Bill H. 4247 seeks to amend the South Carolina Code of Laws concerning the State Commodity Code, primarily by designating the South Carolina Attorney General as the administrator of the code and expanding the administrator's authority to deny, suspend, or revoke licenses for agents and investment advisor representatives. The bill introduces provisions that empower the administrator to issue orders to prevent violations, maintain legal actions in the Richland County Court of Common Pleas, and refer violations for prosecution. Additionally, it establishes penalties for violations, including fines up to $20,000 or imprisonment for willful offenses, and allows for the retention of funds from fines to cover enforcement expenses.

The bill also modifies the timeline for filing a petition for review of administrative orders, reducing it from sixty days to thirty days, and clarifies that such filings do not automatically stay the effectiveness of the administrator's orders. It introduces a provision allowing the Attorney General's Office to retain the first $750,000 in fines collected annually for enforcement costs, with any excess going to the general fund. Furthermore, it repeals Section 39-73-355, which previously outlined certain enforcement procedures, and includes a severability clause to ensure the act's validity if any part is deemed unconstitutional. The act will take effect upon the Governor's approval.

Statutes affected:
03/27/2025: 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