These limitations apply to payments from the recovery fund:
(1) Only the applicant's actual damages are paid from the recovery fund. An applicant may not recover punitive, special, or consequential damages or attorney's fees.
(2) The fund is not liable for more than five thousand dollars for each transaction, regardless of the number of persons aggrieved or the number of time sharing interests involved in the transaction.
(3) The liability of the fund may not exceed in the aggregate ten thousand dollars for any one registrant or licensee in a single calendar year and in no event may exceed twenty thousand dollars for any one registrant or licensee.
(4) If the maximum liability of the fund is insufficient to pay in full the valid claims of all aggrieved persons whose claims relate to the same transaction or to the same registrant or licensee, the amount for which the fund is liable must be distributed among the claimants in a ratio that their respective claims bear to the total of the valid claims or in the manner as the Board of Arbitrators in its sole discretion shall decide. The Board of Arbitrators in its sole discretion is empowered to join in one action all claims having a common factual basis so that an equitable distribution from the fund may be achieved.
(5) If valid claims against the fund exceed the monies it contains, the commission shall satisfy the unpaid claims or portions of them as soon as a sufficient amount of money has been deposited, together with interest at the rate of eight percent a year from the date of award. All claims against the fund must be made in the same order as the awards from it were authorized by the Board of Arbitrators. An award is not a claim against the State if it is not paid due to a lack of funds in the Vacation Time Sharing Recovery Fund.
HISTORY: 1981 Act No. 106, Section 5; 1994 Act No. 385, Section 52; 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.