§ 93A-67 – Resale service providers.
93A-67. Resale service providers. (a) Before engaging in resale advertising services, a resale service provider must provide to the consumer timeshare reseller in writing (i) a description of any fees or costs related to the services that the consumer timeshare reseller, or any other person, is required [to] pay to the resale service provider or […]
§ 93A-68 – Timeshare transfer services.
93A-68. Timeshare transfer services. (a) In the course of advertising, marketing, promoting, offering, sale, or performance of any timeshare transfer services, no person shall do any of the following: (1) Engage in any timeshare transfer services for compensation, or the expectation of receiving compensation, without first obtaining a written timeshare transfer services agreement signed by […]
§ 93A-69 – Timeshare program extensions.
93A-69. Timeshare program extensions. (a) Unless the timeshare declaration specifically provides a lower percentage, the vote or written consent, or both, of at least sixty-six percent (66%) of all eligible voting interests present in person or by proxy at a duly noticed, called, and constituted meeting of the owners may, at any time, extend the […]
§ 93A-69.1 – Timeshare program terminations.
93A-69.1. Timeshare program terminations. (a) Unless the timeshare declaration provides otherwise, the vote or written consent, or both, of sixty percent (60%) of all voting interests in a timeshare program may terminate the term of the timeshare program at any time. If a timeshare program is terminated pursuant to this section, the termination has immediate […]
§ 93A-57 – Release of liens or subordination and notice to creditors instrument.
93A-57. Release of liens or subordination and notice to creditors instrument. (a) Prior to any closing, the developer shall record a release of all liens or encumbrances affecting the timeshare being acquired by the purchaser or the timeshare property or comply with one of the following: (1) If there are any interest holders in the […]
§ 93A-58 – Registrar required; criminal penalties; program broker.
93A-58. Registrar required; criminal penalties; program broker. (a) Every developer shall, by affidavit filed with the Commission, designate a natural person to serve as timeshare registrar for its registered timeshare program. The timeshare registrar shall be responsible for the recordation of timeshare instruments and the release of liens required by G.S. 93A-42(c) and G.S. 93A-57(a). […]
§ 93A-59 – Preservation of an owner's claims and defenses.
93A-59. Preservation of an owner’s claims and defenses. (a) For one year following the execution of an instrument of indebtedness for the purchase of a timeshare use, the owner may assert against the developer, assignee of the developer, or other holder of the instrument of indebtedness, any claims or defenses available against the developer, and […]
§ 93A-60 – Substantial compliance.
93A-60. Substantial compliance. If a developer or managing entity has otherwise substantially complied with this Article, any nonmaterial errors or omissions shall not be the basis for any claims or defenses asserted by the purchaser; provided, however, that for purposes of this section, the developer or managing entity shall have the burden of proof. (2021-163, […]
§ 93A-61 – Management.
93A-61. Management. (a) For each timeshare program, the developer shall provide for a managing entity, which shall be either the developer, a third-party management firm, or timeshare owners’ association. (b) The managing entity may not furnish the name, address, electronic mail address, or contact information of any owner to any person, including any other owner […]
§ 93A-62 – Delinquent assessments; developer guarantee.
93A-62. Delinquent assessments; developer guarantee. (a) Delinquent assessments may bear interest at the highest rate permitted by law or at some lesser rate established by the managing entity. In addition to interest, the managing entity may charge a reasonable administrative late fee for each delinquent assessment. Any costs of collection, including reasonable collection agency fees […]