indirectly) of ten percent or more of the outstanding voting shares of the resident domestic corporation; and (2) at any time within the two-year period preceding the announcement date with respect to the business combination would not have been an interested shareholder but for the inadvertent acquisition.
S.C. Code Ann. § 35-2-212 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-212
SECTION 35-2-212. "Preferred stock" defined.
Status: in_force

As used in this article, "preferred stock" means any class or series of shares of a resident domestic corporation that under the bylaws or articles of incorporation of the resident domestic corporation: (1) is entitled to receive payment of dividends before any payment of dividends on some other class or series of shares; or (2) is entitled in the event of any voluntary liquidation, dissolution, or winding up of the corporation to receive payment or distribution of a preferential amount before any payments or distributions are received by some other class or series of shares.
S.C. Code Ann. § 35-2-220 — SC Code / Title 35 / Chapter 2 / Article 2 / Section 35-2-220
SECTION 35-2-220. Amendment of articles of incorporation making corporation subject to this article; application of article.
Status: in_force

This article does not apply to any business combination of a resident domestic corporation of which the articles of incorporation have been amended to provide that the resident domestic corporation is not subject to this article, and is a business combination with an interested shareholder whose share acquisition date is before the effective date of the amendment. Editor's Note 1988 Act No. 444 SECTION 6 provides as follows: "For purposes of this act, when the terms 'effective date of this chapter' or 'effective date of this article' or similar derivations thereof are used in Chapter 2, Title 35 of the 1976 Code, as contained in Section 5 of this act, these terms must be construed to mean the effective date of the amendments to Chapter 2 of Title 35 as contained in this act."
S.C. Code Ann. § 35-11-745 — SC Code / Title 35 / Chapter 11 / Article 7 / Section 35-11-745
SECTION 35-11-745. Investigations.
Status: in_force

(A) The Commissioner may: (1) conduct public or private investigations within or outside of this State which the Commissioner considers necessary or appropriate to determine whether a person has violated, is violating, or is about to violate this chapter or a regulation or order issued pursuant to this chapter, or to aid in the enforcement of this chapter or in the adoption of rules and forms under this chapter; (2) require or permit a person to testify, file a statement, or produce a record, under oath or otherwise as the Commissioner determines, as to all the facts and circumstances concerning a matter to be investigated or about which an action or proceeding is to be instituted; and (3) publish a record concerning an action, proceeding, or an investigation under, or a violation of, this chapter or a regulation or order issued pursuant to this chapter if the Commissioner determines it is necessary or appropriate in the public interest. (B) For the purpose of an investigation under this chapter, the Commissioner or its designated officer may administer oaths and affirmations, subpoena witnesses, seek compulsion of attendance, take evidence, require the filing of statements, and require the production of any records that the Commissioner considers relevant or material to the investigation. (C) If a person does not appear or refuses to testify, file a statement, produce records, or otherwise does not obey a subpoena as required by the Commissioner under this chapter, the Commissioner may apply to the Richland County Court of Common Pleas or a court of another state to enforce compliance. The court may: (1) hold the person in contempt; (2) order the person to appear before the Commissioner; (3) order the person to testify about the matter under investigation or in question; (4) order the production of records; (5) grant injunctive relief; (6) impose a civil penalty of not less than five hundred dollars and not greater than five thousand dollars for each violation; and (7) grant any other necessary or appropriate relief. (D) This section does not preclude a person from applying to the Richland County Court of Common Pleas for relief from a request to appear, testify, file a statement, produce records, or obey a subpoena.