(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 N.C. Gen. Stat. § 93A-42(c) and N.C. Gen. Stat. § 93A-57(a). A developer may, from time to time, change the designated timeshare registrar by proper filing with the Commission and by otherwise complying with this subsection. No sales or offers to sell shall be made until the registrar is designated for a timeshare program.

(a1)      The timeshare registrar has the duty to ensure that the provisions of this Article are complied with in a timeshare program for which the person is the timeshare registrar. No timeshare registrar shall record a timeshare instrument except as provided by this Article.

(b)        A timeshare registrar is guilty of a Class I felony if the timeshare registrar knowingly or recklessly fails to record or cause to be recorded a timeshare instrument as required by this Article. A person responsible as general partner, corporate officer, joint venturer, or sole proprietor of the developer of a timeshare project is guilty of a Class I felony if the person intentionally allows the offering for sale or the sale of a timeshare to purchasers without first designating a timeshare registrar.

(c)        The developer shall designate for each timeshare program and other locations where timeshares are sold or offered for sale a program broker. The program broker shall act as supervising broker for all timeshare salespersons at the timeshare program or other location and shall directly, personally, and actively supervise all such persons at the timeshare program or other locations in a manner to reasonably ensure that the sale of timeshares will be conducted in accordance with the provisions of this Chapter. ?(1985, c. 578, s. 13; 1987, c. 516, s. 20; 1993, c. 539, s. 1289; 1994, Ex. Sess., c. 24, s. 14(c); 2000-140, s. 19(b); 2001-487, s. 23(m); 2005-395, s. 24; 2021-163, s. 1(c); 2021-192, s. 5(a).)

Attorney's Note

Under the N.C. Gen. Statutes, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class I felonybetween 3 and 12 months
For details, see § 15A-1340.17
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Terms Used In North Carolina General Statutes 93A-58

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Commission: The North Carolina Real Estate Commission. See North Carolina General Statutes 93A-41
  • Developer: Any person or entity which (i) creates a timeshare, timeshare project, or timeshare program, (ii) purchases a timeshare for purpose of resale, or (iii) is engaged in the business of selling timeshares it owns or controls and shall include any person or entity who controls, is controlled by, or is in common control with the developer which is engaged in creating or selling timeshares for the developer. See North Carolina General Statutes 93A-41
  • Person: One or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See North Carolina General Statutes 93A-41
  • Program broker: A natural person licensed as a real estate broker and designated by the developer to supervise brokers at the timeshare program. See North Carolina General Statutes 93A-41
  • Timeshare: A timeshare estate or timeshare use. See North Carolina General Statutes 93A-41
  • Timeshare instrument: An instrument transferring a timeshare or any interest, legal or beneficial, in a timeshare to a purchaser, including a contract, installment contract, lease, deed, or other instrument. See North Carolina General Statutes 93A-41
  • Timeshare program: Any arrangement, plan, program, scheme, or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, or right-to-use agreement, or by any other means whereby an owner receives the right to use timeshare units for a period of time less than a full year during any given year, but not necessarily for consecutive years. See North Carolina General Statutes 93A-41
  • Timeshare project: A specific geographic site where all or a portion of the timeshare units of a timeshare program are located. See North Carolina General Statutes 93A-41
  • Timeshare registrar: A natural person who is designated by the developer to record or cause timeshare instruments and lien releases to be recorded and to fulfill the other duties imposed by this Article. See North Carolina General Statutes 93A-41