Current Status Introducing Body:Senate Bill Number:665 Ratification Number:520 Act Number:466 Primary Sponsor:Leventis Type of Legislation:GB Subject:Securities broker-dealer Date Bill Passed both Bodies:19940531 Computer Document Number:JIC/5756HC.93 Governor's Action:S Date of Governor's Action:19940714 Introduced Date:19930413 Date of Last Amendment:19940526 Last History Body:------ Last History Date:19940714 Last History Type:Act No. 466 Scope of Legislation:Statewide All Sponsors:Leventis Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
665 ------ 19940714 Act No. 466
665 ------ 19940714 Signed by Governor
665 ------ 19940602 Ratified R 520
665 Senate 19940531 Concurred in House amendment,
enrolled for ratification
665 House 19940527 Read third time, returned to
Senate with amendment
665 House 19940526 Amended, read second time,
unanimous consent for third
reading on Friday, 0527,
1994
665 House 19940525 Debate adjourned until
Thursday, 19940526
665 House 19940525 Amended
665 House 19940504 Committee Report: Favorable 26
665 House 19940406 Introduced, read first time, 26
referred to Committee
665 Senate 19940405 Read third time, sent to House
665 Senate 19940331 Amended, read second time
665 Senate 19940330 Committee Report: Favorable 02
with amendment
665 Senate 19930413 Introduced, read first time, 02
referred to Committee
View additional legislative information at the LPITS web site.
(A466, R520, S665)
AN ACT TO AMEND SECTION 35-1-440, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO APPLICATIONS FOR REGISTRATION OF A SECURITIES BROKER-DEALER, AGENT, INVESTMENT ADVISOR, OR INVESTMENT ADVISOR REPRESENTATIVE, SO AS TO REQUIRE A CRIMINAL RECORD HISTORY FROM THE SOUTH CAROLINA LAW ENFORCEMENT DIVISION AT THE RATE PROVIDED BY LAW FOR ALL INITIAL APPLICANTS WHO ARE NOT MEMBERS OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AND REQUIRE ALL MISDEMEANOR ACTIVITIES INVOLVING SECURITIES AND ALL FELONIES WITHIN TEN YEARS OF THE DATE OF THE APPLICATION TO BE NOTED ON THE REGISTRATION; TO AMEND SECTION 40-68-40, RELATING TO QUALIFICATIONS OF A CONTROLLING PERSON FOR PURPOSES OF STAFF LEASING SERVICES, SO AS TO REQUIRE FINGERPRINTING OF EACH APPLICANT AND CONTROLLING PERSON AND PROVIDE FOR EXAMINATION OF LAW ENFORCEMENT RECORDS ONLY IF NECESSARY; AND TO AMEND SECTION 33-15-103, AS AMENDED, RELATING TO A FOREIGN CORPORATION'S CERTIFICATE OF AUTHORITY TO TRANSACT BUSINESS IN THIS STATE, SO AS TO DELETE THE REQUIREMENT THAT THE APPLICATION FOR THE CERTIFICATE MUST BE SIGNED BY AN ATTORNEY LICENSED TO PRACTICE IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
Registration requirements
SECTION 1. Section 35-1-440 of the 1976 Code, as last amended by Act 612 of 1990, is further amended by adding at the end:
"For all applicants who are not members of the National Association of Securities Dealers (NASD), a criminal record history must be obtained, at the rate set by law, from the South Carolina Law Enforcement Division on an applicant's initial application for registration under this section. All convictions of misdemeanors involving a security or any aspect of the securities business and all felonies recorded within ten years of the date of the application must be noted on the registration."
Application requirements
SECTION 2. Section 40-68-40(B) of the 1976 Code, as added by Act 169 of 1993, is amended to read:
"(B) The department shall conduct a background investigation of each individual applicant and of each controlling person of each applicant and require fingerprinting of each applicant and each controlling person to determine whether the applicant or controlling person is qualified under this chapter. The department may deny an application for the issuance or renewal of a license if it finds that a controlling person is not qualified under this chapter. The investigation shall include:
(1) the submission of fingerprints for processing through appropriate local, state, and federal law enforcement agencies; and
(2) examination by the department, if necessary, of police or other law enforcement records maintained by local, state, or federal law enforcement agencies."
Certificate of authority
SECTION 3. Section 33-15-103(a) of the 1976 Code, as amended by Act 446 of 1990, is further amended to read:
"(a) A foreign corporation may apply for a certificate of authority to transact business in this State by delivering an application to the Secretary of State for filing. The application must set forth:
(1) the name of the foreign corporation or, if its name is unavailable for use in this State, a corporation name that satisfies the requirements of Section 33-15-106;
(2) the name of the state or country under whose law it is incorporated;
(3) its date of incorporation and period of duration;
(4) the street address of its principal office;
(5) the address of its proposed registered office in this State and the name of its proposed registered agent at that office;
(6) the names and usual business addresses of its current directors and officers;
(7) a statement of the aggregate number of shares which the corporation has authority to issue, itemized by classes and series, if any, within a class."
Time effective
SECTION 4. Section 1 of this act takes effect July 1, 1994, and applies with respect to initial applications for registration filed after June 30, 1994. Section 2 of this act takes effect upon approval by the Governor.
Approved the 14th day of July, 1994.