Bill > H3864

This bill amends South Carolina law to require individuals who own or manage three or more rental properties to obtain a real estate brokerage or property manager license. Currently, individuals can manage their own rental properties without a license, but under this new legislation, anyone with three or more rental properties must either acquire a valid real estate brokerage or property manager license or contract with a licensed professional. The bill specifically modifies two sections of the state code: Section 40-57-20, which now makes it unlawful to manage three or more rental properties without proper licensure, and Section 40-57-240, which adjusts the existing exemptions for unlicensed property owners. The primary goal appears to be increasing professional standards and oversight in the rental property management industry by ensuring that individuals managing multiple properties have appropriate credentials and training. The changes will take effect upon approval by the Governor, potentially impacting property owners who currently manage multiple rental properties without a professional license.