Current Status Introducing Body:House Bill Number:3960 Primary Sponsor:Quinn Committee Number:25 Type of Legislation:GB Subject:Sales, illegal or fraudulent; limitations on actions Residing Body:House Current Committee:Judiciary Date Tabled:Feb 04, 1992 Computer Document Number:436/11690.HC Introduced Date:Apr 30, 1991 Last History Body:House Last History Date:Feb 04, 1992 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Quinn Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3960 House Feb 04, 1992 Tabled in Committee 25
3960 House Apr 30, 1991 Introduced, read first time, 25
referred to Committee
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TO AMEND SECTION 35-1-1530, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON ACTIONS WHICH MAY BE BROUGHT RESULTING FROM ILLEGAL OR FRAUDULENT SALES OR OFFERS PURSUANT TO THE UNIFORM SECURITIES ACT, SO AS TO PROVIDE THAT THE THREE-YEAR LIMITATION BEGINS TO RUN AFTER THE DISCOVERY OF THE CAUSE OF ACTION RATHER THAN AT THE TIME OF THE CONTRACT OF SALE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 35-1-1530 of the 1976 Code is amended to read:
"Section 35-1-1530. No person may sue under Sections 35-1-1490 and 35-1-1500 more than three years after the contract of sale discovery of a cause of action under these sections. No person may sue under either section: (a) if the buyer received a written offer, before suit and at a time when he owned the security, to refund the consideration paid together with interest at six percent per a year from the date of payment, less the amount of any income received on the security, and he failed to accept the offer within thirty days of its receipt or (b) if the buyer received such an the offer before suit and at a time when he did not own the security, unless he rejected the offer in writing within thirty days of its receipt."
SECTION 2. This act takes effect upon approval by the Governor.