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COMMITTEE AMENDMENT ADOPTED
May 14, 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 5/14/01--S.
Read the first time March 22, 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. Section 27-32-320(B)(3) of the 1976 Code 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
by the vote required for amendments to the timeshare instrument as provided in the timeshare instrument or, if there is no such provision, 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.
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