reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 43 - South Carolina Community Economic Development Act › Section 34-43-50. Grants and loans.

(A) The department shall establish and implement criteria for grants and loans to community development corporations and community development financial institutions. The criteria must require that the applicant demonstrate a capacity to engage in community development projects and sufficient organizational structure to ensure proper management. However, if the applicant is created after the effective date of this section, the applicant must present a strategic plan for community development projects and show evidence of developing an organizational structure which ensures proper management.
(B) The total amount of grants and loans administered pursuant to this chapter may not exceed in the aggregate five million dollars for all recipients and all tax years and one million dollars for all recipients in one tax year.
(C) A single community development corporation or community development financial institution may not receive more than ten percent of the total amount of grants and loans funds administered pursuant to this chapter in any one tax year.
(D) The department may receive funds from, among other sources, state appropriations and private contributions.
HISTORY: 2000 Act No. 314, Section 1, eff May 30, 2000.
Editor's Note
2015 Act No. 46, Section 1, provides:
"SECTION 1. Section 4 of Act 314 of 2000, as last amended by Act 248 of 2010, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2020, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2019 Act No. 77, Section 3, provides as follows:
"SECTION 3. Section 4 of Act 314 of 2000, as last amended by Act 46 of 2015, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-10. Legislative findings.

The South Carolina General Assembly finds that:
(1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes.
(2) Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account.
(3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest.
(4) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(5) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts.
(6) It is in the best interest of the citizens of South Carolina to encourage increases in personal savings accounts.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-20. Definitions.

As used in this chapter, the following terms shall mean:
(1) "Appropriate state or federal regulatory agency of a financial institution" means the South Carolina State Board of Financial Institutions, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, the National Credit Union Administration, or other state or federal regulatory agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution. Nothing in this chapter prohibits financial institutions that are under supervision of these state and federal regulatory agencies from participating in prize-linked savings programs with other state or federally regulated financial institutions.
(2) "Depositor" means an individual member or customer of a financial institution who:
(a) maintains a qualifying account at a financial institution participating in a savings promotion contest;
(b) is in good standing at a financial institution authorized to do business in South Carolina; and
(c) is eighteen years of age or older.
(3) "Entry" means a chance or chances obtained by a depositor to win a designated prize or prizes in a savings promotion contest by complying with the terms and conditions of a savings promotion contest.
(4) "Financial institution" means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law.
(5) "Participating financial institution" means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest.
(6) "Qualifying account" means:
(a) a savings account or other savings product or program offered by a participating financial institution into which deposits may be made by a depositor;
(b) the account is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access; and
(c) the interest rate for the qualifying account is similar to, and not less than, the interest rates of other comparable nonqualifying accounts.
(7) "Savings promotion contest" means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor:
(a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or
(b) participates in one or more savings products or programs.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-30. Savings promotion contests authorized.

A financial institution authorized to do business in South Carolina under federal or state law, subject to the supervision of the appropriate state or federal regulatory agency of the participating financial institution, may conduct a savings promotion contest in accordance with the provisions of this chapter and this title for the purposes of encouraging its depositors to maintain savings accounts and to increase personal savings.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-40. Conditions for conducting savings promotion contest.

A participating financial institution may conduct a savings promotion contest for the benefit of its depositors only if all of the following conditions are met:
(1) The terms and conditions of the savings promotion contest must allow a depositor to obtain one or more entries to win a specified prize or prizes. Subject to any limits that the participating financial institution may place on the number of entries that a depositor is allowed to obtain for any savings promotion contest, as set forth in the terms and conditions of a specific savings promotion contest, the participating financial institution must allow a depositor to obtain an entry for a savings promotion contest only by doing either or both of the following:
(a) depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of a specific savings promotion contest;
(b) participating in one or more savings products or programs in accordance with the terms and conditions of a specific savings promotion contest.
(2) A savings promotion contest must comply with all applicable consumer protection laws.
(3) A participating financial institution conducting a savings promotion contest shall not require any depositor or other individual to pay a consideration for a chance of winning a prize or prizes designated in a savings promotion contest.
(4) A depositor does not make a payment for consideration if the depositing of a specified amount of money, the making of a specified number of deposits, or the participating in one or more savings programs or products are all made or involve the depositor's accounts.
(5) Each entry in a savings promotion contest must have an equal chance of being drawn.
(6) Participating depositors in a savings promotion contest are not required to be present at a drawing to win a prize.
(7) A participating financial institution must maintain books and records necessary to facilitate an audit of a savings promotion contest and, upon written request, must provide those records to the appropriate state or federal regulatory agency of that financial institution.
(8) A participating financial institution must not conduct a savings promotion contest in a manner that jeopardizes the safety or soundness of the financial institution or misleads its depositors.
(9) A participating financial institution must post, online and in any location where entries may be submitted, the terms and conditions of the savings promotion contest.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-50. Cease and desist orders.

Each savings promotion contest is subject to oversight by the appropriate state or federal regulatory agency of the participating financial institution, and the appropriate state or federal regulatory agency may issue cease and desist orders relating to the savings promotion contests if the regulatory agency concludes, based on substantial evidence, that a financial institution is engaging in unsafe or unsound practices or that the financial institution is in violation of any law, regulation, or any condition or written agreement imposed by the regulatory agency.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 45 - Savings Promotion Contests › Section 34-45-60. Construction of savings promotion contest.

A savings promotion contest offered in accordance with this chapter is not nor does it promote unlawful gambling or an unlawful lottery or raffle.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-103. References to federal statutes.

"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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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)".
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-506. Misrepresentations concerning registration or exemption.

The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the Securities Commissioner that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the Securities Commissioner has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-507. Qualified immunity.

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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-508. Criminal penalties.

(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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-601. Administration.

(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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-603. Civil enforcement.

(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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-606. Administrative files and opinions.

(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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006.
2023 South Carolina Code of Laws › Title 35 - Securities › Chapter 1 - South Carolina Uniform Securities Act Of 2005 › Section 35-1-607. Public records; confidentiality.

(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.
HISTORY: 2005 Act No. 110, Section 1, eff January 1, 2006; 2021 Act No. 84 (S.425), Section 3, eff May 18, 2021.
Effect of Amendment
2021 Act No. 84, Section 3, in (b), added (7).