reglab/housing_qa huggingface dataset:
SC Code § 35-1-105 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-105. Electronic records and signatures.

 This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 U.S.C. Section 7003(b)). This chapter authorizes the filing of records and signatures, when specified by provisions of this chapter or by a rule adopted or order issued under this chapter, in a manner consistent with Section 104(a) of that act (15 U.S.C. Section 7004(a)).  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-203 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-203. Additional exemptions and waivers.

 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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-204 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-204. Denial, suspension, revocation, condition, or limitation of exemptions.

 (a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under Section 35-1-201(3)(C), (7) or (8) or 35-1-202 or an exemption or waiver created under Section 35-1-203 with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in Section 35-1-306(d) or 35-1-604 and only prospectively.  (b) A person does not violate Section 35-1-301, 35-1-303 through 35-1-306, 35-1-504, or 35-1-510 by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-301 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-301. Securities registration requirement.

 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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-307 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-307. Waiver and modification.

 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).  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-403 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-403. Investment adviser registration requirement; exemptions.

 (a) It is unlawful for a person to transact business in this State as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b).  (b) The following persons are exempt from the registration requirement of subsection (a):  (1) a person without a place of business in this State that is registered under the securities act of the State in which the person has its principal place of business if its only clients in this State are:  (A) federal covered investment advisers, investment advisers registered under this chapter, or broker-dealers registered under this chapter;  (B) institutional investors;  (C) bona fide preexisting clients whose principal places of residence are not in this State if the investment adviser is registered under the securities act of the State in which the clients maintain principal places of residence; or  (D) any other client exempted by rule adopted or order issued under this chapter;  (2) a person without a place of business in this State if the person has had, during the preceding twelve months, not more than five clients that are resident in this State in addition to those specified under paragraph (1); or  (3) any other person exempted by rule adopted or order issued under this chapter.  (c) It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice regarding securities in this State if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the Securities Commissioner, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.  (d) It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this State on behalf of the investment adviser unless the individual is registered under Section 35-1-404(a) or is exempt from registration under Section 35-1-404(b).  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-404 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-404. Investment advisor representative registration requirement; exemptions.

 (a) It is unlawful for an individual to transact business in this State as an investment adviser representative unless the individual is registered under this chapter as an investment adviser representative or is exempt from registration as an investment adviser representative under subsection (b).  (b) The following individuals are exempt from the registration requirement of subsection (a):  (1) an individual who is employed by or associated with an investment adviser that is exempt from registration under Section 35-1-403(b) or a federal covered investment adviser that is excluded from the notice filing requirements of Section 35-1-405; and  (2) any other individual exempted by rule adopted or order issued under this chapter.  (c) The registration of an investment adviser representative is not effective while the investment adviser representative is not employed by or associated with an investment adviser registered under this chapter or a federal covered investment adviser that has made or is required to make a notice filing under Section 35-1-405.  (d) An individual may not transact business as an investment adviser representative for more than one investment adviser or federal covered investment adviser unless a rule adopted or order issued under this chapter allows an individual to act as an investment adviser representative for more than one investment adviser or federal covered investment adviser.  (e) It is unlawful for an individual acting as an investment adviser representative, directly or indirectly, to conduct business in this State on behalf of an investment adviser or a federal covered investment adviser if the registration of the individual as an investment adviser representative is suspended or revoked or the individual is barred from employment or association with an investment adviser or a federal covered investment adviser by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization. Upon request from a federal covered investment adviser and for good cause, the Securities Commissioner, by order issued, may waive, in whole or in part, the application of the requirements of this subsection to the federal covered investment adviser.  (f) An investment adviser registered under this chapter, a federal covered investment adviser that has filed a notice under Section 35-1-405, or a broker-dealer registered under this chapter is not required to employ or associate with an individual as an investment adviser representative if the only compensation paid to the individual for a referral of investment advisory clients is paid to an investment adviser registered under this chapter, a federal covered investment adviser who has filed a notice under Section 35-1-405, or a broker-dealer registered under this chapter with which the individual is employed or associated as an investment adviser representative.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-405 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-405. Federal covered investment adviser notice filing requirement.

 (a) Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this State as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c).  (b) The following federal covered investment advisers are not required to comply with subsection (c):  (1) a federal covered investment adviser without a place of business in this State if its only clients in this State are:  (A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;  (B) institutional investors;  (C) bona fide preexisting clients whose principal places of residence are not in this State; or  (D) other clients specified by rule adopted or order issued under this chapter;  (2) a federal covered investment adviser without a place of business in this State if the person has had, during the preceding twelve months, not more than five clients that are resident in this State in addition to those specified under paragraph (1); and  (3) any other person excluded by rule adopted or order issued under this chapter.  (c) A person acting as a federal covered investment adviser, not excluded under subsection (b), shall file a notice, a consent to service of process complying with Section 35-1-611, and such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule adopted or order issued under this chapter and pay the fees specified in Section 35-1-410(a).  (d) The notice under subsection (c) becomes effective upon its filing.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006; 2006 Act No. 331, Section 1, eff upon approval (became law without the Governor's signature on June 7, 2006).  Effect of Amendment  The 2006 amendment, in subsection (c), substituted "Section 35-1-410(a)" for "Section 35-1-410(e)".
SC Code § 35-1-406 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative.

 (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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-407 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-407. Succession and change in registration of broker-dealer or investment adviser.

 (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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-409 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.

 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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-410 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-410. Examination and filing fee requirements.

 (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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-501 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-501. General fraud.

 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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-502 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-502. Prohibited conduct in providing investment advice regarding securities.

 (a) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as part of a regular business, issues or promulgates analyses or reports relating to securities:  (1) to employ a device, scheme, or artifice to defraud another person; or  (2) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.  (b) A rule adopted under this chapter may define an act, practice, or course of business in connection with giving investment advice regarding securities as fraudulent, deceptive, or manipulative, and prescribe means reasonably designed to prevent a person from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative.  (c) A rule adopted under this chapter may specify the contents of a contract entered into, extended, or renewed in connection with giving investment advice regarding securities.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-503 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-503. Evidentiary burden.

 (a) In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the claim.  (b) In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-504 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-504. Filing of sales and advertising literature.

 (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).  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
SC Code § 35-1-505 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 1 - South Carolina Uniform Securities Act Of 2005|Section 35-1-505. Misleading filings.

 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.  HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.