Every vacation time sharing plan for sale or offered for sale in this State must be registered with the South Carolina Real Estate Commission as follows:

1. (1) the seller can convey or cause to be conveyed the vacation time sharing plan offered for sale if the purchaser complies with the terms of the offer;
2. (2) the advertising material and general promotional plan are not false or misleading;
3. (3) the requirements of this chapter have been fulfilled;

4. (4) the seller has not, or, if a corporation, its officers, directors, and principals have not been convicted of any crime involving land dispositions, crimes of moral turpitude, any securities law violations, fraudulent business activities, or any aspect of the vacation time sharing business in this State, the United States, or any other state or foreign country within the past ten years, and has not been subject to any injunction or administrative order within the past ten years restraining a false or misleading promotional plan involving any of the activities above.

   1. (1) If the commission affirmatively determines upon inquiry and examination that the requirements of this chapter have been met, it shall enter an order registering the plan.
   2. (2) If the commission determines upon inquiry and examination that any of the requirements of this chapter have not been met, the commission shall notify the applicant that the application for registration must be corrected in the particulars specified within fifteen days. If the requirements are not met within the time allowed, the commission shall enter an order rejecting the registration which shall include the findings of fact upon which the order is based. The order rejecting the registration shall not become effective for twenty days during which time the applicant may petition for reconsideration and must be entitled to a hearing.

   3. (3) If it appears that a person, company, or any business organization has engaged, or, is about to engage in an act or practice constituting a violation of a provision of this chapter or any rule or order under it, the commission, through the Department of Labor, Licensing, and Regulation, with or without prior administrative proceedings, may bring an action in the circuit court to enjoin the acts or practices and to enforce compliance with this chapter or any rule or order hereunder. The commission shall contact, whenever practicable, any person or business violating this chapter before recourse to the circuit court. Upon proper showing, injunctive relief or temporary restraining orders may be granted, and a receiver or conservator may be appointed. Neither the commission nor the Department of Labor, Licensing, and Regulation is required to post bond in any court proceeding.

      1. (1) make any public or private investigation which it considers necessary, either within or outside of this State, to determine whether any person has violated or is about to violate this chapter or any rule or order hereunder, or to aid in the enforcement of this chapter or in the prescribing of rules and forms under it.
      2. (2) require or permit any person to file a statement in writing, under oath or otherwise as the commission determines, as to all facts and circumstances concerning the matter to be investigated.
      3. (3) for the purpose of any investigation or proceeding under this chapter, the commission or any officer designated by rule may administer oaths or affirmations, and upon its own motion or upon request of any party shall subpoena witnesses, compel their attendance, take evidence, and require the production of any matter which is relevant to the investigation, including the existence, description, nature, custody, condition and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts or any other matter reasonably calculated to lead to the discovery of material evidence.

      4. (4) upon failure to obey a subpoena or to answer questions propounded by the investigating officer and upon reasonable notice to all persons affected by it, the commission, through the Department of Labor, Licensing, and Regulation, may apply to the circuit court for an order compelling compliance.

         1. (1) issue an order requiring the seller to cease and desist from any unlawful practice and to take such affirmative action as to the judgment of the commission will carry out the purposes of this chapter, if, after notice and hearing, the commission determines that a seller has:

            1. (a) violated any provisions of this chapter;
            2. (b) directly or through any agent of employees knowingly engaged in any false, deceptive, or misleading advertising, promotional, or sales methods to offer or dispose of an interest in any vacation time sharing plan;
            3. (c) made any substantial change in the plan of development and sale of the vacation time sharing plan subsequent to the order of the registration without obtaining the prior written approval of the commission;
            4. (d) violated any unlawful order or rule of the commission.

         2. (2) Make findings of fact in writing that the public interest will be irreparably harmed by delay in issuing an order and in such case may issue a temporary cease and desist order. Before issuing the temporary cease and desist order, the commission, whenever possible by telephone or otherwise, shall give notice of the proposal to issue a cease and desist order to the seller. Every temporary cease and desist order shall include in its terms a provision that upon request a hearing will be held promptly to determine whether or not it becomes permanent.

            1. (1) Revoke any registration of a vacation time sharing plan if, after notice and hearing upon a written finding of fact, it determines that the seller has:

               1. (a) failed to comply with the terms of a cease and desist order;
               2. (b) been convicted in any court of competent jurisdiction, subsequent to filing of the application for registration, of a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing;
               3. (c) disposed of, concealed, or diverted any funds or assets of any person so as to defeat the rights of vacation time sharing plan purchasers;
               4. (d) failed to faithfully perform any stipulation or agreement made with the commission as an inducement to grant any registration, to reinstate any registration, or to approve any promotional plan or advertisement;
               5. (e) made intentional misrepresentations or concealed material facts in an application for registration. Findings of fact that a specific provision of law has been violated must be accompanied by a concise and explicit statement of the underlying facts supporting the findings.
            2. (2) Issue a cease and desist order instead of revoking a registration if it finds, after notice and hearing, that the seller has been guilty of a violation for which revocation could be ordered.

            E. The commission may:

         D. The commission may:

      C. The commission may:

   B. Upon receipt of the application for registration in proper form, the commission shall issue a notice of filing to the applicant. Within thirty days from the date of the notice of filing, the commission shall enter an order registering the vacation time sharing plan or rejecting the registration. If no order of rejection is entered within thirty days from the date of notice of filing, the vacation time sharing plan is considered registered unless the applicant has consented in writing to a delay. No reasonable request for an extension of time by the commission may be withheld.

A. Upon receipt of an application for registration in proper form, the commission shall initiate an examination to determine that: