South Carolina General Assembly
112th Session, 1997-1998

Bill 4467


                    Current Status

Bill Number:                    4467
Ratification Number:            376
Act Number:                     311
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19980121
Primary Sponsor:                Klauber 
All Sponsors:                   Klauber 
Drafted Document Number:        psd\7031jm.98
Date Bill Passed both Bodies:   19980513
Governor's Action:              S
Date of Governor's Action:      19980526
Subject:                        Uniform Securities Act, offenses
                                and penalties for violations of;
                                Uniform Laws, Businesses, Secretary of
                                State

History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19980611  Act No. A311
------  19980526  Signed by Governor
------  19980521  Ratified R376
Senate  19980513  Read third time, enrolled for
                  ratification
Senate  19980407  Read second time
Senate  19980402  Committee report: Favorable              02 SBI
Senate  19980212  Introduced, read first time,             02 SBI
                  referred to Committee
House   19980211  Read third time, sent to Senate
House   19980210  Read second time
House   19980204  Committee report: Favorable              25 HJ
House   19980121  Introduced, read first time,             25 HJ
                  referred to Committee


View additional legislative information at the LPITS web site.


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

(A311, R376, H4467)

AN ACT TO AMEND SECTION 35-1-1590, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PENALTIES FOR VIOLATING THE UNIFORM SECURITIES ACT, SO AS TO CREATE CERTAIN FELONY OFFENSES AND PENALTIES AND REVISE THE PENALTY FOR THE EXISTING MISDEMEANOR OFFENSE.

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

New felonies; misdemeanor penalty changed

SECTION 1. Section 35-1-1590 of the 1976 Code, as last amended by Act 451 of 1992, is further amended to read:

Section 35-1-1590. Any person who wilfully violates any provision of this chapter except Section 35-1-160, who wilfully violates any rule or order under this chapter, or who wilfully violates Section 35-1-160, knowing the statement made to be false or misleading in any 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.

However, no person may be imprisoned for the violation of any rule or order if he proves that he had no knowledge of the rule or order.

Saving clause

SECTION 2. All proceedings pending and all rights and liabilities existing, acquired, or incurred at the time this act takes effect are saved. Except as otherwise provided, the provisions of this act apply prospectively to crimes and offenses committed on or after the effective date of this act.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 26th day of May, 1998.