Current Status Bill Number:4739 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960313 Primary Sponsor:Kirsh All Sponsors:Kirsh Drafted Document Number:bbm\10665jm.96 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:South Carolina-Situate Real Property
Body Date Action Description Com Leg Involved
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House 19960313 Introduced, read first time, 26 HLCI
referred to Committee
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TO AMEND SECTION 40-57-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LICENSING OF NONRESIDENTS TO SELL SOUTH CAROLINA-SITUATE REAL PROPERTY, SO AS TO REQUIRE AFFILIATION WITH A RESIDENT LICENSED BROKER, PROVIDE THAT THE SALE OR LEASE OF SOUTH CAROLINA-SITUATE PROPERTY IS VOID UNLESS THE PROPERTY WAS LISTED WITH A RESIDENT LICENSED BROKER, AND REQUIRE A RESIDENT LICENSED BROKER TO ASCERTAIN AND VERIFY THAT A NONRESIDENT REAL ESTATE SALESMAN WAS THE HOLDER OF A VALID NONRESIDENT REAL ESTATE SALESMAN LICENSE ISSUED IN SOUTH CAROLINA, WITH RESPECT TO CERTAIN TRANSACTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-57-140(C) of the 1976 Code, as amended by Act 609 of 1988, is amended to read:
"(C) A nonresident real estate salesman license may not be granted to an applicant unless that applicant is affiliated with a resident or nonresident broker licensed by the commission. If a nonresident licensee terminates the affiliation with a resident broker licensed by the commission, the license of the nonresident is canceled unless he places the license on inactive status or affiliates with another resident broker licensed by the commission. The sale or lease of real property situate in the State of South Carolina is void unless the property was listed with a resident broker licensed by the commission. It shall be the duty of a resident broker licensed by the commission to ascertain and state under oath to the commission that a nonresident real estate salesman was at all times during the transaction the holder of a valid nonresident real estate salesman license issued by the commission pursuant to this chapter, if the property was in fact sold or leased by such nonresident salesman."
SECTION 2. This act takes effect upon approval by the Governor.