South Carolina Administrative Code

13-412. Fees. Every applicant applying for registration as an agent of the issuer shall pay the below specified, non- refundable fees: A. Agent of the Issuer (initial filing fee): One hundred ten dollars; B. Agent of the Issuer (renewal): One hundred ten dollars. HISTORY: Added b…

13-413. Investment Adviser Information Security and Privacy. A. Every investment adviser registered or required to be registered shall establish, implement, update, and enforce written physical security and cybersecurity policies and procedures reasonably designed to ensure the c…

13-414. Business Continuity and Succession Planning. A. Every investment adviser shall establish, implement, and maintain written procedures relating to a business continuity and succession plan. The plan shall be based upon the facts and circumstances of the investment adviser’s…

13-415. Registration Exemption for Investment Advisers to Private Funds. A. Definitions. For purposes of this regulation, the following definitions shall apply: (1) ‘‘3(c)(1) fund’’ means a qualifying private fund that is eligible for the exclusion from the definition of an inves…

13-416. Registration Exemption for Merger and Acquisition Brokers. A. Except as provided in sections B and C below, a Merger and Acquisition Broker shall be exempt from registration pursuant to Section 35-1-401. B. Excluded Activities. A Merger and Acquisition Broker is not exemp…

13-501. Dishonest or Unethical Practices by Broker-Dealers and Agents. A. Broker-Dealers. Each broker-dealer shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Acts and practices, including but not limited…

13-502. Dishonest or Unethical Practices by Investment Advisers, Investment Adviser Representatives and Federal Covered Advisers. A. A person who is an investment adviser, an investment adviser representative or a federal covered investment adviser is a fiduciary and has a duty t…

13-503. Advertising Filing Requirement. Any prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising relating to a security, addressed or intended for distribution to prospective investors under the South Carolina Uniform Securities Act o…

13-601. Financial Statements Submitted with an Application to Register Securities or used in a Prospectus. A. All financial statements submitted with an application to register securities or for inclusion in a Prospectus used in this State, except a Prospectus relating to a feder…

13-602. Prospectus, Offering Circular, Exemption and Exception Filing Fees. A. Filing fees to accompany prospectus or offering circular . (1) A filing fee of fifty ($50.00) dollars shall accompany any Prospectus or Offering Circular amended subsequent to effectiveness of registra…

13-603. Consents to Service of Process. The following forms constitute compliance with Section 35-1-611(a) of the South Carolina Uniform Securities Act of 2005: A. For broker-dealers, a fully executed Execution Page of the Form BD, Uniform Application for Broker-Dealer Registrati…

13-604. Procedures for Administrative Hearings before the Securities Commissioner. A. This regulation shall apply to Administrative Hearings held pursuant to Sections 35-1-306, 35-1-412, and 35-1-604. B. To the extent that they do not conflict with the definitions set forth in Se…

14-1. Examinations. A. Examinations for licensure as required by statute for apprentice auctioneers, auctioneers and auction firms shall be administered as approved by the Commission. B. A completed initial application for licensure must be received with a non-refundable applicat…

14-10. Appeal. A person aggrieved by a final action of the Commission may appeal the decision to the Administra- tive Law Court in accordance with the Administrative Procedures Act and the rules of the Administra- tive Law Court. HISTORY: Amended by State Register Volume 25, Issu…

14-11. Written Agreements and Escrow Accounts Relating to Auctions. A. The Commission shall have the authority to demand a copy of any written agreement or records of an auction which the licensee is required to maintain by 40-6-290, Code of Laws of South Carolina, 1976, (as amen…

14-12. Renewal Applications and Lapsed Licenses. A. All applications for renewal of licenses shall be filed with the Commission on or before June 30 of the renewal period. A late fee shall be paid thereafter for a license renewal application received on or before July 31 of the r…

14-15. Apprentice Auctioneer’s Supervision, Requirements, Exception and Termination. A. An apprentice license is valid only while the licensee has a licensed auctioneer who serves as the licensee’s duly appointed supervisor. No apprentice auctioneer may enter into an agreement to…

14-16. Auctioneer, Apprentice Prohibited From Working For Unlicensed Firm; Excep- tion; Penalty. No licensed auctioneer or apprentice auctioneer shall be employed as an auctioneer or apprentice auctioneer by an auction firm unless that firm holds a valid auction firm license issu…

14-2. Reporting of Continuing Education. A. Eight hours of continuing education credit must be reported on each biennial renewal application on a form provided by the Commission. All credits must be earned during the previous licensing period and at Commission-approved classes. I…

14-3. Change of Address. Licensees shall notify the Commission in writing of each change of address or change of business trade name within ten days of such change. HISTORY: Amended by State Register Volume 25, Issue No. 5, Part 2, eff May 25, 2001; SCSR 45-5 Doc. No. 5010, eff M…

14-4. Display of License and Advertising. A. All licensees shall prominently display their licenses at their business address and the pocket card shall be carried by the licensee when conducting auction business. B. All advertisements for an auction shall contain the name and lic…

14-6. Licensees Prohibited from Using Unlicensed Bid Callers. Licensees are prohibited from allowing an unlicensed bid caller to cry bids at an auction. HISTORY: Amended by State Register Volume 25, Issue No. 5, Part 2, eff May 25, 2001; SCSR 45-5 Doc. No. 5010, eff May 28, 2021.

15-1. Limitations and Restrictions on Purchase and Sale of Securities. (1) State chartered banks, state savings banks, and state savings and loan associations may, without the specific approval of the Board, engage in investment activities in the same manner as national banks and…

15-12. Reserve Accounts, Savings and Loan Associations and Savings Banks. Every State chartered savings and loan association and savings bank shall establish and maintain adequate reserves for potential losses in the same manner as federal savings associations are required to do.…

15-14. Retention of Bank, Savings Bank, Savings and Loan Association, and Trust Compa- ny Records. (1) In addition to the applicable record retention requirements set forth for corporations in S.C. Code Section 33-16-101, South Carolina state chartered banks, savings banks, savin…

15-15. Bank Purchase and Sale of Federal Funds. (Statutory Authority: 1976 Code § 34-1-60) State Chartered Banks are hereby permitted to deal in the purchase and sale of Federal Funds in the same manner as may be prescribed for National Banks and the sale of such funds would not …

15-16. FHA Home Improvement Loans, Savings and Loan. (Statutory Authority: 1976 Code § 34-1-60) State Chartered Savings and Loan Associations and/or Building and Loan Associations are hereby authorized to make any loan for property alteration, repair or improvement that is accept…

15-17. Federal 100 Percent Guaranteed Loans. Any bank may make and grant loans to any person, company, firm, or corporation in excess of 15%, but not to exceed 50%, of the combined common capital stock, capital notes, and surplus accounts of the bank if the amount of any such loa…

15-18. Brokered Deposit Funds. (Statutory Authority: 1976 Code § 34-1-60) State chartered banks are hereby prohibited from accepting brokered deposit funds where tie-in loans are required to be made as a condition for the deposit of such funds.

15-21. State Bank Investments, Fixed Assets. Hereafter and without the approval of the Board of Financial Institutions, banks may make invest- ments in bank premises, furniture and fixtures, equipment, loans on properties that are leased to the bank, and stocks of subsidiary corp…

15-22. Mergers, Savings and Loan Associations. (Statutory Authority: 1976 Code § 34-25-260) State chartered savings and loan associations and/or building and loan associations are hereby authorized to exercise any powers with respect to mergers which a federal savings and loan as…

15-25. Property Held for Future Expansion State chartered banks, state savings banks, and state savings and loan associations may hold property acquired for future expansion under the same conditions as national banks and federal savings associations are permitted to hold such pr…

15-26. Disposition of Other Real Estate Owned by Banks, State Savings Banks, and State Savings and Loan Associations. (1) For purposes of this regulation, ‘‘Other Real Estate Owned’’ shall be defined as any interest in real estate which would be classified as such pursuant to the…

15-27. Reports of Condition. All South Carolina state-chartered banks, savings banks, savings and loan associations, and trust companies shall file with the Office of the Commissioner of Banking, Board of Financial Institutions, a Report of Condition, as described in S.C. Code Se…

15-3. Approval of Security Purchases. Any bank, banking institution, or cash depository operating under the supervision of the State Board of Bank Control contemplating the purchase of securities shall either (a) first obtain the approval and authorization of its Board of Directo…

15-30. Individual Retirement Authority. (Statutory Authority: 1976 Code § 34-1-110) State-Chartered Savings and Loan Associations and/or Building and Loan Associations are hereby authorized to act as trustee or custodian of any trust authorized by the Federal Self-employed Indivi…

15-36. Issuance of Credit Cards. (Statutory Authority: 1976 Code § 34-1-110) State-chartered savings and loan associations are authorized to issue credit cards under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.4-3 of…

15-4. State Bank, State Savings Bank, and Savings and Loan Association Dividends. State chartered banks, state savings banks, and state savings and loan associations, are authorized to declare cash dividends up to 100% of year-to-date net income in any calendar year without obtai…

15-41. Limitations and Restrictions on Real Estate Mortgages. Except as hereinafter provided, no credit union shall make any loan or advance of credit of any nature secured by a mortgage of real estate (either direct or assigned as collateral) or by any other instrument giving or…

15-43. Executive Committee. (Statutory Authority: 1976 Code § 34-1-110) The Board of Directors of a State chartered credit union may appoint an executive committee of not less than three directors to exercise such authority as may be delegated to it subject to such limitations as…

15-44. Borrowing by Credit Unions. (Statutory Authority: 1976 Code § 34-1-110) State chartered credit unions may borrow from sources as specified in the South Carolina Statutes Relating to Cooperative Credit Unions and may use promissory notes in the form of Certificates of Indeb…

15-47. Merger Procedures for State Credit Unions. I. SCOPE (a) Pursuant to Section 34-26-1210, a South Carolina state chartered credit union may merge with another South Carolina state chartered credit union, an out-of-state credit union, or a federal credit union with approval o…

15-49. Leasing of Personal Property by State-chartered Credit Union. (Statutory Authority: 1976 Code § 34-1-60) State-chartered credit unions may engage in the leasing of personal property as follows: (a) A state-chartered credit union may: (1) Become the legal owner and lessor o…

15-50. Declaration of Dividends by State-chartered Credit Unions. (1) For purposes of declaring and paying dividends in accordance with S.C. Code Section 34-26-710, the following definitions shall be applied: (a) ‘‘Current Earnings’’ is defined as fiscal year-to-date Net Income (…

15-53. Reports of Condition. Credit unions incorporated under Title 34 of the South Carolina Code of Laws shall file quarterly reports of financial condition with the Board of Financial Institutions pursuant to 34-26-260(1). A credit union may fulfill this requirement by submitti…

15-54. Record Retention for Credit Unions. (1) In addition to the applicable record retention requirements set forth for non-profit corporations in S.C. Code § 33-31-1601, South Carolina state chartered credit unions are required to maintain records in accordance with applicable …

15-60. Consumer Finance Act. (a) Name of Manager: The name of the manager or other officer in charge of the licensed place of business must be filed with the Board of Bank Control and notice of any change in management promptly reported, giving the name of new manager, employment…