Current Status Bill Number:469 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950208 Primary Sponsor:Cork All Sponsors:Cork Drafted Document Number:GJK\21366HTC.95 Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Date of Last Amendment:19950223 Subject:Vacation time sharing plan
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950510 Recommitted to Committee 11 SJ
Senate 19950309 Read second time, notice of
general amendments
Senate 19950223 Committee amendment adopted
Senate 19950222 Committee report: Favorable with 11 SJ
amendment
Senate 19950208 Introduced, read first time, 11 SJ
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
February 23, 1995
S. 469
S. Printed 2/23/95--S.
Read the first time February 8, 1995.
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 OF 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.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
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 by other means, which is subject to supplemental agreement or contract for use of the time share unit, whereby the purchaser receives an undivided ownership interest in real property and the right to use accommodations or facilities, or both, for a specific 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 undivided fee simple ownership interest in the real property, for a specific period or periods of time during any given year, but not necessarily for consecutive years, and 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."
SECTION 2. This act takes effect upon approval by the Governor.