Current Status Bill Number:
3606Ratification Number: 85Act Number: 44Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19950215Primary Sponsor: RichardsonAll Sponsors: RichardsonDrafted Document Number: jic\5391htc.95Date Bill Passed both Bodies: 19950509Date of Last Amendment: 19950321Governor's Action: SDate of Governor's Action: 19950517Subject: Vacation time sharing plan
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19950517 Act No. A44 ------ 19950517 Signed by Governor ------ 19950511 Ratified R85 Senate 19950509 Read third time, enrolled for ratification Senate 19950427 Debate adjourned Senate 19950412 Notice of general amendments Senate 19950411 Read second time Senate 19950406 Polled out of Committee: Favorable 11 SJ Senate 19950330 Introduced, read first time, 11 SJ referred to Committee House 19950329 Read third time, sent to Senate House 19950328 Objection withdrawn by Representative Hallman Cain Seithel Law Fulmer Dantzler House 19950323 Objection withdrawn by Representative Robinson House 19950322 Objection by Representative Fulmer Hallman Seithel Whatley Limehouse Cain Law Cotty Dantzler Robinson House 19950321 Amended, read second time House 19950316 Committee report: Favorable with 25 HJ amendment House 19950215 Introduced, read first time, 25 HJ referred to CommitteeView additional legislative information at the LPITS web site.
(A44, R85, H3606)
AN ACT TO AMEND SECTION 27-32-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF VACATION TIME SHARING PLAN, SO AS TO REVISE THE DEFINITION OF VACATION TIME SHARING OWNERSHIP PLAN TO, AMONG OTHER THINGS, PROVIDE THAT SUCH A PLAN IS AN INTEREST IN SUCH PROPERTY, TO ALLOW SUCH A PLAN TO BE CREATED IN A CONDOMINIUM ESTABLISHED FOR A TERM FOR YEARS IN LEASEHOLD INTEREST OF MORE THAN THIRTY YEARS, AND PROVIDE THAT ALL SUCH INTERESTS ARE RECOGNIZED AS INTERESTS IN REAL PROPERTY, AND TO REVISE THE DEFINITION OF VACATION TIME SHARING LEASE PLAN SO AS TO PROVIDE THAT THESE LEASES DO NOT CONVEY AN INTEREST IN REAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
Time sharing arrangements
SECTION 1. Items (7) and (8) of Section 27-32-10 of the 1976 Code, as last amended by Act 385 of 1994, are further amended to read:
"(7) `Vacation time sharing ownership plan' means any arrangement, plan or similar devise, whether by tenancy in common, sale, term for years, deed, or other means, whereby the purchaser receives an ownership interest in real property and the right to use accommodations or facilities, or both, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. A vacation time sharing ownership plan may be created in a condominium established on a term for years or leasehold interest having an original duration of thirty years or longer. An interest in a vacation time sharing ownership plan is recognized as an interest in real property for all purposes under the laws of this State.
(8) `Vacation time sharing lease plan' means any arrangement, plan, or similar devise, whether by membership agreement, lease, rental agreement, license, use agreement, security, or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, but does not receive an ownership interest in real property, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. Such lease plans do not include an arrangement or agreement whereby a purchaser in exchange for an advance fee and yearly dues is entitled to select from a designated list of facilities located in more than one state accommodations, of companies which operate nationwide in at least nine states in the United States through franchises or ownership, for a specified time period and at reduced rates and under which no interest in real property is transferred."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 17th day of May, 1995.