South Carolina General Assembly
114th Session, 2001-2002

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Bill 3366


                    Current Status

Bill Number:                      3366
Ratification Number:              72
Act Number:                       35
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010125
Primary Sponsor:                  Snow
All Sponsors:                     Snow, Altman, Bales, Barfield, Breeland, 
                                  R. Brown, Campsen, Edge, Gilham, Harvin, 
                                  Keegan, Kelley, Limehouse, Miller, Rodgers, 
                                  Scarborough, Vaughn, Whatley and Witherspoon
Drafted Document Number:          l:\council\bills\gjk\20140sd01.doc
Date Bill Passed both Bodies:     20010522
Date of Last Amendment:           20010514
Governor's Action:                U  Became law without signature of 
                                  Governor
Date of Governor's Action:        20010530
Subject:                          Vacation time-sharing unit, owner charged 
                                  marketing fee or commission upon resale of; 
                                  Property, Rental, Real estate


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010611  Act No. A35
------  20010530  Unsigned, became law without
                  signature of Governor
------  20010523  Ratified R72
House   20010522  Concurred in Senate amendment, 
                  enrolled for ratification
Senate  20010515  Read third time, returned to House
                  with amendment
Senate  20010514  Read second time, unanimous
                  consent for third reading on 
                  Tuesday, 20010515
Senate  20010514  Committee amendment adopted
Senate  20010509  Committee report: Favorable with       11 SJ
                  amendment
Senate  20010322  Introduced, read first time,           11 SJ
                  referred to Committee
House   20010320  Read third time, sent to Senate
House   20010312  Amended, read second time
------  20010308  Scrivener's error corrected
House   20010307  Committee report: Favorable with       26 HLCI
                  amendment
House   20010125  Introduced, read first time,           26 HLCI
                  referred to Committee


              Versions of This Bill
Revised on March 7, 2001 - Word format
Revised on March 8, 2001 - Word format
Revised on March 12, 2001 - Word format
Revised on May 9, 2001 - Word format
Revised on May 14, 2001 - Word format

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A35, R72, H3366)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-32-55 SO AS TO PROVIDE THAT NO OWNER OF AN INTEREST IN A VACATION TIMESHARING UNIT MAY BE CHARGED AN UP-FRONT APPRAISAL FEE FOR THE RESALE OF HIS OWNERSHIP INTEREST BUT INSTEAD MAY ONLY BE CHARGED AN UP-FRONT MARKETING FEE OR COMMISSION UPON THE RESALE OF THE UNIT IN AN AMOUNT STIPULATED BY WRITTEN AGREEMENT BETWEEN THE OWNER AND HIS SALES AGENT, AND TO PROVIDE THAT ANY PERSON VIOLATING THE PROVISIONS OF THIS SECTION IS DEEMED TO HAVE COMMITTED AN UNFAIR TRADE PRACTICE AND IS SUBJECT TO ALL PENALTIES AND REMEDIES PROVIDED BY LAW FOR THIS VIOLATION; AND TO AMEND SECTION 27-32-320, RELATING TO FORECLOSURE OF MORTGAGE AND ASSESSMENT LIENS IN REGARD TO VACATION TIMESHARING UNITS AND PROVISIONS IN THE TIMESHARE INSTRUMENT IN REGARD THERETO, SO AS TO FURTHER PROVIDE FOR THE MANNER IN WHICH AMENDMENTS TO THE TIMESHARE INSTRUMENT MAY BE MADE.

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

Authorized fees upon resale; unfair trade practice

SECTION 1. The 1976 Code is amended by adding:

"Section 27-32-55. No owner of an interest in a vacation timesharing unit as such term is defined in Section 27-32-10(10) may be charged an up-front appraisal fee for the resale of his ownership interest but instead may only be charged an up-front marketing fee or commission upon the resale of the unit in an amount stipulated by written agreement between the owner and his sales agent.

Any person violating the provisions of this section is deemed to have committed an unfair trade practice under Section 39-5-20 and is subject to all penalties and remedies provided by law for this violation."

Amendments to timeshare instrument

SECTION 2. Section 27-32-320(B)(3) of the 1976 Code, as added by Act 262 of 2000, is amended to read:

"(3) As to any timeshare instrument recorded prior to the effective date of this article, an amendment to the timeshare instrument must include the notice required by item (1) of this subsection and upon approval of the amendment to the timeshare instrument, a copy of the amendment must be sent by the managing entity to each timeshare estate obligor. The amendment must be approved by the association on the affirmative vote of fifteen percent of the obligors of the association. If an amendment is adopted, the notice required under item (2) of this subsection is not required to be given to persons who are obligors on the date the amendment to the timeshare instrument is adopted."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Ratified the 23rd day of May, 2001.

Became law without the signature of the Governor -- 5/30/01.

__________


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