H4584

South Carolina H4584 amends the state code to regulate the purchase of interests in managing entities owning residential property.

South Carolina H4584 amends Chapter 1, Title 27 of the S.C. Code by adding Section 27-1-80. This new section defines terms such as "business entity," "managing entity," and "residential arrangement." It mandates that purchase agreements for interests in managing entities must disclose specific details and prohibits disputes from being brought before non-state or federal tribunals. The act also restricts managing entities from restricting transfers, imposing maintenance requirements, or refusing to grant interests in violation of the law.