State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_93A > GS_93A-52

§ 93A‑52.  Applicationfor registration of time share project; denial of registration; renewal;reinstatement; and termination of developer's interest.

(a)        Prior to theoffering in this State of any time share located in this State, the developerof the time share project shall make written application to the Commission forthe registration of the project. The application shall be accompanied by a feein an amount fixed by the Commission but not to exceed one thousand fivehundred dollars ($1,500), and shall include a description of the project,copies of proposed time share instruments including public offering statements,sale contracts, deeds, and other documents referred to therein, informationpertaining to any marketing or managing entity to be employed by the developerfor the sale of time shares in a time share project or the management of theproject, information regarding any exchange program available to the purchaser,an irrevocable appointment of the Commission to receive service of any lawful processin any proceeding against the developer or the developer's time sharesalespersons arising under this Article, and such other information as theCommission may by rule require.

Upon receipt of a properlycompleted application and fee and upon a determination by the Commission thatthe sale and management of the time shares in the time share project will bedirected and conducted by persons of good moral character, the Commission shallissue to the developer a certificate of registration authorizing the developerto offer time shares in the project for sale. The Commission shall within 15days after receipt of an incomplete application, notify the developer by mailthat the Commission has found specified deficiencies, and shall, within 45 daysafter the receipt of a properly completed application, either issue thecertificate of registration or notify the developer by mail of any specificobjections to the registration of the project. The certificate shall beprominently displayed in the office of the developer on the site of theproject.

The developer shall promptlyreport to the Commission any and all changes in the information required to besubmitted for the purpose of the registration. The developer shall alsoimmediately furnish the Commission complete information regarding any change inits interest in a registered time share project. In the event a developerdisposes of, or otherwise terminates its interest in a time share project, thedeveloper shall certify to the Commission in writing that its interest in thetime share project is terminated and shall return to the Commission forcancellation the certificate of registration.

(b)        In the event theCommission finds that there is substantial reason to deny the application forregistration as a time share project, the Commission shall notify the applicantthat such application has been denied and shall afford the applicant anopportunity for a hearing before the Commission to show cause why theapplication should not be denied. In all proceedings to deny a certificate ofregistration, the provisions of Chapter 150B of the General Statutes shall beapplicable.

(c)        The acceptance bythe Commission of an application for registration shall not constitute theapproval of its contents or waive the authority of the Commission to takedisciplinary action as provided by this Article.

(d)        All certificates ofregistration granted and issued by the Commission under the provisions of thisArticle shall expire on the 30th day of June following issuance thereof, and shallbecome invalid after such date unless reinstated. Renewal of such certificatemay be effected at any time during the month of June preceding the date ofexpiration of such registration upon proper application to the Commission andby the payment of a renewal fee fixed by the Commission but not to exceed onethousand five hundred dollars ($1,500) for each time share project. Thedeveloper shall, when making application for renewal, also provide a copy ofthe report required in G.S. 93A‑48. Each certificate reinstated after theexpiration date thereof shall be subject to a fee of fifty dollars ($50.00) inaddition to the required renewal fee. In the event a time share developer failsto reinstate the registration within 12 months after the expiration date thereof,the Commission may, in its discretion, consider the time share project as nothaving been previously registered, and thereby subject to the provisions ofthis Article relating to the issuance of an original certificate. Duplicatecertificates may be issued by the Commission upon payment of a fee of onedollar ($1.00) by the registrant developer. Except as prescribed by Commissionrules, all fees paid pursuant to this Article shall be nonrefundable. (1983, c. 814, s. 1; 1985, c.578, s. 5; 1987, c. 827, s. 1; 1999‑229, s. 15.; 2000‑140, s.19(b); 2005‑395, s. 22.)