S*1591(Rat #0668, Act #0544 of 1990)  General Bill, By Senate Judiciary
 A Bill to amend Section 27-32-40, Code of Laws of South Carolina, 1976,
 relating to vacation time-sharing plans, so as to provide for the cancellation
 statement for a lease and ownership plans signed by the buyer to be in bold
 type on a separate page instead of in no smaller type than that in the body of
 the contract.

   05/08/90  Senate Introduced, read first time, placed on calendar
                     without reference SJ-12
   05/10/90  Senate Read second time SJ-27
   05/10/90  Senate Unanimous consent for third reading on next
                     legislative day SJ-27
   05/11/90  Senate Read third time and sent to House SJ-3
   05/15/90  House  Introduced and read first time HJ-9
   05/15/90  House  Referred to Committee on Judiciary HJ-9
   05/24/90  House  Committee report: Favorable Judiciary HJ-14
   05/30/90  House  Read second time HJ-12
   05/31/90  House  Read third time and enrolled HJ-45
   06/05/90         Ratified R 668
   06/06/90         Signed By Governor
   06/06/90         Effective date 06/06/90
   06/06/90         Act No. 544
   07/02/90         Copies available

AN ACT TO AMEND SECTION 27-32-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO VACATION TIME-SHARING PLANS, SO AS TO PROVIDE FOR THE CANCELLATION STATEMENT FOR A LEASE AND OWNERSHIP PLANS SIGNED BY THE BUYER TO BE IN BOLD TYPE ON A SEPARATE PAGE INSTEAD OF IN NO SMALLER TYPE THAN THAT IN THE BODY OF THE CONTRACT.

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

Vacation time-sharing plan; cancellation in bold type

SECTION 1. Section 27-32-40 of the 1976 Code, as amended, is amended to read:

"Section 27-32-40. (A) It shall be a violation of this chapter for the seller of a vacation time-sharing plan to fail to utilize and furnish the buyer with a fully completed copy of a contract pertaining to such sale at the time of its execution which shall include:

(1) the actual date the contract is executed by all parties;

(2) the name and address of the seller;

(3) in immediate proximity to the space reserved in the contract for the signature of the buyer and in bold type on a separate page which must be signed by the buyer as an acknowledgment:

(a) in the case of a vacation time-sharing lease plan the following statement:

'YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FOUR DAYS, NOT INCLUDING SUNDAY IF THAT IS THE FOURTH DAY, FROM THE ABOVE DATE. YOU MAY ALSO CANCEL THIS CONTRACT AT ANY TIME IN CASE THE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE AS PROVIDED IN THE CONTRACT. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE TO (NAME OF SELLER) BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED AT (SELLER'S ADDRESS).'

(b) in the case of a vacation time-sharing ownership plan the following statement:

'YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FOUR DAYS, NOT INCLUDING SUNDAY IF THAT IS THE FOURTH DAY, FROM THE ABOVE DATE, BY NOTIFYING THE SELLER IN WRITING OF YOUR INTENT TO CANCEL, SENDING HIM NOTICE THEREOF BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED. THIS RIGHT TO CANCEL SHALL NOT SURVIVE THE ACTUAL TRANSFER OF TITLE BY DEED WHERE THERE HAS BEEN AT LEAST THREE DAYS BETWEEN THE SIGNING OF THE CONTRACT AND TRANSFER BY DEED.'

(B) It shall be a violation of this chapter for the seller of a vacation time-sharing ownership plan to fail to furnish the buyer with an inventory of all furniture, fixtures, and appliances which will be located in the accommodation during the time period purchased under a vacation time-sharing lease plan or at closing."

Time effective

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

Approved the 6th day of June, 1990.