North Carolina General Statutes Chapter 78C Investment Advisers

Article 1 - Title and Definitions.

N.C. Gen. Stat. § 78C-1. Title
This Chapter shall be known and may be cited as the North Carolina Investment Advisers Act. (1987 (Reg. Sess., 1988), c. 1098, s. 1.)
N.C. Gen. Stat. § 78C-2. Definitions
When used in this Chapter, the definitions of G.S. 78A-2 shall apply along with the following, unless the context otherwise requires: (1) "Investment adviser"...
N.C. Gen. Stat. § 78C-3 through 78C-7. Reserved for future codification purposes

Article 2 - Fraudulent and Prohibited Practices.

N.C. Gen. Stat. § 78C-8. Advisory activities
(a) It is unlawful for any person who receives, directly or indirectly, any consideration from another person for advising the other person as to...
N.C. Gen. Stat. § 78C-9. Misleading filings
It is unlawful for any person to make or cause to be made, in any document filed with the Administrator or in any proceeding...
N.C. Gen. Stat. § 78C-10. Unlawful representations concerning registration or exemption
(a) Neither (i) the fact that an application for registration under Article 3 of this Chapter has been filed nor (ii) the fact that...
N.C. Gen. Stat. § 78C-11 through 78C-15. Reserved for future codification purposes

Article 3 - Registration and Notice Filing Procedures of Investment Advisers and Investment Adviser Representatives.

N.C. Gen. Stat. § 78C-16. Registration and notice filing requirement
(a) It is unlawful for any person to transact business in this State as an investment adviser unless: (1) The person is registered under...
N.C. Gen. Stat. § 78C-17. Registration and notice filing procedures
(a) An investment adviser, or investment adviser representative may obtain an initial or renewal registration by filing with the Administrator or the Administrator's designee...
N.C. Gen. Stat. § 78C-18. Post-registration provisions
(a) Every registered investment adviser shall make and keep such accounts, correspondence, memoranda, papers, books and records as the Administrator by rule prescribes, subject...
N.C. Gen. Stat. § 78C-19. Denial, revocation, suspension, bar, censure, cancellation, and withdrawal of registration
(a) The Administrator may by order deny, suspend or revoke any registration, or bar or censure any registrant or any officer, director, partner or...
N.C. Gen. Stat. § 78C-20. Methods of registration
(a) All applications for initial and renewal registrations or notice filings required under G.S. 78C-17 shall be filed with the Investment Adviser Registration Depository...
N.C. Gen. Stat. § 78C-21 through 78C-25. Reserved for future codification purposes

Article 4 - Administration and Review.

N.C. Gen. Stat. § 78C-26. Administration of Chapter
(a) This Chapter shall be administered by the Secretary of State. The Secretary of State as Administrator may delegate all or part of the...
N.C. Gen. Stat. § 78C-27. Investigations and subpoenas
(a) The Administrator in his discretion: (1) May make any investigation within or outside of this State as the Administrator deems necessary to determine...
N.C. Gen. Stat. § 78C-28. Injunctions; cease and desist orders; civil penalties
(a) Whenever it appears to the Administrator that any person has engaged or is about to engage in any act or practice constituting a...
N.C. Gen. Stat. § 78C-29. Judicial review of orders
(a) Any person aggrieved by a final order of the Administrator may obtain a review of the order in the Superior Court of Wake...
N.C. Gen. Stat. § 78C-30. Rules, forms, orders, and hearings
(a) The Administrator may from time to time make, amend, and rescind such rules, forms, and orders as are necessary to carry out the...
N.C. Gen. Stat. § 78C-31. Administrative files and opinions
(a) A document is filed when it is received by the Administrator. (b) The Administrator shall keep a register of all applications for registration...
N.C. Gen. Stat. § 78C-32 through 78C-37. Reserved for future codification purposes

Article 5 - Civil Liabilities and Criminal Penalties.

N.C. Gen. Stat. § 78C-38. Civil liabilities
(a) Any person who: (1) Engages in the business of advising others, for compensation, either directly or through publications or writings, as to the...
N.C. Gen. Stat. § 78C-39. Criminal penalties
(a) Any person who willfully violates any provision of this Chapter except G.S. 78C-8(a)(1), 78C-8(a)(2), 78C-8(b), or 78C-9 is guilty of a Class I...
N.C. Gen. Stat. § 78C-40. Burden of proof
In a civil or administrative proceeding brought under this Chapter, the burden of proving an exemption or an exception from a definition is upon...
N.C. Gen. Stat. § 78C-41 through 78C-45. Reserved for future codification purposes

Article 6 - Miscellaneous Provisions.

N.C. Gen. Stat. § 78C-46. Scope of the Chapter; service of process
(a) G.S. 78C-8, 78C-16(a) and (b), 78C-10, and 78C-38 apply when any act instrumental in effecting prohibited conduct is done in this State, whether...
N.C. Gen. Stat. § 78C-47. Statutory policy
This Chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and...
N.C. Gen. Stat. § 78C-48. Severability of provisions
If any provision of this Chapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other...
N.C. Gen. Stat. § 78C-49 through 78C-59. Reserved for future codification purposes

Article 7 - Sports Agents.

N.C. Gen. Stat. § 78C-60 through 78C-62. Expired
N.C. Gen. Stat. § 78C-63 through 78C-70. Reserved for future codification purposes

Article 8 - Regulation of Athlete Agents.

N.C. Gen. Stat. § 78C-71 through 78C-81. Repealed by Session Laws 2003-375, s. 1, effective August 1, 2003
N.C. Gen. Stat. § 78C-82 through 78C-84. Reserved for future codification purposes

Article 9 - Uniform Athlete Agents Act.

N.C. Gen. Stat. § 78C-85. Title
This Article may be cited as the "Uniform Athlete Agents Act". (2003-375, s. 2.)
N.C. Gen. Stat. § 78C-86. Definitions
The following definitions apply in this Article: (1) Agency contract. - An agreement in which a student-athlete authorizes a person to negotiate or solicit...
N.C. Gen. Stat. § 78C-87. Service of process; subpoenas
(a) By acting as an athlete agent in this State, a nonresident individual appoints the Secretary of State as the individual's agent for service...
N.C. Gen. Stat. § 78C-88. Athlete agents; registration required; exceptions; void contracts
(a) Except as otherwise provided in this section, an individual may not act as an athlete agent in this State without holding a certificate...
N.C. Gen. Stat. § 78C-89. Registration as athlete agent; form; requirements
(a) An individual seeking registration as an athlete agent shall submit an application for registration to the Secretary of State in a form prescribed...
N.C. Gen. Stat. § 78C-90. Certificate of registration; issuance or denial; renewal
(a) Except as otherwise provided in subsection (b) of this section, the Secretary of State shall issue a certificate of registration to an individual...
N.C. Gen. Stat. § 78C-91. Suspension; revocation; refusal to renew registration
(a) The Secretary of State may suspend, revoke, or refuse to renew a registration for conduct that would have justified denial of registration under...
N.C. Gen. Stat. § 78C-92. Temporary registration
The Secretary of State may issue a temporary certificate of registration while an application for registration or renewal of registration is pending. (2003-375, s.
N.C. Gen. Stat. § 78C-93. Registration; renewal of fees
An application for registration or renewal of registration must be accompanied by a fee in the following amount: (1)....... Application for registration................................................................ $200.00 (2)..........
N.C. Gen. Stat. § 78C-94. Required form of contract
(a) An agency contract must be in a record, signed or otherwise authenticated by the parties. (b) An agency contract must state or contain...
N.C. Gen. Stat. § 78C-95. Notice to educational institution
(a) Within 72 hours after entering into an agency contract or before the next scheduled athletic event in which the student-athlete may participate, whichever...
N.C. Gen. Stat. § 78C-96. Student-athlete's right to cancel
(a) A student-athlete may cancel an agency contract by giving notice of the cancellation to the athlete agent in a record within 14 days...
N.C. Gen. Stat. § 78C-97. Required records; waiver of attorney-client privilege
(a) An athlete agent shall retain the following records for a period of five years: (1) The name and address of each individual represented...
N.C. Gen. Stat. § 78C-98. Prohibited conduct
(a) An athlete agent, with the intent to induce a student-athlete to enter into an agency contract, shall not: (1) Give any materially false...
N.C. Gen. Stat. § 78C-99. Criminal penalties
An athlete agent who violates any provision under G.S. 78C-98(a) is guilty of a Class I felony. (2003-375, s. 2.)
N.C. Gen. Stat. § 78C-100. Civil remedies
(a) An educational institution has a right of action against an athlete agent or a former student-athlete for damages caused by a violation of...
N.C. Gen. Stat. § 78C-101. Administrative penalty
The Secretary of State may assess a civil penalty against an athlete agent not to exceed twenty-five thousand dollars ($25,000) for a violation of...
N.C. Gen. Stat. § 78C-102. Uniformity of application and construction
In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its...
N.C. Gen. Stat. § 78C-103. Electronic Signatures in Global and National Commerce Act
The provisions of this Article governing the legal effect, validity, or enforceability of electronic records or signatures, and of contracts formed or performed with...
N.C. Gen. Stat. § 78C-104. Severability
If any provision of this Article or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions...
N.C. Gen. Stat. § 78C-105. Rules
The Secretary of State may, in accordance with Chapter 150B of the General Statutes, adopt rules necessary to carry out the provisions of this...

Last modified: March 23, 2014