21 N.C. Admin. Code 58B.0101

Current through Register Vol. 39, No. 9, November 1, 2024

Section 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.

21 N.C. Admin. Code 58B .0101

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.

Authority G.S. 47A; 47C; 93A-51; 93A-52(a);
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 by North Carolina Register Volume 37, Issue 01, July 1, 2022 effective 7/1/2022.