§ 93A-66 – Record keeping by resale service providers, transfer service providers, and lead dealers.
93A-66. Record keeping by resale service providers, transfer service providers, and lead dealers. Resale service providers, lead dealers, and transfer service providers shall maintain the following records for a period of three years from the date each piece of personal contact information is obtained: (1) A copy of all pieces of personal contact information obtained. […]
§ 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-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, […]