Bill Text: SC H3968 | 2015-2016 | 121st General Assembly | Introduced

South Carolina House Bill 3968 (Prior Session Legislation)

Introduced

Bill Title: Beneficiary rights in a trust based timeshare

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2015-04-14 - Referred to Committee on Labor, Commerce and Industry [H3968 Detail]

Download: South_Carolina-2015-H3968-Introduced.html

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-32-85 SO AS TO PROVIDE PURCHASE OF BENEFICIARY RIGHTS IN A TRUST-BASED TIMESHARE, WHERE ONE OR MORE OF THE PROPERTIES CONTAINED IN THE TRUST IS LOCATED IN THIS STATE, IS A REAL PROPERTY OWNERSHIP CONVEYANCE SUBJECT TO CERTAIN CLOSING REQUIREMENTS APPLICABLE TO TIMESHARES.

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

SECTION 1. Article 1, Chapter 32, Title 27 of the 1976 Code is amended by adding:

"Section 27-32-85. Purchase of beneficiary rights in a trust-based timeshare, where one or more of the properties contained in the trust is located in this State, is a real property ownership conveyance subject to all closing requirements contained within Section 27-32-410."

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