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COMMITTEE REPORT
May 9, 2001
H. 3366
Introduced by Reps. Snow, Altman, Bales, Barfield, Breeland, R. Brown, Campsen, Edge, Gilham, Harvin, Keegan, Kelley, Limehouse, Miller, Rodgers, Scarborough, Vaughn, Whatley and Witherspoon
S. Printed 5/9/01--S.
Read the first time March 22, 2001.
To whom was referred a Bill (H. 3366) 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 time-sharing unit may be charged an up-front appraisal fee for the resale of his ownership interest, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, page 2, line 1, by adding an appropriately numbered SECTION to read:
/ SECTION ___. Section 27-32-320(B)(3) of the 1976 Code 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 by the vote required for amendments to the timeshare instrument as provided in the timeshare instrument or, if there is no such provision, 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." /
Renumber sections to conform.
Amend title to conform.
LUKE RANKIN for Committee.
EXPLANATION OF IMPACT:
The Judicial Department has indicated that there would be no cost on the General Fund of the State nor on federal and/or other funds.
Approved By:
Don Addy
Office of State Budget
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 TIME-SHARING UNIT MAY BE CHARGED AN UP-FRONT APPRAISAL FEE FOR THE RESALE OF HIS OWNERSHIP INTEREST BUT INSTEAD MAY ONLY BE CHARGED A 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.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 27-32-55. No owner of an interest in a vacation time-sharing 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."
SECTION 2. This act takes effect upon approval by the Governor.
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