Bill 485

                    Current Status

Bill Number:               485
Ratification Number:       295
Act Number:                279
Introducing Body:          Senate
Subject:                   Relating to accounting licenses and
                           permits

(A279, R295, S485)

AN ACT TO AMEND 40-1-270, AS AMENDED, AND 40-1-560, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ACCOUNTING LICENSES AND PERMITS, SO AS TO REVISE PROVISIONS PERTAINING TO THE FEES FOR THESE LICENSES AND PERMITS, TO REVISE PROVISIONS PERTAINING TO THE CONTINUING EDUCATION REQUIREMENTS FOR THESE LICENSES AND PERMITS, AND TO CHANGE CERTAIN IMPROPER REFERENCES.

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

Fees, penalties, etc.

SECTION 1. Section 40-1-270 of the 1976 Code, as amended by Act 436 of 1980, is further amended to read:

"Section 40-1-270. Every registered certified public accountant, public accountant, or accounting practitioner who desires to continue to practice as such in this State must meet the following requirements on or before the dates indicated:

(1) Pay to the secretary of the Board annually on or before July first a license fee, to be fixed by the Board.

(2) Biennially on or before December thirty-first of each odd-numbered year beginning in 1983, complete the continuing education requirements, as required by Section 40-1-380. Biennially on or before the last day of February of each even-numbered year beginning in 1984, file with the secretary of the Board, on a form or forms prescribed by the Board for this purpose, a certificate of compliance with the continuing education requirements necessary for license renewal as required by Section 40-1-380.

The Board, by regulation, may provide a penalty not to exceed five hundred dollars for each violation for failure to comply with the provisions of either items (1) or (2) above.

Upon payment of the fee, any penalty required, and filing of the certificate in proper form, the secretary of the Board shall issue a license entitling the applicant to practice in this State until July first of the following year.

The Board may, in its discretion, reduce or waive the above requirements in cases of illness, mental or physical incapacity, retirement from practice, and similar situations."

Licenses

SECTION 2. Section 40-1-560 of the 1976 Code is amended to read:

"Section 40-1-560. (a) Licenses shall be issued by the Board to persons satisfying the requirements of Section 40-1-550 upon the payment of a license fee in an amount to be determined by the Board.

(b) Permits to engage in the practice defined in Section 40-1-510 shall be issued by the Board for annual periods expiring on the last day of June to persons and partnerships as follows:

(1) Persons holding licenses issued pursuant to subsection (1) of Section 40-1-510, upon payment of a permit fee in an amount to be determined by the Board. In its discretion the Board may reduce or waive the fee in case of illness, mental or physical incapacity, retirement from practice, or for similar situations. Failure of a licensee to pay the fee for a permit to practice within (a) three years from the expiration date of the permit to practice last obtained or used, or (b) three years from the date upon which the licensee was granted his license if no permit was ever issued to him, shall deprive him of the right to the permit unless the Board in its discretion determines the failure to have been caused by excusable neglect. The decision of the Board in these cases is final. In these cases a renewal fee for the issuance of the original license, as the case may be, shall be in an amount as the Board determines.

(2) Partnerships, without payment of any permit fee, which meet the following standards:

(A) At least one general partner must be an accounting practitioner of this State in good standing.

(B) Each partner personally engaged within this State in the practice defined in Section 40-1-510 must be an accounting practitioner of this State in good standing.

(C) Each partner must be lawfully engaged in the practice defined in Section 40-1-510 in some state of the United States.

(D) Each resident manager in charge of an office must be an accounting practitioner of this State in good standing.

(3) File with the secretary of the Board on a form or forms prescribed by the Board for this purpose, a certificate of compliance with the continuing education requirements necessary for license renewal as required by Section 40-1-380."

Time effective

SECTION 3. This act shall take effect upon approval by the Governor.