At its January, 1984 meeting, the North Carolina Real Estate Commissior, adopted six new rules dealing with the registration of time share projec,
located in North Carolina. Under the new Time Share Act, time share developers are required to register their projects with the Commission by July 1, 1984.
The new statute, which has been made Article 4 of the Real Estate License Law, authorizes the Commission to set the project registration fees and to establish the forms and procedures for registering time share projects. Accordingly, the rules adopted by the Commission establish a time share registration application form which calls for important information about the developer and the persons involved in the marketing and management of the project, as well as detailed information concerning the property and time shares themselves.
Under the rules, there will be a $1,000 fee required to register a time share project and annual renewal fees of $500. The amount of these fees was based upon the Commission's best estimate of the cost of administering and enforcing the Time Share Act. (The statutory limit for the registration and renewal fees are $1500 and $750 respectively.)
The new rules also address the Public Offering Statement which developers will be required to deliver to prospective time share purchasers to disclose such things as the purchaser's financial obligation, the availability of the project's amenities and facilities, the duratiori of the time share and the purchaser's right to exchange his time share. The new rules also prescribe the form and content of the Public Offering Statement Summary (reproduced below) which will form the cover of the Public Offering Statement.
The new rules constitute subchapter B of the Commission's rules and will become effective on March 1, 1984.