COMMISSION CONSIDERS TIME SHARE REGULATIONS

As a result of the recent enactment of the North Carolina Time Share Act (Article 4 N.C.G.S. 93A), all time share projects located in North Carolina must be registered with the North Carolina Real Estate Commission by July 1, 1984. (For a summary of the Time Share Act, see your previous issue the Bulletin.)

The Commission is currently the process of formulating rules for implementing the registration requirements and hopes to begin registering projects by March 1.

Because "time sharing" is a relatively new concept in real estate ownership, the Commission sought the advice and assistance of its neighboring states which have previously adopted Time Share Acts. On March 14, the Commission hosted a meeting of administrators, investigators and attorneys of real estate commissions from South Carolina, Virginia, Tennessee, Georgia, and Maryland for the purpose of discussing their experiences in regulating the time share industry in their states.

From this meeting, the Commission gained a better insight into certain special problems and concerns peculiar to the time share industry which will be addressed in the new rules and regulations. The meeting was planned and organized by Deputy Legal Counsel Thomas R. Miller and Director of Audits L. Ted Gayle.

Copies of the North Carolina Time Share Act are available from the Commission Office. A summary of the rules governing time share sales will be published in a future issue of the Bulletin, and complete copies of the rules will be available from the Commission Office upon their adoption.