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March 12, 2001
Introduced by Reps. Snow, Altman, Bales, Barfield, Breeland, R. Brown, Campsen, Edge, Gilham, Harvin, Keegan, Kelley, Limehouse, Miller, Rodgers, Scarborough, Vaughn, Whatley and Witherspoon
S. Printed 3/12/01--H.
Read the first time January 25, 2001.
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 TIME-SHARING UNIT MAY BE CHARGED AN UP-FRONT APPRAISAL FEE FOR THE RESALE OF HIS OWNERSHIP INTEREST BUT INSTEAD MAY ONLY BE CHARGED A 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.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 27-32-55. No owner of an interest in a vacation time-sharing 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."
SECTION 2. This act takes effect upon approval by the Governor.
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