North Carolina Timeshare Act

North Carolina · 93A · §§ 93A-39 to 93A-69.1 · 34 sections

Overview

This act governs the creation, sale, and ongoing administration of timeshare interests in real property, addressing how a timeshare regime is declared, how the interests are conveyed and encumbered, and how commonly owned property is held and partitioned. It requires developers to register timeshare plans with a state regulatory authority before offering them — with procedures for application, amendment, renewal, suspension, and denial, plus investigative and enforcement powers — and it regulates advertising and promotion while mandating written timeshare and exchange disclosure statements. It also gives purchasers a right to cancel and obtain a refund, imposes contract, documentation, escrow or alternative financial-assurance, and insurance obligations on developers and exchange companies, and requires managing entities to provide annual fee and expense statements, all backed by civil penalties, injunctive relief, and deceptive trade practice liability.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

N.C. Gen. Stat. § 93A-39Title
N.C. Gen. Stat. § 93A-40Registration required of timeshare programs; real estate license required
N.C. Gen. Stat. § 93A-41Definitions
N.C. Gen. Stat. § 93A-42Timeshare estates deemed real estate; timeshare uses
N.C. Gen. Stat. § 93A-42.1Construction and validity of declarations adopted prior to the Timeshare Act
N.C. Gen. Stat. § 93A-43Partition
N.C. Gen. Stat. § 93A-44Contract of sale; public offering statement
N.C. Gen. Stat. § 93A-45Purchaser's right to cancel; escrow; violation
N.C. Gen. Stat. § 93A-46Prizes
N.C. Gen. Stat. § 93A-47Timeshare proxies
N.C. Gen. Stat. § 93A-48Exchange programs
N.C. Gen. Stat. § 93A-49Service of process on exchange company
N.C. Gen. Stat. § 93A-50Securities laws apply
N.C. Gen. Stat. § 93A-51Rulemaking authority
N.C. Gen. Stat. § 93A-52Application for registration of timeshare program; denial of registration; renewal; reinstatement; and termination of developer's interest
N.C. Gen. Stat. § 93A-53Register of applicants; roster of registrants; financial report to Secretary of State
N.C. Gen. Stat. § 93A-54Disciplinary action by Commission
N.C. Gen. Stat. § 93A-55Private enforcement
N.C. Gen. Stat. § 93A-56Penalty for violation of Article
N.C. Gen. Stat. § 93A-57Release of liens or subordination and notice to creditors instrument
N.C. Gen. Stat. § 93A-58Registrar required; criminal penalties; program broker
N.C. Gen. Stat. § 93A-59Preservation of an owner's claims and defenses
N.C. Gen. Stat. § 93A-60Substantial compliance
N.C. Gen. Stat. § 93A-61Management
N.C. Gen. Stat. § 93A-62Delinquent assessments; developer guarantee
N.C. Gen. Stat. § 93A-62.1Procedure for timeshare trustee foreclosure of assessment liens
N.C. Gen. Stat. § 93A-63Reservation systems
N.C. Gen. Stat. § 93A-64Multisite timeshare program additions, substitutions, and deletions
N.C. Gen. Stat. § 93A-65Resale purchase contracts; prohibition against advance listing fee
N.C. Gen. Stat. § 93A-66Record keeping by resale service providers, transfer service providers, and lead dealers
N.C. Gen. Stat. § 93A-67Resale service providers
N.C. Gen. Stat. § 93A-68Timeshare transfer services
N.C. Gen. Stat. § 93A-69Timeshare program extensions
N.C. Gen. Stat. § 93A-69.1Timeshare program terminations

Enacted in other states

Texas, Washington

All North Carolina named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →