subchapter 58b – TIMESHARES

section .0100 – TIMESHARE PROGRAM registration

21 NCAC 58B .0101          APPLICATION FOR REGISTRATION

(a)  A timeshare program seeking registration shall apply to the Commission on a form available on the Commission's website and shall, in addition to the requirements set forth in G.S. 93A-52, set forth:

(1)           the timeshare program's physical and mailing address and telephone number;

(2)           the developer's name, address, telephone number, email address, type of business structure with supporting documentation, and legal counsel's contact information, if any;

(3)           information concerning the developer's title or right to use the real property on which the project is located, including a title opinion provided by an independent attorney performed within 30 days preceding the date of application;

(4)           a description of the timeshare estate to be sold or conveyed to purchasers;

(5)           the developer's past real estate development experience and any criminal, bankruptcy, and occupational licensing history;

(6)           the developer's financial information including the following:

(A)          an audited financial statement within the previous six months;

(B)          loan commitments for completion of the timeshare program; and

(C)          a projected budget for construction, marketing, and operations of the timeshare program;

(7)           the Registrar, Program Broker, marketing entity, and managing entity's:

(A)          name;

(B)          business and email address;

(C)          real estate license number, if applicable;

(D)          telephone number; and

(E)           executed Affidavit of Designation, if applicable, that includes:

(i)            the timeshare program name, registration number, and address;

(ii)           the name of the designated individual and license number, if applicable, or financial institute;

(iii)          the designated individual's address, email address, and telephone number; and

(iv)          a notarized signature of the designated individual.

(8)           the names and real estate license number of brokers associated with the timeshare program; and

(9)           a signed affidavit by the developer.

(b)  An entity that owns time shares at a timeshare program where there are one or more existing registered developers may also apply to the Commission for registration of its timeshares, provided that the entity does not control a registered developer, is not controlled by a registered developer, and is not in common control of the program with a registered developer.

History Note:        Authority G.S. 93A‑51; 93A-52;

Eff. March 1, 1984;

Amended Eff. July 1, 2000; August 2, 1993; February 1, 1989; April 1, 1987;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018;

Amended Eff. July 1, 2022.