(A) There is created a special fund known as the " Vacation Time Sharing Recovery Fund", which must be maintained by the commission and funded as provided for the payment of claims to persons injured by the acts of persons registered or licensed pursuant to this chapter.
(B) The funds must be held and accumulated from year to year in the State Treasury in a special fund for the commission, designated as the "South Carolina Vacation Time Sharing Recovery Fund". The fund is a continuing fund not subject to fiscal year limitations, and is under the administrative direction of the commission. Expenditures from this fund must be made in accordance with the provisions of this chapter without legislative appropriation. Warrants for expenditures from the fund must be drawn by the Comptroller General pursuant to claims approved and signed by the commission.
HISTORY: 1981 Act No. 106, Section 5; 1994 Act No. 385, Section 50; 2003 Act No. 84, Section 1.
Structure South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 32 - Vacation Time Sharing Plans
Section 27-32-10. Definitions.
Section 27-32-30. Materials to be kept among business records of seller of plans.
Section 27-32-40. Furnishing copy of contract to purchaser; terms thereof.
Section 27-32-50. Request to cancel contract.
Section 27-32-55. Vacation time sharing resale services; written contract; and other requirements.
Section 27-32-60. Refund upon cancellation; escrow account.
Section 27-32-70. Misrepresentation of right to cancel.
Section 27-32-80. Transfer of seller's interest in plan or facilities to third party.
Section 27-32-100. Public offering statements; contents.
Section 27-32-110. Prohibited practices.
Section 27-32-115. Finder's fees; limitations on finder's activities.
Section 27-32-120. Penalties for violation of chapter; effect on contract.
Section 27-32-130. Enforcement and implementation of chapter; regulations.
Section 27-32-160. Grants in aid and contracts with similar agencies to further objectives.
Section 27-32-170. Proceeds from sale or exchange exempt from sales tax.
Section 27-32-190. Registration of plans; powers of the commission.
Section 27-32-200. Vacation Time Sharing Recovery Fund.
Section 27-32-210. Recovery from fund; conditions.
Section 27-32-220. Limitations on payments from fund.
Section 27-32-240. Property taxation of time share units; valuation; assessment; enforcement.
Section 27-32-250. Sales or exchanges of vacation multiple ownership interests.
Section 27-32-300. Short title.
Section 27-32-310. Definitions.
Section 27-32-325. Conditions for exercise of power of sale by trustee.
Section 27-32-330. Notification of obligor; perfection of notice.
Section 27-32-345. Public sale procedures; certificate of sale.
Section 27-32-355. Trustee's deed; release of lien extinguished by sale.
Section 27-32-360. Disposition of proceeds of sale; costs and fees.
Section 27-32-365. Trustee's deed; contents; effect; liability of trustee.
Section 27-32-400. Citation of article.
Section 27-32-410. Timeshare closing; time; representation; notice to purchaser; contents.
Section 27-32-500. Short title.
Section 27-32-505. Purposes of article.
Section 27-32-510. Extension of vacation time sharing plan terms; voting; quorum; proxy.