Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.
3366Ratification Number: 72Act Number: 35Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20010125Primary Sponsor: SnowAll Sponsors: Snow, Altman, Bales, Barfield, Breeland, R. Brown, Campsen, Edge, Gilham, Harvin, Keegan, Kelley, Limehouse, Miller, Rodgers, Scarborough, Vaughn, Whatley and WitherspoonDrafted Document Number: l:\council\bills\gjk\20140sd01.docDate Bill Passed both Bodies: 20010522Date of Last Amendment: 20010514Governor's Action: U Became law without signature of GovernorDate of Governor's Action: 20010530Subject: Vacation time-sharing unit, owner charged marketing fee or commission upon resale of; Property, Rental, Real estateHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010611 Act No. A35 ------ 20010530 Unsigned, became law without signature of Governor ------ 20010523 Ratified R72 House 20010522 Concurred in Senate amendment, enrolled for ratification Senate 20010515 Read third time, returned to House with amendment Senate 20010514 Read second time, unanimous consent for third reading on Tuesday, 20010515 Senate 20010514 Committee amendment adopted Senate 20010509 Committee report: Favorable with 11 SJ amendment Senate 20010322 Introduced, read first time, 11 SJ referred to Committee House 20010320 Read third time, sent to Senate House 20010312 Amended, read second time ------ 20010308 Scrivener's error corrected House 20010307 Committee report: Favorable with 26 HLCI amendment House 20010125 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on March 7, 2001 - Word format Revised on March 8, 2001 - Word format Revised on March 12, 2001 - Word format Revised on May 9, 2001 - Word format Revised on May 14, 2001 - Word format
(A35, R72, H3366)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-32-55 SO AS TO PROVIDE THAT NO OWNER OF AN INTEREST IN A VACATION TIMESHARING UNIT MAY BE CHARGED AN UP-FRONT APPRAISAL FEE FOR THE RESALE OF HIS OWNERSHIP INTEREST BUT INSTEAD MAY ONLY BE CHARGED AN UP-FRONT MARKETING FEE OR COMMISSION UPON THE RESALE OF THE UNIT IN AN AMOUNT STIPULATED BY WRITTEN AGREEMENT BETWEEN THE OWNER AND HIS SALES AGENT, AND TO PROVIDE THAT ANY PERSON VIOLATING THE PROVISIONS OF THIS SECTION IS DEEMED TO HAVE COMMITTED AN UNFAIR TRADE PRACTICE AND IS SUBJECT TO ALL PENALTIES AND REMEDIES PROVIDED BY LAW FOR THIS VIOLATION; AND TO AMEND SECTION 27-32-320, RELATING TO FORECLOSURE OF MORTGAGE AND ASSESSMENT LIENS IN REGARD TO VACATION TIMESHARING UNITS AND PROVISIONS IN THE TIMESHARE INSTRUMENT IN REGARD THERETO, SO AS TO FURTHER PROVIDE FOR THE MANNER IN WHICH AMENDMENTS TO THE TIMESHARE INSTRUMENT MAY BE MADE.
Be it enacted by the General Assembly of the State of South Carolina:
Authorized fees upon resale; unfair trade practice
SECTION 1. The 1976 Code is amended by adding:
"Section 27-32-55. No owner of an interest in a vacation timesharing unit as such term is defined in Section 27-32-10(10) may be charged an up-front appraisal fee for the resale of his ownership interest but instead may only be charged an up-front marketing fee or commission upon the resale of the unit in an amount stipulated by written agreement between the owner and his sales agent.
Any person violating the provisions of this section is deemed to have committed an unfair trade practice under Section 39-5-20 and is subject to all penalties and remedies provided by law for this violation."
Amendments to timeshare instrument
SECTION 2. Section 27-32-320(B)(3) of the 1976 Code, as added by Act 262 of 2000, is amended to read:
"(3) As to any timeshare instrument recorded prior to the effective date of this article, an amendment to the timeshare instrument must include the notice required by item (1) of this subsection and upon approval of the amendment to the timeshare instrument, a copy of the amendment must be sent by the managing entity to each timeshare estate obligor. The amendment must be approved by the association on the affirmative vote of fifteen percent of the obligors of the association. If an amendment is adopted, the notice required under item (2) of this subsection is not required to be given to persons who are obligors on the date the amendment to the timeshare instrument is adopted."
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 23rd day of May, 2001.
Became law without the signature of the Governor -- 5/30/01.
This web page was last updated on Tuesday, December 8, 2009 at 11:20 A.M.