Bill S. 369 seeks to amend the South Carolina Code of Laws concerning the State Commodity Code by designating the South Carolina Attorney General as the new administrator, replacing the Secretary of State. The bill broadens the range of individuals who may face administrative actions, allowing for the denial, suspension, or revocation of licenses for agents and investment advisor representatives. It also allows the Attorney General to retain funds from fines and penalties to cover relevant expenses and grants the administrator the authority to maintain actions in the Richland County Court of Common Pleas. Additionally, the bill updates definitions and prohibited acts, introduces new sections for issuing orders and imposing civil penalties, and repeals outdated provisions to streamline enforcement mechanisms.

Further amendments include changes to the review process for final orders issued by the administrator, specifically reducing the timeframe for filing a petition for review from sixty days to thirty days. The bill clarifies that filing a petition does not automatically stay the administrator's order unless ordered by the court and allows for the introduction of additional evidence under certain conditions. It establishes a new section allowing the Attorney General to retain the first $750,000 in fines collected for enforcement costs, with excess funds going to the general fund. The bill also repeals Section 39-73-355 and includes a severability clause to maintain the validity of remaining provisions if any part is deemed unconstitutional, with the act taking effect upon the Governor's approval.

Statutes affected:
02/20/2025: 39-73-10, 39-73-40, 39-73-60, 39-73-310, 39-73-30, 39-73-80, 39-73-315, 39-73-320, 39-73-325, 39-73-330, 39-73-340, 39-73-350, 39-73-20, 39-73-360, 39-73-370, 39-73-375, 39-73-400, 39-73-355
Latest Version: 39-73-10, 39-73-40, 39-73-60, 39-73-310, 39-73-30, 39-73-80, 39-73-315, 39-73-320, 39-73-325, 39-73-330, 39-73-340, 39-73-350, 39-73-20, 39-73-360, 39-73-370, 39-73-375, 39-73-400, 39-73-355