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TO AMEND SECTION 27-32-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FURNISHING OF A FULLY COMPLETED COPY OF A TIME SHARE CONTRACT BY A SELLER AND THE TERMS OF THE AGREEMENT, SO AS TO LENGTHEN FROM FIVE TO TEN DAYS THE CANCELLATION PERIOD FROM THE DATE THE CONTRACT IS SIGNED; AND TO AMEND SECTION 27-32-60, AS AMENDED, RELATING TO REFUND PAYMENTS AFTER THE CONTRACT IS EXECUTED, SO AS TO EXTEND FROM FIVE TO TEN DAYS THE RIGHT TO CANCELLATION PERIOD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27-32-40(5)(a) of the 1976 Code, as last amended by Act 84 of 2003, is further amended to read:
"(a) following statement in immediate proximity to the space reserved in the contract for the signature of the purchaser and in bold type:
"YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FIVE TEN DAYS AFTER THE DATE YOU SIGN THIS CONTRACT, NOT INCLUDING SUNDAY IF THAT IS THE FIFTH TENTH DAY, OR THE DATE YOU RECEIVE THE DISCLOSURE STATEMENT PURSUANT TO SECTION 27-32-100, WHICHEVER OCCURS LATER. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANOTHER VERIFIABLE MEANS, TO (NAME OF SELLER) AT (SELLER'S ADDRESS)."
SECTION 2. Section 27-32-60(3)(a) of the 1976 Code, as last amended by Act 84 of 2003, is further amended to read:
"(a) its purpose is to protect the purchaser's right to refund during the five-day ten-day right to cancellation period as provided in Section 27-32-40 or 27-32-50; and"
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, June 22, 2009 at 2:34 P.M.