State of the Nonprofit Regulatory Environment in SOUTH CAROLINA

1 Bifurcation of charitable regulatory body

Bifurcated Regulatory Structure

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-10

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Yes - S.C.C.A § 33-56-10 et seq.

Registration Office

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

BIFURCD-REGIOF-NS

REGULATORY BODY: Not Specific

NOTES: South Carolina Secretary of State http://www.scsos.com/Public_Charities

2 Notice, Filing or Review of Transactions

Sale of Assets

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1202

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) A corporation may sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property, with or without the goodwill, other than in the usual and regular course of its activities on the terms and conditions and for the consideration determined by the corporation’s board if the proposed transaction is authorized by subsection (b). (b) Unless this chapter, the articles, or bylaws, require a greater vote or voting by class, the proposed transaction to be authorized must be approved: (1) by the board; (2) by the members by two-thirds of the votes cast or a majority of the voting power, whichever is less; and (3) in writing by any person whose approval is required by a provision of the articles authorized by Section 33-31-1030 for an amendment to the articles or bylaws. (c) If the corporation does not have members, or does not have members entitled to vote on the transaction, the transaction must be approved by a vote of a majority of the directors in office at the time the transaction is approved. In addition, the corporation shall provide notice of any directors’ meeting at which such approval is to be obtained in accordance with Section 33-31-822(c). The notice also must state that the purpose, or one of the purposes, of the meeting is to consider the sale, lease, exchange, or other disposition of all, or substantially all, of the property or assets of the corporation and contain or be accompanied by a copy or summary of a description of the transaction. (d) If the corporation seeks to have the transaction approved by the members at a membership meeting, the corporation shall give notice to its members of the proposed membership meeting in accordance with Section 33-31-705. The notice also must state that the purpose, or one of the purposes, of the meeting is to consider the sale, lease, exchange, or other disposition of all, or substantially all, of the property or assets of the corporation and contain or be accompanied by a copy or summary of a description of the transaction. (e) If the board needs to have the transaction approved by the members by written consent or written ballot, the material soliciting the approval shall contain or be accompanied by a copy or summary of a description of the transaction. (f) A public benefit or religious corporation must give written notice to the Attorney General twenty days before it sells, leases, exchanges, or otherwise disposes of all, or substantially all, of its property if the transaction is not in the usual and regular course of its activities unless the Attorney General has given the corporation a written waiver of this subsection. (g) After a sale, lease, exchange, or other disposition of property is authorized, the transaction may be abandoned, subject to any contractual rights, without further action by the members or any other person who approved the transaction in accordance with the procedure set forth in the resolution proposing the transaction or, if none is set forth, in the manner determined by the board of directors. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Pub. Benefit and Religious Corp, S.C. Code 1976 § 33-31-1202

REPORTS-ASSETS-OT

REGULATORY BODY: Other

NOTES: No

Mergers

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1102

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) Without the prior approval of the court of common pleas of Richland County in a proceeding in which the Attorney General has been given written notice, a public benefit or religious corporation may merge only with: (1) a public benefit or religious corporation; (2) a foreign corporation that would qualify under this chapter as a public benefit or religious corporation; (3) a foreign or domestic business; mutual benefit corporation; or a corporation chartered directly by special act of the General Assembly, a city, county, or other governmental unit other than the Secretary of State, provided the public benefit or religious corporation is the surviving corporation and continues to be a public benefit or religious corporation after the merger; or, (4) a foreign or domestic business or mutual benefit corporation, provided that: (i) on or before the effective date of the merger, assets with a value equal to the greater of the fair market value of the net tangible and intangible assets, including goodwill, of the public benefit corporation or religious corporation or the fair market value of the public benefit corporation or religious corporation if it were to be operated as a business concern are transferred or conveyed to one or more persons who would have received its assets under Section 33-31-1406(a)(5) and (6) had it dissolved; (ii) it shall return, transfer, or convey any assets held by it upon condition requiring return, transfer, or conveyance, which condition occurs by reason of the merger, in accordance with such condition; and (iii) the merger is approved by a majority of directors of the public benefit or religious corporation who are not and will not become members or shareholders in or officers, employees, agents, or consultants of the surviving corporation. (b) At least twenty days before consummation of a merger of a public benefit corporation or a religious corporation pursuant to subsection (a)(4), notice, including a copy of the proposed plan of merger, must be delivered to the Attorney General. (c) No member of a public benefit or religious corporation may receive or keep anything as a result of a merger other than a membership or membership in the surviving public benefit or religious corporation. (d) Where approval or consent is required by this section, it must be given if the transaction is consistent with the purposes of the public benefit or religious corporation or is otherwise in the public interest. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Rel. Org and Public Benefits Corps.; Code 1976 § 33-31-1102

SC Code § 33-31-1104

REGULATORY BODY: Other

STATUTE TEXT: After a plan of merger is approved by the board of directors of each merging corporation and if required by Section 33-31-1103 by the members and any other persons, the surviving corporation shall deliver to the Secretary of State articles of merger setting forth: (1) the plan of merger; (2) if approval of members was not required, a statement to that effect and a statement that the plan was approved by a sufficient vote of the board of directors of each corporation; (3) if approval by the members of one or more corporations was required: (i) the designation, number of memberships outstanding, number of votes entitled to be cast by each class entitled to vote separately on the plan, and number of votes of each class indisputably voting on the plan; and (ii) either the total number of votes cast for and against the plan by each class entitled to vote separately on the plan or the total number of undisputed votes cast for the plan by each class and a statement that the number cast for the plan by each class was sufficient for approval by that class; (4) If approval of the plan by some person or persons other than the members of the board is required pursuant to Section 33-31-1103(a)(3), a statement that the approval was obtained; (5) Unless a delayed effective date is specified, a merger takes effect when the articles of merger are filed. HISTORY: 1994 Act No. 384, Section 1.

NOTES: File with Sec. of State; Code 1976 § 33-31-1104

Certificate of Amendments

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1001

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) A corporation may amend its articles of incorporation to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles. Whether a provision is required or permitted in the articles is determined as of the effective date of the amendment. (b) A corporation either designated on the records of the Office of the Secretary of State as a public benefit or religious corporation, or which qualifies as such pursuant to Section 33-31-1707, may amend or restate its articles of incorporation so that it becomes designated as a mutual benefit corporation only if notice, including a copy of the proposed amendment or restatement, has been delivered to the Attorney General at least twenty days before consummation of the amendment or restatement. (c) Except as provided in Section 33-31-611(c), a member of the corporation does not have a vested property right resulting from any provision in the articles of incorporation or bylaws. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Pub. Benefit and Religious Corp; Code 1976 § 33-31-1001

SC Code § 33-31-1005

REGULATORY BODY: Other

STATUTE TEXT: A corporation amending its articles shall deliver to the Secretary of State articles of amendment setting forth: (1) the name of the corporation; (2) the text of each amendment adopted; (3) the date of each amendment’s adoption; (4) if approval of members was not required, a statement to that effect and a statement that the amendment was approved by a sufficient vote of the board of directors or incorporators; (5) if approval by members was required: (i) the designation, number of memberships outstanding, number of votes entitled to be cast by each class entitled to vote separately on the amendment, and number of votes of each class indisputably voting on the amendment; and (ii) either the total number of votes cast for and against the amendment by each class entitled to vote separately on the amendment or the total number of undisputed votes cast for the amendment by each class and a statement that the number cast for the amendment by each class was sufficient for approval by that class; (6) if approval of the amendment by some person or persons other than the members, the board, or the incorporators is required pursuant to Section 33-31-1030, a statement that the approval was obtained; (7) if an amendment provides for an exchange, reclassification, or cancellation of memberships, provisions for implementing the amendment if not contained in the amendment itself must be included in the articles. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Secretary of State, Code 1976 § 33-31-1005

Does the state require annual financial reporting by charitable organizations in addition to filing a copy of the 990 with the regulator (if filing 990 is required)?

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

SC Code § 33-56-60

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: 990 or financial report; S.C. Code Ann. § 33-56-60

3 Notice or Action for Dissolutions

Voluntary Dissolutions

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1403

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) A nonprofit organization shall give the Attorney General written notice that it intends to dissolve at or before the time it delivers articles of dissolution to the Secretary of State. The notice shall include a copy or summary of the plan of dissolution. The nonprofit organization shall submit to the Secretary of State copies of all documents provided to the Attorney General at the time of the filing of the articles of dissolution. (b) No assets may be transferred or conveyed by a public benefit or religious corporation as part of the dissolution process until twenty days after it has given the written notice required by subsection (a) to the Attorney General or until the Attorney General has consented in writing to the dissolution, or indicated in writing that he will take no action in respect to the transfer or conveyance, whichever is earlier. (c) When all or substantially all of the assets of a public benefit corporation have been transferred or conveyed following approval of dissolution, the board shall deliver to the Attorney General a list showing those, other than creditors, to whom the assets were transferred or conveyed. The list shall indicate the addresses of each person, other than creditors, who received assets and indicate what assets each received. HISTORY: 1994 Act No. 384, Section 1; 2010 Act No. 220, Section 2, eff June 8, 2010. Effect of Amendment The 2010 amendment rewrote subsection (a).

NOTES: Code 1976 § 33-31-1403

SC Code § 33-31-1403

REGULATORY BODY: Other

NOTES: Sec. of State, Code 1976 § 33-31-1403

Judicial Dissolutions

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1430

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) The court of common pleas may dissolve a corporation: (1) in a proceeding by the Attorney General if it is established that: (i) the corporation obtained its articles of incorporation through fraud; (ii) the corporation has continued to exceed or abuse the authority conferred upon it by law; (iii) the corporation is a public benefit corporation and the assets are being misapplied or wasted; (iv) the corporation is a public benefit corporation and it is no longer able to carry out its purposes; (v) the corporation has improperly solicited money or has fraudulently used the money solicited; or (vi) has carried on, conducted, or transacted its business or affairs in a persistently fraudulent or illegal manner. The enumeration of these grounds for dissolution, (i) through (vi), shall not exclude actions or special proceedings by the Attorney General or other state official for the dissolution of a corporation for other causes as provided in this chapter or in any other statute of this State; (2) except as provided in the articles or bylaws of a religious corporation, in a proceeding by fifty members or members holding five percent of the voting power, whichever is less, or by a director or any person specified in the articles, if it is established that: (i) the directors are deadlocked in the management of the corporate affairs and the members, if any, are unable to break the deadlock; (ii) the directors or those in control of the corporation have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent, or unfairly prejudicial either to the corporation or to any member, whether in his capacity as a member, director, or officer of the corporation; (iii) the members are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have, or would otherwise have, expired; (iv) the corporate assets are being misapplied or wasted; (v) the corporation is a public benefit or religious corporation and is no longer able to carry out its purposes; (vi) the corporation has abandoned its business and has failed within a reasonable time to dissolve, to liquidate its affairs, or to distribute its remaining property among its members; or (vii) the corporation’s period of duration stated in its articles of incorporation has expired; (3) in a proceeding by a creditor if it is established that: (i) the creditor’s claim has been reduced to judgment, the execution on the judgment returned unsatisfied, and the corporation is insolvent; or (ii) the corporation has admitted in writing that the creditor’s claim is due and owing and the corporation is insolvent; (4) in a proceeding by the corporation to have its voluntary dissolution continued under court supervision. (b) Before dissolving a corporation the court shall consider whether: (1) there are reasonable alternatives to dissolution; (2) dissolution is in the public interest, if the corporation is a public benefit corporation; and (3) dissolution is the best way of protecting the interests of members, if the corporation is a mutual benefit corporation. The court may order any other form of relief which it deems proper in the circumstances. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Code 1976 § 33-31-1430

SC Code § 33-31-1433

REGULATORY BODY: Other

STATUTE TEXT: (a) If after a hearing the court determines that one or more grounds for judicial dissolution described in Section 33-31-1430 exist, it may enter a decree dissolving the corporation and specifying the effective date of the dissolution, or may order any other form of relief which it deems proper in the circumstances, and the clerk of the court shall deliver a certified copy of the decree to the Secretary of State, who shall file it without charging a fee. (b) After entering the decree of dissolution, the court shall direct the winding up and liquidation of the corporation’s affairs in accordance with Section 33-31-1406 and the notification of its claimants in accordance with Sections 33-31-1407 and 33-31-1408. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Code 1976 § 33-31-1433

Administrative Dissolutions

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-31-1421

REGULATORY BODY: Attorney General

STATUTE TEXT: (a) Upon determining that one or more grounds exist under Section 33-31-1420(a) for dissolving a corporation, the Secretary of State may serve the corporation with written notice of that determination under Section 33-31-504, and in the case of a public benefit corporation shall also notify the Attorney General in writing. (b) If the corporation does not correct each ground for dissolution or demonstrate to the reasonable satisfaction of the Secretary of State that each ground determined by the Secretary of State does not exist within at least sixty days after service of the notice is perfected under Section 33-31-504, the Secretary of State shall administratively dissolve the corporation by signing a certificate of dissolution that recites the ground or grounds for dissolution and its effective date. The Secretary of State shall file the original of the certificate and serve a copy on the corporation under Section 33-31-504, and in the case of a public benefit or religious corporation shall notify the Attorney General in writing. (c) A corporation administratively dissolved continues its corporate existence but may not carry on any activities except those necessary to wind up and liquidate its affairs under Section 33-31-1406 and notify its claimants under Sections 33-31-1407 and 33-31-1408. (d) The administrative dissolution of a corporation does not terminate the authority of its registered agent. HISTORY: 1994 Act No. 384, Section 1.

NOTES: Code 1976 § 33-31-1421

SC Code § 33-31-1421

REGULATORY BODY: Other

NOTES: Code 1976 § 33-31-1421

4 Notice, Oversight or Filing of Hospital Conversions

Has Statute

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

HOSPCON-STATUT-NS

REGULATORY BODY: Not Specific

NOTES: No

Requires Notice or Oversight

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

HOSPCON-OVERSI-AG

REGULATORY BODY: Attorney General

HOSPCON-OVERSI-OT

REGULATORY BODY: Other

Requires Filing

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

HOSPCON-FILING-OT

REGULATORY BODY: Other

5 Audits

Requires Audit

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

AUDITFI-AUDITS-NS

REGULATORY BODY: Not Specific

NOTES: No

Audit Threshold

Regulatory Action: REQUIREMENT

A regulation is NOT defined in the state

AUDITFI-THRESH-NS

REGULATORY BODY: Not Specific

6 Registration Law

Registration Law

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-30

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-30

7 Exemptions from Registering for Specific Organization Types

Religious Organizations

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-20(1)(b)(i)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-20(1)(b)(i)

Small organizations

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(3)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-50(A)(3) ($20k; not required to register if not using prof. fundraiser) and (B)(2) ($7500; not required to register no matter what type of fundraiser used)

Educational Institutions

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(1)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-50(A)(1) and (B)(1)

Governmental Organizations

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(6)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-50(A)(6)

Hospitals

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-HOSPIT-NS

REGULATORY BODY: Not Specific

NOTES: NO

Veterans organizations

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(5)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-50(A)(5)

Foundations

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-FNDYES-NS

REGULATORY BODY: Not Specific

NOTES: NO

Foundations that don’t solicit contributions

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-FNDNOS-NS

REGULATORY BODY: Not Specific

NOTES: NO

Charitable Trusts

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-CTRUST-NS

REGULATORY BODY: Not Specific

NOTES: NO

Parent-Teacher Organizations

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-PTOEDU-NS

REGULATORY BODY: Not Specific

NOTES: NO

Reports to congress

Regulatory Action: EXEMPTION

A regulation is NOT defined in the state

ORGTYPE-CONGRE-NS

REGULATORY BODY: Not Specific

NOTES: NO

Non-soliciting

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-30(A)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-30(A)

Fraternal/ Membership

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(4)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-50(A)(4)

Political Orgs

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-20(1)(b)(ii)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Code 1976 § 33-56-20(1)(b)(ii)

Other

Regulatory Action: EXEMPTION

YES: A regulation is defined in the state

SC Code § 33-56-50(A)(2)

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: specified persons Code 1976 § 33-56-50(A)(2)

8 Defined remedies

Dissolution

Regulatory Action: REMEDY

YES: A regulation is defined in the state

SC Code § 33-31-1430

REGULATORY BODY: Not Specific

NOTES: Code 1976 § 33-31-1430

Removal of Board Members

Regulatory Action: REMEDY

YES: A regulation is defined in the state

SC Code § 33-31-810

REGULATORY BODY: Not Specific

STATUTE TEXT: (a) The circuit court of the county where a corporation’s principal office in this State, or, if none in this State, its registered office, is located may remove any director of the corporation from office in a proceeding commenced either by the corporation, its members holding at least five percent of the voting power of any class to elect directors, or the Attorney General in the case of a public benefit corporation, if the court finds that: (1) the director engaged in fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the corporation, or a final judgment has been entered finding that the director has violated a duty set forth in Sections 33-31-830 through 33-31-833; and (2) removal is in the best interest of the corporation. (b) The court that removes a director may bar the director from serving on the board for a period prescribed by the court. (c) If members or the Attorney General commence a proceeding under subsection (a), the corporation must be made a party defendant. (d) If a public benefit corporation or its members commence a proceeding under subsection (a), they shall give the Attorney General written notice of the proceeding. (e) The articles or bylaws of a religious corporation may limit or prohibit the application of this section. HISTORY: 1994 Act No. 384, Section 1.

NOTES: S.C. Code Ann. § 33-31-810

9 Oversight of professional fundraisers

Does the state require registration by commercial fundraisers?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-110

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-110

Does the state require registration by fundraising counsel?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-110

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-110

Does the state oversee commercial-coventuring (e.g. by requiring that the co-venture be registered or by requiring that the charitable organization files the co-venture contract)?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-110

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-110: Registration; *S.C. Code Ann. § 33-56-70: Contract Requirements

SC Code § 33-56-70

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-110: Registration; *S.C. Code Ann. § 33-56-70: Contract Requirements

Does the state require the fundraisers to provide notice to the regulator before any solicitation campaign (in addition to annual registration and/or filing the contract)?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-70

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Yes, must submit contract 10 days before start of solicitation, plus fundraiser must file a Notice of Solicitation. S.C. Code Ann. § 33-56-70

Does the state require specified disclosures to donors?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-90

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-90

Does the state require a copy of any contract between a charitable organization and a commercial fundraiser or fundraising counsel be filed with the regulator?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-70

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: S.C. Code Ann. § 33-56-70

Does the state require annual financial reporting by commercial fundraisers?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-70

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: Must file financial report within 90 days after end of solicitation or within 90 days of one-year anniversary of solicitations lasting 90 days. S.C. Code Ann. § 33-56-70

Does the state require bonding of professional fundraisers?

Regulatory Action: REQUIREMENT

YES: A regulation is defined in the state

SC Code § 33-56-110

REGULATORY BODY: Not Specific

STATUTE TEXT:

NOTES: At the time of application, a professional solicitor must file with and have approved by the Secretary of State a surety bond, and a list of all professional solicitors operating under the bond. The applicant or its employer must be the principal obligor in the sum of fifteen thousand dollars, with one or more sureties that are satisfactory to the Secretary of State and whose liability in the aggregate as the sureties at least equals that sum, and shall maintain the bond in effect so long as a registration is in effect. S.C. Code Ann. § 33-56-110