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TO AMEND SECTION 27-47-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MANUFACTURED HOME PARK LEASES, SO AS TO REQUIRE THAT IN SUCH LEASES FOR TEN YEARS OR MORE THE RENEWAL LEASE AMOUNT MAY NOT EXCEED THE ORIGINAL LEASE AMOUNT ADJUSTED FOR INCREASES IN THE CONSUMER PRICE INDEX OVER THE TERM OF THE LEASE, PLUS TWENTY PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27-47-310(C) of the 1976 Code, as added by Act 135 of 1991, is amended to read:
"(C) If The agreement provides must provide an option for renewal, and the amount of rent to be paid for tenancy during the option must be stated in the agreement. In leases for ten years or longer the amount of the lease upon renewal may not exceed the original lease amount adjusted for increases in the consumer price index over the previous term of the lease plus twenty percent of the adjusted amount."
SECTION 2. This act takes effect upon approval by the Governor.
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