(A) Any person desiring to act as a seller of vacation time sharing plans shall file with the commission a written application upon such form as the commission shall designate and shall pass to the satisfaction of the commission the examination hereinafter prescribed.
(B) Prerequisites for taking the vacation time sharing sales examination are as follows:
(1) evidence satisfactory to the commission that the applicant bears a good reputation for honesty and truthfulness;
(2) a current examination of the applicant's credit history, the results of which must indicate that the applicant has satisfactorily met all past debts or made adequate provisions for them;
(3) an irrevocable consent to jurisdiction in this State and appointment of the commission as agent for service of process;
(4) employment by a licensed South Carolina real estate broker.
(C) The commission shall prepare and conduct an examination on the fundamentals of this chapter and related topics and shall schedule such examination at least quarterly. No applicant shall be entitled to examination unless all prerequisites enumerated above have been met and evidence of it received by the commission at least ten working days before the examination. The minimum passing grade is seventy-five percent.
(D) If the applicant has met all prerequisites for examination hereunder, but has not undergone examination, the applicant may request and the commission, in its sole discretion and upon good cause shown, may issue a temporary vacation time sharing sales license. The applicant may receive such temporary license pending the next scheduled test session and the release of the results from it, whereupon the temporary license shall expire. No temporary license granted hereunder is renewed. The fee for the temporary license, which is in addition to the required examination fee and regular license fee, is twenty-five dollars.
(E) Every applicant shall pay the sum of twenty-five dollars for each examination taken. Every applicant shall also pay a license fee of one hundred dollars upon successful completion of the examination. The commission is entitled to retain all fees collected to defray its expenses. No fees collected hereunder are in lieu of any business license fees or taxes imposed by any city, county, or municipal authority. The commission is entitled to contract with any outside source to prepare and conduct vacation time sharing sales examinations in its behalf and to pay for the reasonable cost thereof from the examination fees collected.
(F) Vacation time sharing sales licenses are renewed annually, on or before June thirtieth, upon submission of a renewal request in such form as the commission shall prescribe and payment of a fifty dollar renewal fee. Failure to timely renew shall result in cancellation of the license.