South Carolina S 369: Commodity Code Execution

Bill Text

2025-2026 Bill 369 Text of Previous Version (May. 01, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 369

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

Polled Out Of Committee

Majority Favorable

April 29, 2025

S. 369

Introduced 
by Senator Young 

S. Printed 4/29/25--S.

Read the first time February 20, 2025

________

The committee on Senate Labor, 
Commerce and Industry

To whom was referred a Bill (S. 369) to amend 
the South Carolina Code of Laws by amending Section 39-73-10, relating to state 
commodity code definitions, so as to provide that the administrator of the, etc., 
respectfully

Report:

Has polled the Bill out majority favorable.

_______

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 39-73-10, RELATING TO STATE COMMODITY CODE DEFINITIONS, SO AS TO 
PROVIDE THAT THE ADMINISTRATOR OF THE STATE COMMODITY CODE BE THE SOUTH 
CAROLINA ATTORNEY GENERAL; BY AMENDING SECTION 39-73-40, RELATING TO 
TRANSACTIONS WHERE PROHIBITION IS NOT APPLICABLE, SO AS TO ADD AN AGENT OR 
INVESTMENT ADVISOR REPRESENTATIVE AS INDIVIDUALS SUBJECT TO AN ORDER TO DENY, 
SUSPEND, OR REVOKE A PERSON'S LICENSE; BY AMENDING SECTION 39-73-60, RELATING 
TO PROHIBITED ACTS, SO AS TO REPLACE SECTION 39-73-310 WITH SECTION 39-73-30; 
BY AMENDING SECTION 39-73-80, RELATING TO STATE SECURITIES LAWS, SO AS TO MAKE 
CONFORMING CHANGES; BY AMENDING SECTION 39-73-315, RELATING TO ADMINISTRATOR 
ACTIONS TO PREVENT VIOLATIONS OR IMMINENT VIOLATIONS, SO AS TO PROVIDE THAT THE 
ADMINISTRATOR CAN ISSUE AN ORDER RELATED TO ANY ACTION THAT MAY VIOLATE THIS 
CHAPTER; BY AMENDING SECTION 39-73-320, RELATING TO LEGAL, EQUITABLE, AND 
SPECIAL REMEDIES AVAILABLE TO A COURT FOR ENFORCEMENT, SO AS TO PROVIDE THAT 
THE ADMINISTRATOR MAY MAINTAIN AN ACTION IN THE RICHLAND COUNTY COURT OF COMMON 
PLEAS; BY AMENDING SECTION 39-73-325, RELATING TO PENALTIES FOR VIOLATIONS, SO 
AS TO PROVIDE THAT THE ADMINISTRATOR MAY REFER VIOLATIONS TO THE APPROPRIATE 
DIVISION OF THE ATTORNEY GENERAL'S OFFICE OR OTHER AUTHORITY; BY AMENDING 
SECTION 39-73-330, RELATING TO THE ADMINISTRATION OF THIS CHAPTER, SO AS TO 
MAKE CONFORMING CHANGES; BY AMENDING SECTION 39-73-340, RELATING TO THE 
AUTHORITY TO PROMULGATE REGULATIONS, FORMS, AND ORDERS, SO AS TO MAKE 
CONFORMING CHANGES; BY AMENDING SECTION 39-73-350, RELATING TO THE 
APPLICABILITY OF SECTIONS 39-73-20, 39-73-50, AND 39-73-60 TO PERSONS WHO SELL, 
BUY, OR OFFER TO SELL OR BUY COMMODITIES IN THIS STATE, SO AS TO PROVIDE 
GUIDELINES FOR APPLICABLE RADIO AND TELEVISION COMMUNICATIONS; BY AMENDING 
SECTION 39-73-360, RELATING TO JUDICIAL REVIEW, SO AS TO PROVIDE GUIDELINES; BY 
AMENDING SECTION 39-73-370, RELATING TO DEFENSE IN A CASE BASED ON FAILURE TO 
MAKE PHYSICAL DELIVERY, SO AS TO MAKE CONFORMING CHANGES; BY ADDING SECTION 
39-73-375 SO AS TO PROVIDE THAT THE ATTORNEY GENERAL MAY RETAIN FUNDS FROM 
FINES AND PENALTIES TO OFFSET RELEVANT EXPENSES; BY ADDING SECTION 39-73-400 SO 
AS TO PROVIDE FOR SEVERABILITY OF THIS CHAPTER; AND BY REPEALING SECTION 
39-73-355 RELATING TO ADMINISTRATIVE PROCEEDINGS.

 Amend Title To Conform

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 39-73-10(1) of the S.C. Code is amended to read:

 (1) "Administrator" means the South 
Carolina Secretary of StateAttorney 
General.

SECTION 2. Section 39-73-40(D) of the S.C. Code is amended to 
read:

 (D) The administrator, by order, may 
deny, suspend, revoke, or place limitations on the authority to engage in 
business as a qualified seller under item (2) of subsection (A) if the 
administrator finds that the order is in the public interest and that the 
person, the person's officers, directors, partners, agents, servants, or 
employees, a person occupying a similar status or performing similar functions, 
or a person who directly or indirectly controls or is controlled by the seller, 
or his affiliates or subsidiaries:

 (1) 
has filed a notice of intention under subsection (C) with the administrator or 
the designee of the administrator which was incomplete in material respect or 
contained a statement which was, in light of the circumstances under which it 
was made, false or misleading with respect to a material fact;

 (2) 
within the last ten years, has pled guilty or nolo contendere to, or been 
convicted of a crime indicating a lack of fitness to engage in the investment 
commodity business;

 (3) 
has been enjoined permanently or temporarily by a court of competent 
jurisdiction from engaging in or continuing conduct or a practice which 
injunction indicates a lack of fitness to engage in the investment commodities 
business;

 (4) 
is the subject of an order of the administrator denying, suspending, or 
revoking the person's license as a securitie