A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 27-32-40, RELATING TO FURNISHING COPIES OF TIMESHARE CONTRACTS TO PURCHASERS, SO AS TO PROVIDE THAT A PURCHASER MAY CANCEL THE CONTRACT WITHIN TEN DAYS OF SIGNING.

 

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

 

SECTION 1.  Section 27-32-40(A)(5) of the S.C. Code is amended to read:

 

    (5)(a) following statement in immediate proximity to the space reserved in the contract for the signature of the purchaser and in bold type:

           "YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FIVE DAYS AFTER THE DATE YOU SIGN THIS CONTRACT, NOT INCLUDING SUNDAY IF THAT IS THE FIFTH DAY, OR THE DATE YOU RECEIVE THE DISCLOSURE STATEMENT PURSUANT TO SECTION 27-32-100, WHICHEVER OCCURS LATER. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANOTHER VERIFIABLE MEANS, TO (NAME OF SELLER) AT (SELLER'S ADDRESS).""You may cancel this contract without penalty or obligation within ten days after the date you sign this contract, not including Sunday if that is the tenth day, or the date you receive the disclosure statement pursuant to Section 27-32-100, whichever occurs later. If you decide to cancel, you must notify the seller in writing of your intent to cancel by sending notice by certified mail, return receipt requested, or by another verifiable means, to (name of seller) at (seller's address)."

           (b) in the case of a vacation time sharing lease plan the following statement also must be included:

           "YOU ALSO MAY CANCEL THIS CONTRACT AT ANY TIME IN CASE THE ACCOMMODATIONS OR FACILITIES PROVIDED IN THE CONTRACT OR COMPARABLE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE.""You also may cancel this contract at any time in case the accommodations or facilities provided in the contract or comparable accommodations or facilities are no longer available."

 

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

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