For purposes of this chapter:

1. (1) "Accommodations" means any hotel or motel room, condominium or cooperative unit, cabin, lodge, apartment, or any other private or commercial structure designed for occupancy by one or more individuals or any recreational vehicle campsite or campground.
2. (2) "Business entity" means individuals, corporations, firms, associations, joint venturers, partnerships, trusts, estates, business trusts, syndicates, fiduciaries, and all other groups or combinations which engage in acts or practices in any trade or commerce.
3. (3) "Contract" means any contract, promissory note, credit agreement, negotiable instrument, lease, use agreement, license, security, or other muniment conferring on the purchaser the rights, benefits, and obligations of a vacation time sharing plan.
4. (4) "Commission" means the South Carolina Real Estate Commission.
5. (5) "Facilities" means any structure, service, or property whether improved or unimproved made available to the purchaser for recreational, social, family, or personal use.

6. (6) "Seller" means any business entity including, but not limited to, agents, dealers, distributors, franchisers, subsidiaries, assignees, resellers, brokers, or any other representatives of them who, for a fee, commission or other valuable consideration, negotiates or attempts to negotiate the listing, sale, auction, purchase, exchange, or lease of any real estate or the improvements on it or collects rents or attempts to collect rents, or who advertises or holds himself out as engaged in any of the foregoing activities. Provided, however, that the provisions of this chapter are not applicable to:

   1. (a) the sale of real estate by anyone who is the owner of it or who owns any interest in it, or to the attorney at law of such owner acting within the scope of his duties. Ownership of stock in a corporation is not ownership of an interest in real estate owned by the corporation and does not exempt such stockholder from the provisions of this chapter, unless the stockholder owns or controls at least ten percent of the stock of the corporation.
   2. (b) agencies and instrumentalities of the state or federal government nor to employees of any lender or public officials making appraisals for federal, state or local units of government, nor to anyone making appraisals through such employees for lending or governmental purposes.
7. (7) "Vacation time sharing ownership plan" means any arrangement, plan or similar devise, whether by tenancy in common, sale, term for years, deed, or other means, whereby the purchaser receives an ownership interest in real property and the right to use accommodations or facilities, or both, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. A vacation time sharing ownership plan may be created in a condominium established on a term for years or leasehold interest having an original duration of thirty years or longer. An interest in a vacation time sharing ownership plan is recognized as an interest in real property for all purposes under the laws of this State.
8. (8) "Vacation time sharing lease plan" means any arrangement, plan, or similar devise, whether by membership agreement, lease, rental agreement, license, use agreement, security, or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, but does not receive an ownership interest in real property, for a period or periods of time during any given year, but not necessarily for consecutive years, which extends for a period of more than one year. Such lease plans do not include an arrangement or agreement whereby a purchaser in exchange for an advance fee and yearly dues is entitled to select from a designated list of facilities located in more than one state accommodations, of companies which operate nationwide in at least nine states in the United States through franchises or ownership, for a specified time period and at reduced rates and under which no interest in real property is transferred.
9. (9) "Vacation time sharing plan" means either a vacation time sharing ownership plan or a vacation time sharing lease plan as defined herein.
10. (10) "Time sharing unit" means the actual accommodations and related facilities which are the subject of the vacation time sharing ownership plan or lease plan.
11. (11) "Substantially complete" means all structural components and mechanical systems of all buildings containing or comprising any time sharing unit, facilities, or accommodations are finished in accordance with the plans or specifications of the project as evidenced by a recorded certificate of completion executed by an independent registered surveyor, architect, or engineer.
12. (12) "Unit week" means a number of consecutive days, normally seven consecutive days in duration, which may reasonably be assigned to purchasers of vacation time sharing plans by the seller.
13. (13) "Receivable" means any note, contract, promise, or any other agreement to pay a fixed or determinable amount of money which, for the purposes of this chapter, shall not be in arrears for more than ninety days.
14. (14) "Face value" means the principal amount of money represented by any receivable as defined in item (13), together with the amount of all interest to be collected on it.
15. (15) "Escrow agent" shall mean a bank or trust company doing business in this State or a bonded trust agent bonded in at least the amount of the trust; provided, however, that nothing contained in this chapter shall operate to prevent investment of funds escrowed pursuant to this chapter by the bank, trust company, or bonded agent and to pay all interest and dividends to the seller of vacation time sharing plans.
16. (16) "Escrow account" means any funds held or maintained by an escrow agent.
17. (17) "Vacation time sharing sales license" means a license issued by the commission authorizing individuals to act as sellers of vacation time sharing plans.
18. (18) "Fund" and "recovery fund" means the South Carolina Vacation Time Sharing Recovery Fund.
19. (19) "Claim" means a monetary loss sustained or allegedly sustained by a person due to the wrongdoing of a licensee.
20. (20) "Licensee" means a person having a Vacation Time Sharing sales license.
21. (21) "Real estate broker's trust account" means a demand account in a bank or savings institution in this State held by a duly licensed South Carolina real estate broker.