South Carolina General Assembly
116th Session, 2005-2006

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Bill 3478

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

AMENDED

March 28, 2006

H. 3478

Introduced by Rep. Huggins

S. Printed 3/28/06--S.

Read the first time April 13, 2005.

            

A BILL

TO AMEND SECTION 40-57-145, AS AMENDED, RELATING TO GROUNDS FOR DENIAL OF LICENSURE OR FOR DISCIPLINARY ACTION AGAINST REAL ESTATE PROFESSIONALS, INCLUDING BROKERS, AGENTS, AND PROPERTY MANAGERS, SO AS TO CLARIFY THAT PAYMENT OF A COMMISSION OR COMPENSATION TO AN UNLICENSED INDIVIDUAL IS PROHIBITED FOR CONDUCTING ACTIVITIES REQUIRING A LICENSE AND TO FURTHER PROVIDE WHEN SUCH PAYMENTS ARE AUTHORIZED.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 40-57-145(A)(11) of the 1976 Code, as last amended by Act 218 of 2004, is further amended to read:

"(11)    pays a reduces a previously negotiated commission or compensation to an unlicensed individual or offers anything of value, other than the consideration recited in the buyer agency, listing, or relocation service agreement, as an inducement to enter into a real estate transaction that is not disclosed in writing on the HUD-1 or closing settlement statement. Notwithstanding this section, a licensee may not pay or offer to pay a cash rebate; in addition, a licensee may not pay or offer to pay a referral fee or finder's fee to an unlicensed individual;"

SECTION    2.    This act takes effect upon approval by the Governor.

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