Bill 3606

                    Current Status

Bill Number:                    3606
Ratification Number:            85
Act Number:                     44
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19950215
Primary Sponsor:                Richardson 
All Sponsors:                   Richardson 
Drafted Document Number:        jic\5391htc.95
Date Bill Passed both Bodies:   19950509
Date of Last Amendment:         19950321
Governor's Action:              S
Date of Governor's Action:      19950517
Subject:                        Vacation time sharing plan

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950517  Act No. A44
------  19950517  Signed by Governor
------  19950511  Ratified R85
Senate  19950509  Read third time, enrolled for
                  ratification
Senate  19950427  Debate adjourned
Senate  19950412  Notice of general amendments
Senate  19950411  Read second time
Senate  19950406  Polled out of Committee: Favorable       11 SJ
Senate  19950330  Introduced, read first time,             11 SJ
                  referred to Committee
House   19950329  Read third time, sent to Senate
House   19950328  Objection withdrawn by Representative            Hallman
                                                                   Cain
                                                                   Seithel
                                                                   Law
                                                                   Fulmer
                                                                   Dantzler
House   19950323  Objection withdrawn by Representative            Robinson
House   19950322  Objection by Representative                      Fulmer
                                                                   Hallman
                                                                   Seithel
                                                                   Whatley
                                                                   Limehouse
                                                                   Cain
                                                                   Law
                                                                   Cotty
                                                                   Dantzler
                                                                   Robinson
House   19950321  Amended, read second time
House   19950316  Committee report: Favorable with         25 HJ
                  amendment
House   19950215  Introduced, read first time,             25 HJ
                  referred to Committee

(A44, R85, H3606)

AN ACT TO AMEND SECTION 27-32-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF VACATION TIME SHARING PLAN, SO AS TO REVISE THE DEFINITION OF VACATION TIME SHARING OWNERSHIP PLAN TO, AMONG OTHER THINGS, PROVIDE THAT SUCH A PLAN IS AN INTEREST IN SUCH PROPERTY, TO ALLOW SUCH A PLAN TO BE CREATED IN A CONDOMINIUM ESTABLISHED FOR A TERM FOR YEARS IN LEASEHOLD INTEREST OF MORE THAN THIRTY YEARS, AND PROVIDE THAT ALL SUCH INTERESTS ARE RECOGNIZED AS INTERESTS IN REAL PROPERTY, AND TO REVISE THE DEFINITION OF VACATION TIME SHARING LEASE PLAN SO AS TO PROVIDE THAT THESE LEASES DO NOT CONVEY AN INTEREST IN REAL PROPERTY.

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

Time sharing arrangements

SECTION 1. Items (7) and (8) of Section 27-32-10 of the 1976 Code, as last amended by Act 385 of 1994, are further amended to read:

"(7) `Vacation time sharing ownership plan' means any arrangement, plan or similar devise, whether by tenancy in common, sale, term for years, deed, or other means, whereby the purchaser receives an ownership interest in real property and the right to use accommodations or facilities, or both, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. A vacation time sharing ownership plan may be created in a condominium established on a term for years or leasehold interest having an original duration of thirty years or longer. An interest in a vacation time sharing ownership plan is recognized as an interest in real property for all purposes under the laws of this State.

(8) `Vacation time sharing lease plan' means any arrangement, plan, or similar devise, whether by membership agreement, lease, rental agreement, license, use agreement, security, or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, but does not receive an ownership interest in real property, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. Such lease plans do not include an arrangement or agreement whereby a purchaser in exchange for an advance fee and yearly dues is entitled to select from a designated list of facilities located in more than one state accommodations, of companies which operate nationwide in at least nine states in the United States through franchises or ownership, for a specified time period and at reduced rates and under which no interest in real property is transferred."

Time effective

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

Approved the 17th day of May, 1995.