The bill H. 3864 aims to amend the South Carolina Code of Laws regarding licensure requirements for real estate brokers, salespersons, and property managers. Specifically, it introduces a requirement for individuals responsible for the rental or management of three or more properties to obtain a valid, active real estate brokerage license or property manager license. This change is reflected in the amendment to Section 40-57-20, which now makes it unlawful for individuals to manage or operate three or more rental properties without the appropriate licensure or a contract with a licensed broker.

Additionally, the bill makes conforming changes to Section 40-57-240, clarifying the applicability of the regulations concerning real estate transactions. The amendment specifies that the exemption for unlicensed owners selling, leasing, or renting their property does not apply to those managing three or more rental properties, thereby ensuring that all individuals in such a position are properly licensed. The act will take effect upon approval by the Governor.

Statutes affected:
01/30/2025: 40-57-20, 40-57-240
Latest Version: 40-57-20, 40-57-240