reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-510. Reports.

(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) A licensee shall file with the commissioner within forty-five days after the end of each fiscal quarter a current list of all authorized delegates, and locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate.
(C) 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) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Section 101-110 (1994 & Supp. V 1999), 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;
(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;
(4) the cancellation or other impairment of the licensee's bond or other security;
(5) a charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee for a felony; or
(6) a charge or conviction of an authorized delegate for a felony.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-515. Change of control.

(A) A licensee shall:
(1) give the commissioner notice in a record of a proposed change of control within fifteen days after learning of the proposed change of control;
(2) request approval of the acquisition; and
(3) submit a nonrefundable fee of one thousand dollars with the notice.
(B) After review of a request for approval pursuant to subsection (A), the commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.
(C) The commissioner shall approve a request for change of control pursuant to subsection (A) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
(D) When an application for a change of control pursuant to this article is complete, the commissioner shall notify the licensee in a record of the date on which the request was determined to be complete and:
(1) the commissioner shall approve or deny the request within one hundred twenty days after that date; or
(2) if the request is not approved or denied within one hundred twenty days after that date:
(a) the request is considered approved; and
(b) the commissioner shall permit the change of control under this section to take effect as of the first business day after expiration of the period.
(E) The commissioner, by rule of order, may exempt a person from any of the requirements of subsection (A)(2) and (3) if it is in the public interest to do so.
(F) Subsection (A) does not apply to a public offering of securities.
(G) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (A) through (C).
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-520. Records.

(A) A licensee shall maintain the following records for determining its compliance with this act for at least three years:
(1) a record of each payment instrument or stored-value 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 payment instruments and stored-value obligations;
(5) records of each payment instrument and stored-value 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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-525. Money laundering reports.

(A) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 (1994), 31 C.F.R. Section 103 (2000) 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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-600. Maintenance of permissible investments.

(A) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and store-value obligations issued or sold in all states and money transmitted from all states by the licensee.
(B) The commissioner, with respect to a licensee, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The commissioner by rule may prescribe or by order allow other types of investments that the commissioner determines to have a safety substantially equivalent to other permissible investments.
(C) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments and stored-value obligations in the event of bankruptcy or receivership of the licensee.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-700. Suspension and revocation.

(A) The commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if:
(1) the licensee violates this chapter or a rule adopted or an order issued pursuant to this act;
(2) the licensee does not cooperate with an examination or investigation by the commissioner;
(3) the licensee engages in fraud, intentional misrepresentation, or gross negligence;
(4) an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a rule adopted or an order issued pursuant to this chapter, as a result of the licensee's wilful misconduct or wilful blindness;
(5) the competence, experience, character, or general fitness of the licensee, authorized delegate, person in control of a licensee, or responsible person of the licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;
(6) the licensee engages in an unsafe or unsound practice;
(7) the licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors; or
(8) the licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter.
(B) In determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this act, and the previous conduct of the person involved.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-705. Suspension and revocation of authorized delegates.

(A) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that the:
(1) authorized delegate violated this chapter or a rule adopted or an order issued pursuant to this chapter;
(2) authorized delegate did not cooperate with an examination or investigation by the commissioner;
(3) authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;
(4) authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or
(6) authorized delegate is engaging in an unsafe or unsound practice.
(B) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued pursuant to this chapter, and the previous conduct of the authorized delegate.
(C) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-710. Orders to cease and desist.

(A) If the commissioner determines that a violation of this chapter or of a rule adopted or an order issued pursuant to this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the licensee, the commissioner may issue an order requiring the licensee or authorized delegate to cease and desist from the violation. The order becomes effective upon service of it upon the licensee or authorized delegate.
(B) The commissioner may issue an order against a licensee to cease and desist from providing money services through an authorized delegate that is the subject of a separate order by the commissioner.
(C) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to Section 35-11-700 or 35-11-705.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-715. Consent orders.

The commissioner may enter into a consent order at any time with a person to resolve a matter arising pursuant to this chapter or a rule adopted or order issued pursuant to this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representative, and must indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this chapter or a rule adopted or an order issued pursuant to this chapter has been violated.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-720. Civil penalties.

The commissioner may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued pursuant to this chapter in an amount not to exceed one thousand dollars per day for each day the violation is outstanding, plus this state's costs and expenses for the investigation and prosecution of the matter, including reasonable attorney fees.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-725. Criminal penalties.

(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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-730. Unlicensed persons.

(A) If the commissioner has reason to believe that a person has violated or is violating Section 35-11-200 or 35-11-300, the commissioner may issue an order to show cause why an order to cease and desist should not be issued requiring the person to cease and desist from the violation of Section 35-11-200 or 35-11-300.
(B) In an emergency, the commissioner may petition the Richland County Circuit Court for the issuance of a temporary restraining order ex parte pursuant to the rules of civil procedure.
(C) An order to cease and desist becomes effective upon service of the order on the person.
(D) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to Sections 35-11-800 and 35-11-805.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-735. Appointment of receiver for licensee.

(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 Circuit Court 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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-800. Administrative proceedings.

All administrative proceedings pursuant to this chapter must be conducted in accordance with Article 3, Chapter 23, Title 1.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-805. Hearings.

Except as otherwise provided in Sections 35-11-225(C), 35-11-315(C), 35-11-710, and 35-11-730, the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard. The commissioner also shall hold a hearing when requested to do so by an applicant whose application for a license is denied.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-810. Administration by commissioner.

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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-815. Regulations.

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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
Article 9
Miscellaneous Provisions
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 11 - South Carolina Anti-money Laundering Act › Section 35-11-900. Uniformity of application and construction.

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.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-101. Short title.

(1) This title shall be known and may be cited as the Uniform Commercial Code.
(2) This chapter may be cited as Uniform Commercial Code-General Provisions.
HISTORY: 1962 Code Section 10.1-101; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-101.
Changes from former law: Subsection (b) is new. It is added in order to make the structure of Article 1 parallel with that of the other articles of the Uniform Commercial Code.
1. Each other article of the Uniform Commercial Code (except Articles 10 and 11) may also be cited by its own short title. See Sections 2-101, 2A-101, 3-101, 4-101, 4A-101, 5-101, 6-101, 7-101, 8-101, and 9-101.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
Effect of Amendment
2014 Act No. 213, Section 1, rewrote the section.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-102. Scope of chapter.

This chapter applies to a transaction to the extent that it is governed by another chapter of this title, known as the Uniform Commercial Code.
HISTORY: 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENTS
Source: New.
1. This section is intended to resolve confusion that has occasionally arisen as to the applicability of the substantive rules in this article. This section makes clear what has always been the case-the rules in Article 1 apply to transactions to the extent that those transactions are governed by one of the other articles of the Uniform Commercial Code. See also Comment 1 to Section 1-301.
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-104. Construction against implicit repeal.

The Uniform Commercial Code, being a general enactment of chapters under Title 36, intended as a unified coverage of its subject matter, no part of it shall be considered to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
HISTORY: 1962 Code Section 10.1-104; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-104.
Changes from former law: Except for changing the form of reference to the Uniform Commercial Code, this section is identical to former Section 1-104.
1. This section embodies the policy that an act that bears evidence of carefully considered permanent regulative intention should not lightly be regarded as impliedly repealed by subsequent legislation. The Uniform Commercial Code, carefully integrated and intended as a uniform codification of permanent character covering an entire "field" of law, is to be regarded as particularly resistant to implied repeal.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-105. Severability.

If any provision or clause of this title or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this title that can be given effect without the invalid provision or application, and to this end the provisions of this title are severable.
HISTORY: 1962 Code Section 10.1-108; 1966 (54) 2716; former 1976 Code Section 36-1-108; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-108.
Changes from former law: Except for changing the form of reference to the Uniform Commercial Code, this section is identical to former Section 1-108.
1. This is the model severability section recommended by the National Conference of Commissioners on Uniform State Laws for inclusion in all acts of extensive scope.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-106. Use of singular and plural; gender.

In the Uniform Commercial Code, unless the statutory context otherwise requires:
(a) words in the singular number include the plural, and those in the plural include the singular; and
(b) words of any gender also refer to any other gender.
HISTORY: 1962 Code Section 10.1-102; 1966 (54) 2716; former 1976 Code Section 36-1-102; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-102(5). See also 1 U.S.C. Section 1.
Changes from former law: Other than minor stylistic changes, this section is identical to former Section 1-102(5).
1. This section makes it clear that the use of singular or plural in the text of the Uniform Commercial Code is generally only a matter of drafting style-singular words may be applied in the plural, and plural words may be applied in the singular. Only when it is clear from the statutory context that the use of the singular or plural does not include the other is this rule inapplicable. See, e.g., Section 9-322.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-107. Section captions.

Section captions are part of the Uniform Commercial Code, with the exception of the subsection headings of Chapter 9, Title 36, which are not part of the provisions. The Official Comments, prepared by the Uniform Law Commission with the intent of aiding the user in understanding the provisions of each chapter, are to be included by the Code Commissioner in the annotated versions of this title, but are not considered part of the provisions of this title and do not indicate legislative intent.
HISTORY: 1962 Code Section 10.1-109; 1966 (54) 2716; former 1976 Code Section 36-1-109; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-109.
Changes from former law: None.
1. Section captions are a part of the text of the Uniform Commercial Code, and not mere surplusage. This is not the case, however, with respect to subsection headings appearing in Article 9. See Comment 3 to Section 9-101 ("subsection headings are not a part of the official text itself and have not been approved by the sponsors.").
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-108. Relation to Electronic Signatures in Global and National Commerce Act.

This title modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., except that nothing in this title modifies, limits, or supersedes Section 7001(c) of that act or authorizes electronic delivery of any of the notices described in Section 7003(b) of that act.
HISTORY: 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: New
1. The federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq. became effective in 2000. Section 102(a) of that Act provides that a State statute may modify, limit, or supersede the provisions of section 101 of that Act with respect to state law if such statute, inter alia, specifies the alternative procedures or requirements for the use or acceptance (or both) of electronic records or electronic signatures to establish the legal effect, validity, or enforceability of contracts or other records, and (i) such alternative procedures or requirements are consistent with Titles I and II of that Act, (ii) such alternative procedures or requirements do not require, or accord greater legal status or effect to, the implementation or application of a specific technology or technical specification for performing the functions of creating, storing, generating, receiving, communicating, or authenticating electronic records or electronic signatures; and (iii) if enacted or adopted after the date of the enactment of that Act, makes specific reference to that Act. Article 1 fulfills the first two of those three criteria; this Section fulfills the third criterion listed above.
2. As stated in this section, however, Article 1 does not modify, limit, or supersede Section 101(c) of the Electronic Signatures in Global and National Commerce Act (requiring affirmative consent from a consumer to electronic delivery of transactional disclosures that are required by state law to be in writing); nor does it authorize electronic delivery of any of the notices described in Section 103(b) of that Act.
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-109. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014.

Editor's Note
Former Section 36-1-109 was titled Section captions and was derived from 1962 Code Section 10.1-109; 1966 (54) 2716, see now Section 36-1-107.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-204. Value.

Except as otherwise provided in Chapters 3, 4, 4A, 5, and 6 of this title, a person gives value for rights if the person acquires them:
(a) in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection; or
(b) as security for, or in total or partial satisfaction of, a preexisting claim; or
(c) by accepting delivery under a preexisting contract for purchase; or
(d) in return for any consideration sufficient to support a simple contract.
HISTORY: 1962 Code Section 10.1-201; 1966 (54) 2716; 1988 Act No. 494, Section 2; 1991 Act No. 161, Section 2(A); 2001 Act No. 67, Section 3; former 1976 Code Section 36-1-201; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-201(44).
Changes from former law: Unchanged from former Section 1-201, which was derived from Sections 25, 26, 27, 191, Uniform Negotiable Instruments Law; Section 76, Uniform Sales Act; Section 53, Uniform Bills of Lading Act; Section 58, Uniform Warehouse Receipts Act; Section 22(1), Uniform Stock Transfer Act; Section 1, Uniform Trust Receipts Act. These provisions are substantive rather than purely definitional. Accordingly, they have been relocated from former Section 1-201 to this section.
1. All the Uniform Acts in the commercial law field (except the Uniform Conditional Sales Act) have carried definitions of "value." All those definitions provided that value was any consideration sufficient to support a simple contract, including the taking of property in satisfaction of or as security for a pre-existing claim. Subsections (1), (2), and (4) in substance continue the definitions of "value" in the earlier acts. Subsection (3) makes explicit that "value" is also given in a third situation: where a buyer by taking delivery under a pre-existing contract converts a contingent into a fixed obligation.
This definition is not applicable to Articles 3 and 4, but the express inclusion of immediately available credit as value follows the separate definitions in those Articles. See Sections 4-208, 4-209, 3-303. A bank or other financing agency which in good faith makes advances against property held as collateral becomes a bona fide purchaser of that property even though provision may be made for charge-back in case of trouble. Checking credit is "immediately available" within the meaning of this section if the bank would be subject to an action for slander of credit in case checks drawn against the credit were dishonored, and when a charge-back is not discretionary with the bank, but may only be made when difficulties in collection arise in connection with the specific transaction involved.
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-205. Reasonable time; seasonableness.

(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action.
(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
HISTORY: 1962 Code Section 10.1-204; 1966 (54) 2716; former 1976 Code Section 36-1-204; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-204(2)-(3).
Changes from former law: This section is derived from subsections (2) and (3) of former Section 1-204. Subsection (1) of that section is now incorporated in Section 1-302(b).
1. Subsection (a) makes it clear that requirements that actions be taken within a "reasonable" time are to be applied in the transactional context of the particular action.
2. Under subsection (b), the agreement that fixes the time need not be part of the main agreement, but may occur separately. Notice also that under the definition of "agreement" (Section 1-201) the circumstances of the transaction, including course of dealing or usages of trade or course of performance may be material. On the question what is a reasonable time these matters will often be important.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-206. Presumptions.

Whenever the provisions of this title create a "presumption" with respect to a fact, or provide that a fact is "presumed", the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.
HISTORY: 1962 Code Section 10.1-201; 1966 (54) 2716; 1988 Act No. 494, Section 2; 1991 Act No. 161, Section 2(A); 2001 Act No. 67, Section 3; former 1976 Code Section 36-1-201; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENT
Source: Former Section 1-201(31).
Changes from former law. None, other than stylistic changes.
1. Several sections of the Uniform Commercial Code state that there is a "presumption" as to a certain fact, or that the fact is "presumed." This section, derived from the definition appearing in former Section 1-201(31), indicates the effect of those provisions on the proof process.
Editor's Note
Prior Laws: Former Section 36-1-206 was titled Statute of frauds for kinds of personal property not otherwise covered, and had the following history: 1962 Code Section 10.1-206; 1966 (54) 2716; 1999 Act No. 42, Section 3; omitted by 2014 Act No. 213, Section 1.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-207. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014.

Editor's Note
Former Section 36-1-207 was titled Performance or acceptance under reservation of rights and was derived from 1962 Code Section 10.1-207; 1966 (54) 2716, see now Section 36-1-308.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-208. Omitted by 2014 Act No. 213, Section 1, eff October 1, 2014.

Editor's Note
Former Section 36-1-208 was titled Option to accelerate at will and was derived from 1962 Code Section 10.1-208; 1966 (54) 2716, see now Section 36-1-309.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-304. Obligation of good faith.

Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement.
HISTORY: 1962 Code Section 10.1-205; 1966 (54) 2716; former 1976 Code Section 36-1-203; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENTS
Source: Former Section 1-203.
Changes from former law: Except for changing the form of reference to the Uniform Commercial Code, this section is identical to former Section 1-203.
1. This section sets forth a basic principle running throughout the Uniform Commercial Code. The principle is that in commercial transactions good faith is required in the performance and enforcement of all agreements or duties. While this duty is explicitly stated in some provisions of the Uniform Commercial Code, the applicability of the duty is broader than merely these situations and applies generally, as stated in this section, to the performance or enforcement of every contract or duty within this Act. It is further implemented by Section 1-303 on course of dealing, course of performance, and usage of trade. This section does not support an independent cause of action for failure to perform or enforce in good faith. Rather, this section means that a failure to perform or enforce, in good faith, a specific duty or obligation under the contract, constitutes a breach of that contract or makes unavailable, under the particular circumstances, are medial right or power. This distinction makes it clear that the doctrine of good faith merely directs a court towards interpreting contracts within the commercial context in which they are created, performed, and enforced, and does not create a separate duty of fairness and reasonableness which can be independently breached.
2. "Performance and enforcement" of contracts and duties within the Uniform Commercial Code include the exercise of rights created by the Uniform Commercial Code.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-305. Remedies to be liberally administered.

(a) The remedies provided by the Uniform Commercial Code must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed, but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform Commercial Code or by other rule of law.
(b) Any right or obligation declared by the Uniform Commercial Code is enforceable by action unless the provision declaring it specifies a different and limited effect.
HISTORY: 1962 Code Section 10.1-106; 1966 (54) 2716; former 1976 Code Section 36-1-106; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.Section
OFFICIAL COMMENTS
Source: Former Section 1-106.
Changes from former law: Other than changes in the form of reference to the Uniform Commercial Code, this section is identical to former Section 1-106.
1. Subsection (a) is intended to effect three propositions. The first is to negate the possibility of unduly narrow or technical interpretation of remedial provisions by providing that the remedies in the Uniform Commercial Code are to be liberally administered to the end stated in this section. The second is to make it clear that compensatory damages are limited to compensation. They do not include consequential or special damages, or penal damages; and the Uniform Commercial Code elsewhere makes it clear that damages must be minimized. Cf. Sections 1-304, 2-706(1), and 2-712(2). The third purpose of subsection (a) is to reject any doctrine that damages must be calculable with mathematical accuracy. Compensatory damages are often at best approximate: they have to be proved with whatever definiteness and accuracy the facts permit, but no more. Cf. Section 2-204(3).
2. Under subsection (b), any right or obligation described in the Uniform Commercial Code is enforceable by action, even though no remedy may be expressly provided, unless a particular provision specifies a different and limited effect. Whether specific performance or other equitable relief is available is determined not by this section but by specific provisions and by supplementary principles. Cf. Sections 1-103, 2-716.
3. "Consequential" or "special" damages and "penal" damages are not defined in the Uniform Commercial Code; rather, these terms are used in the sense in which they are used outside the Uniform Commercial Code.
Editor's Note
"This act," referred to in this section, means Act No. 1065 of the 1966 Acts and Joint Resolutions, originally codified as Titles 10.1 to 10.10 of the Code of Laws of South Carolina 1962, and now codified as Title 36 of the Code of Laws of South Carolina 1976.
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-306. Waiver or renunciation of claim or right after breach.

A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.
HISTORY: 1962 Code Section 10.1-107; 1966 (54) 2716; former 1976 Code Section 36-1-107; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENTS
Source: Former Section 1-107.
Changes from former law: This section changes former law in two respects. First, former Section 1-107, requiring the "delivery" of a "written waiver or renunciation" merges the separate concepts of the aggrieved party's agreement to forego rights and the manifestation of that agreement. This section separates those concepts, and explicitly requires agreement of the aggrieved party. Second, the revised section reflects developments in electronic commerce by providing for memorialization in an authenticated record. In this context, a party may "authenticate" a record by (i) signing a record that is a writing or (ii) attaching to or logically associating with a record that is not a writing an electronic sound, symbol or process with the present intent to adopt or accept the record. See Sections 1-201(b)(37) and 9-102(a)(7).
1. This section makes consideration unnecessary to the effective renunciation or waiver of rights or claims arising out of an alleged breach of a commercial contract where the agreement effecting such renunciation is memorialized in a record authenticated by the aggrieved party. Its provisions, however, must be read in conjunction with the section imposing an obligation of good faith. (Section 1-304).
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 1 - Commercial Code - General Provisions › Section 36-1-307. Prima facie evidence by third-party documents.

A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.
HISTORY: 1962 Code Section 10.1-202; 1966 (54) 2716; former 1976 Code Section 36-1-202; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.
OFFICIAL COMMENTS
Source: Former Section 1-202.
Changes from former law: Except for minor stylistic changes, this Section is identical to former Section 1-202.
1. This section supplies judicial recognition for documents that are relied upon as trustworthy by commercial parties.
2. This section is concerned only with documents that have been given a preferred status by the parties themselves who have required their procurement in the agreement, and for this reason the applicability of the section is limited to actions arising out of the contract that authorized or required the document. The list of documents is intended to be illustrative and not exclusive.
3. The provisions of this section go no further than establishing the documents in question as prima facie evidence and leave to the court the ultimate determination of the facts where the accuracy or authenticity of the documents is questioned. In this connection the section calls for a commercially reasonable interpretation.
4. Documents governed by this section need not be writings if records in another medium are generally relied upon in the context.
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."