COLUMBIA, S.C. - The House Judiciary Committee approved a bill Tuesday that would give the State Grand Jury expanded powers to investigate securities fraud.

The bill also would change the statute of limitations for cases involving deception of an investor to three years after discovery of the untrue statement or omission or five years after the discovery should have been made through reasonable diligence.

The bill was created after state Attorney General Henry McMaster began an investigation of Carolina Investors Inc., which closed its doors in March and filed for protection from creditors in U.S. Bankruptcy Court last month.

Carolina Investors' parent company, HomeGold Financial, also filed for bankruptcy protection last month. McMaster is investigating Carolina Investors and its related companies to determine if any laws were broken.

The bill, which already has been approved by the Senate, now moves to the full House for debate.