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TO AMEND SECTION 40-57-135, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DUTIES OF A BROKER-IN-CHARGE AND A PROPERTY MANAGER-IN-CHARGE, SO AS TO PROHIBIT THE AUTOMATIC RENEWAL OF A MANAGEMENT AGREEMENT; AND TO AMEND SECTION 40-57-150, RELATING TO INVESTIGATIONS OF VIOLATIONS OF LAW BY REAL ESTATE BROKERS, SO AS TO REMOVE THE TIME LIMIT THE COMMISSION HAS TO RENDER A DECISION AND SERVE NOTICE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-57-135(E)) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) In addition to the above requirements, a management agreement may not contain a provision requiring a party signing the agreement to notify the licensee of his intention to cancel the listing after the definite expiration date."
SECTION 2. Section 40-57-150(C)(3) of the 1976 Code is amended to read:
"(3) The commission shall render a decision and shall serve immediate notice, in writing, of the commission's decision to the applicant or licensee charged. The commission also shall state in the notice the date upon which the ruling or decision becomes effective."
SECTION 3. This act takes effect upon approval by the Governor.
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