§ 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 […]
§ 93A-47 – Timeshare proxies.
93A-47. Timeshare proxies. No proxy, power of attorney or similar device given by the owner of a timeshare regarding voting in a timeshare owners’ association shall exceed one year in duration, but the same may be renewed from year to year. (1983, c. 814, s. 1; 2021-163, s. 1(c); 2021-192, s. 5(a).)
§ 93A-48 – Exchange programs.
93A-48. Exchange programs. (a) If a purchaser is offered the opportunity to subscribe to any exchange program, the developer shall, except as provided in subsection (b) of this section, deliver to the purchaser, prior to the execution of (i) any contract between the purchaser and the exchange company, and (ii) the contract for sale, at […]
§ 93A-49 – Service of process on exchange company.
93A-49. Service of process on exchange company. Any exchange company offering an exchange program to a purchaser shall be deemed to have made an irrevocable appointment of the Commission to receive service of lawful process in any proceeding against the exchange company arising under this Article. (1983, c. 814, s. 1.)
§ 93A-50 – Securities laws apply.
93A-50. Securities laws apply. The North Carolina Securities Act, Chapter 78A, shall also apply, in addition to the laws relating to real estate, to timeshares deemed to be investment contracts or to other securities offered with or incident to a timeshare; provided, however, in the event of the applicability of the North Carolina Securities Act, […]
§ 93A-51 – Rule-making authority.
93A-51. Rule-making authority. The Commission shall have the authority to adopt rules and regulations that are not inconsistent with the provisions of this Article and the General Statutes of North Carolina. The Commission may prescribe forms and procedures for submitting information to the Commission. (1983, c. 814, s. 1.)
§ 93A-52 – Application for registration of timeshare program; denial of registration; renewal; reinstatement; and termination of developer's interest.
93A-52. Application for registration of timeshare program; denial of registration; renewal; reinstatement; and termination of developer’s interest. (a) Prior to the offering in this State of any timeshare located in this State, the developer of the timeshare program shall make written application to the Commission for the registration of the program. (a1) The application shall […]