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Bill 847

                    Current Status

Bill Number:                      847
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990520
Primary Sponsor:                  Reese
All Sponsors:                     Reese
Drafted Document Number:          l:\council\bills\dka\3540mm99.doc
Residing Body:                    Senate
Current Committee:                Transportation Committee 15 ST
Subject:                          Motor vehicle sales, consumer purchaser 
                                  has seventy-two hour recission period, dealer 
                                  provisions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990520  Introduced, read first time,           15 ST
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 56-15-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIFIC UNFAIR AND DECEPTIVE ACTS IN CONNECTION WITH THE SALE OF A MOTOR VEHICLE, SO AS TO PROVIDE FOR A SEVENTY-TWO HOUR RECISSION PERIOD FOR THE CONSUMER PURCHASER WHO CONTRACTS TO BUY A MOTOR VEHICLE AND TO PROVIDE THAT A CONSUMER PURCHASER OF A MOTOR VEHICLE IS NOT BOUND TO PERFORM A CONTRACT TO BUY UNLESS THE DOWN PAYMENT ACTUALLY HAS BEEN PAID TO AND ACCEPTED BY THE DEALER.

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

SECTION 1. Section 56-15-40(4) of the 1976 Code is amended by adding:

"(d) To require a consumer purchaser to perform pursuant to the terms of a contract to purchase any motor vehicle unless:

( i) before he signs the contract, the consumer purchaser has been advised in writing and by a conspicuously displayed notice at the dealer's business location that the purchaser has the right to rescind the contract, without liability, within seventy-two hours of execution of the contract; and

(ii) the down payment amount actually has been paid to and accepted by the motor vehicle dealer by the purchaser. This subitem does not apply if the down payment is waived in writing by the dealer, but the consumer purchaser retains the right of recission described in subitem (i)."

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

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