(a) The Commission haspower to take disciplinary action. Upon its own motion, or on the verifiedcomplaint of any person, the Commission may investigate the actions of any timeshare salesperson, developer, or project broker of a time share projectregistered under this Article, or any other person or entity who shall assumeto act in such capacity. If the Commission finds probable cause that a timeshare salesperson, developer, or project broker has violated any of theprovisions of this Article, the Commission may hold a hearing on theallegations of misconduct.
The Commission has the powerto suspend or revoke at any time a real estate license issued to a time sharesalesperson or project broker, or a certificate of registration of a time shareproject issued to a developer; or to reprimand or censure such salesperson,developer, or project broker; or to fine such developer in the amount of fivehundred dollars ($500.00) for each violation of this Article, if, after ahearing, the Commission adjudges either the salesperson, developer, or projectbroker to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact about any time share or time share project;
(2) Making any falsepromises of a character likely to influence, persuade, or induce;
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, salespersons,advertising or otherwise;
(4) Failing, within areasonable time, to account for all money received from others in a time sharetransaction, and failing to remit such monies as may be required in G.S. 93A‑45of this Article;
(5) Acting as a timeshare salesperson or time share developer in a manner as to endanger theinterest of the public;
(6) Paying a commission,salary, or other valuable consideration to any person for acts or servicesperformed in violation of this Article;
(7) Any other conductwhich constitutes improper, fraudulent, or dishonest dealing;
(8) Performing orundertaking to perform any legal service as set forth in G.S. 84‑2.1, orany other acts not specifically set forth in that section;
(9) Failing to depositand maintain in a trust or escrow account in an insured bank or savings andloan association in North Carolina all money received from others in a timeshare transaction as may be required in G.S. 93A‑45 of this Article orfailing to place with an independent escrow agent the funds of a time sharepurchaser when required by G.S. 93A‑42(c);
(10) Failing to deliver toa purchaser a public offering statement containing the information required byG.S. 93A‑44 and any other disclosures that the Commission may byregulation require;
(11) Failing to complywith the provisions of Chapter 75 of the General Statutes in the advertising orpromotion of time shares for sale, or failing to assure such compliance bypersons engaged on behalf of a developer;
(12) Failing to complywith the provisions of G.S. 93A‑48 in furnishing complete and accurateinformation to purchasers concerning any exchange program which may be offeredto such purchaser;
(13) Making any false orfraudulent representation on an application for registration;
(14) Violating any rule orregulation promulgated by the Commission;
(15) Failing to record orcause to be recorded a time share instrument as required by G.S. 93A‑42(c),or failing to provide a purchaser the protection against liens required by G.S.93A‑57(a); or
(16) Failing as a timeshare project broker to exercise reasonable and adequate supervision of theconduct of sales at a project or location by the brokers and salespersons underthe time share project broker's control.
(a1) The clear proceedsof fines collected pursuant to subsection (a) of this section shall be remittedto the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Following ahearing, the Commission shall also have power to suspend or revoke anycertificate of registration issued under the provisions of this Article or toreprimand or censure any developer when the registrant has been convicted orhas entered a plea of guilty or no contest upon which final judgment is enteredby a court of competent jurisdiction in this State, or any other state, of thecriminal offenses of: embezzlement, obtaining money under false pretense,fraud, forgery, conspiracy to defraud, or any other offense involving moralturpitude which would reasonably affect the developer's performance in the timeshare business.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person or entity from violating the provisions of this Article orrules promulgated by the Commission. The superior court shall have the power togrant these injunctions even if criminal prosecution has been or may beinstituted as a result of the violations, or regardless of whether the personor entity has been registered by the Commission.
(d) Each developershall maintain or cause to be maintained complete records of every time sharetransaction including records pertaining to the deposit, maintenance, andwithdrawal of money required to be held in a trust or escrow account, or asotherwise required by the Commission, under G.S. 93A‑45 of this Article.The Commission may inspect these records periodically without prior notice andmay also inspect these records whenever the Commission determines that they arepertinent to an investigation of any specific complaint against a registrant.
(e) When a licensee isaccused of any act, omission, or misconduct under this Article which wouldsubject the licensee to disciplinary action, the licensee may, with the consentand approval of the Commission, surrender the licensee's license and all therights and privileges pertaining to it for a period of time to be establishedby the Commission. A licensee who surrenders a license shall not be eligiblefor, or submit any application for, licensure as a real estate broker orregistration of a time share project during the period of license surrender.For the purposes of this section, the term licensee shall include a time sharedeveloper. (1983,c. 814, s. 1; 1985, c. 578, ss. 6‑10; 1987, c. 516, ss. 17, 18; 1998‑215,s. 138.; 2000‑140, s. 19(b); 2001‑487, s. 23(l); 2005‑395, s.23.)
(a) The Commission haspower to take disciplinary action. Upon its own motion, or on the verifiedcomplaint of any person, the Commission may investigate the actions of any timeshare salesperson, developer, or project broker of a time share projectregistered under this Article, or any other person or entity who shall assumeto act in such capacity. If the Commission finds probable cause that a timeshare salesperson, developer, or project broker has violated any of theprovisions of this Article, the Commission may hold a hearing on theallegations of misconduct.
The Commission has the powerto suspend or revoke at any time a real estate license issued to a time sharesalesperson or project broker, or a certificate of registration of a time shareproject issued to a developer; or to reprimand or censure such salesperson,developer, or project broker; or to fine such developer in the amount of fivehundred dollars ($500.00) for each violation of this Article, if, after ahearing, the Commission adjudges either the salesperson, developer, or projectbroker to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact about any time share or time share project;
(2) Making any falsepromises of a character likely to influence, persuade, or induce;
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, salespersons,advertising or otherwise;
(4) Failing, within areasonable time, to account for all money received from others in a time sharetransaction, and failing to remit such monies as may be required in G.S. 93A‑45of this Article;
(5) Acting as a timeshare salesperson or time share developer in a manner as to endanger theinterest of the public;
(6) Paying a commission,salary, or other valuable consideration to any person for acts or servicesperformed in violation of this Article;
(7) Any other conductwhich constitutes improper, fraudulent, or dishonest dealing;
(8) Performing orundertaking to perform any legal service as set forth in G.S. 84‑2.1, orany other acts not specifically set forth in that section;
(9) Failing to depositand maintain in a trust or escrow account in an insured bank or savings andloan association in North Carolina all money received from others in a timeshare transaction as may be required in G.S. 93A‑45 of this Article orfailing to place with an independent escrow agent the funds of a time sharepurchaser when required by G.S. 93A‑42(c);
(10) Failing to deliver toa purchaser a public offering statement containing the information required byG.S. 93A‑44 and any other disclosures that the Commission may byregulation require;
(11) Failing to complywith the provisions of Chapter 75 of the General Statutes in the advertising orpromotion of time shares for sale, or failing to assure such compliance bypersons engaged on behalf of a developer;
(12) Failing to complywith the provisions of G.S. 93A‑48 in furnishing complete and accurateinformation to purchasers concerning any exchange program which may be offeredto such purchaser;
(13) Making any false orfraudulent representation on an application for registration;
(14) Violating any rule orregulation promulgated by the Commission;
(15) Failing to record orcause to be recorded a time share instrument as required by G.S. 93A‑42(c),or failing to provide a purchaser the protection against liens required by G.S.93A‑57(a); or
(16) Failing as a timeshare project broker to exercise reasonable and adequate supervision of theconduct of sales at a project or location by the brokers and salespersons underthe time share project broker's control.
(a1) The clear proceedsof fines collected pursuant to subsection (a) of this section shall be remittedto the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Following ahearing, the Commission shall also have power to suspend or revoke anycertificate of registration issued under the provisions of this Article or toreprimand or censure any developer when the registrant has been convicted orhas entered a plea of guilty or no contest upon which final judgment is enteredby a court of competent jurisdiction in this State, or any other state, of thecriminal offenses of: embezzlement, obtaining money under false pretense,fraud, forgery, conspiracy to defraud, or any other offense involving moralturpitude which would reasonably affect the developer's performance in the timeshare business.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person or entity from violating the provisions of this Article orrules promulgated by the Commission. The superior court shall have the power togrant these injunctions even if criminal prosecution has been or may beinstituted as a result of the violations, or regardless of whether the personor entity has been registered by the Commission.
(d) Each developershall maintain or cause to be maintained complete records of every time sharetransaction including records pertaining to the deposit, maintenance, andwithdrawal of money required to be held in a trust or escrow account, or asotherwise required by the Commission, under G.S. 93A‑45 of this Article.The Commission may inspect these records periodically without prior notice andmay also inspect these records whenever the Commission determines that they arepertinent to an investigation of any specific complaint against a registrant.
(e) When a licensee isaccused of any act, omission, or misconduct under this Article which wouldsubject the licensee to disciplinary action, the licensee may, with the consentand approval of the Commission, surrender the licensee's license and all therights and privileges pertaining to it for a period of time to be establishedby the Commission. A licensee who surrenders a license shall not be eligiblefor, or submit any application for, licensure as a real estate broker orregistration of a time share project during the period of license surrender.For the purposes of this section, the term licensee shall include a time sharedeveloper. (1983,c. 814, s. 1; 1985, c. 578, ss. 6‑10; 1987, c. 516, ss. 17, 18; 1998‑215,s. 138.; 2000‑140, s. 19(b); 2001‑487, s. 23(l); 2005‑395, s.23.)
(a) The Commission haspower to take disciplinary action. Upon its own motion, or on the verifiedcomplaint of any person, the Commission may investigate the actions of any timeshare salesperson, developer, or project broker of a time share projectregistered under this Article, or any other person or entity who shall assumeto act in such capacity. If the Commission finds probable cause that a timeshare salesperson, developer, or project broker has violated any of theprovisions of this Article, the Commission may hold a hearing on theallegations of misconduct.
The Commission has the powerto suspend or revoke at any time a real estate license issued to a time sharesalesperson or project broker, or a certificate of registration of a time shareproject issued to a developer; or to reprimand or censure such salesperson,developer, or project broker; or to fine such developer in the amount of fivehundred dollars ($500.00) for each violation of this Article, if, after ahearing, the Commission adjudges either the salesperson, developer, or projectbroker to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact about any time share or time share project;
(2) Making any falsepromises of a character likely to influence, persuade, or induce;
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, salespersons,advertising or otherwise;
(4) Failing, within areasonable time, to account for all money received from others in a time sharetransaction, and failing to remit such monies as may be required in G.S. 93A‑45of this Article;
(5) Acting as a timeshare salesperson or time share developer in a manner as to endanger theinterest of the public;
(6) Paying a commission,salary, or other valuable consideration to any person for acts or servicesperformed in violation of this Article;
(7) Any other conductwhich constitutes improper, fraudulent, or dishonest dealing;
(8) Performing orundertaking to perform any legal service as set forth in G.S. 84‑2.1, orany other acts not specifically set forth in that section;
(9) Failing to depositand maintain in a trust or escrow account in an insured bank or savings andloan association in North Carolina all money received from others in a timeshare transaction as may be required in G.S. 93A‑45 of this Article orfailing to place with an independent escrow agent the funds of a time sharepurchaser when required by G.S. 93A‑42(c);
(10) Failing to deliver toa purchaser a public offering statement containing the information required byG.S. 93A‑44 and any other disclosures that the Commission may byregulation require;
(11) Failing to complywith the provisions of Chapter 75 of the General Statutes in the advertising orpromotion of time shares for sale, or failing to assure such compliance bypersons engaged on behalf of a developer;
(12) Failing to complywith the provisions of G.S. 93A‑48 in furnishing complete and accurateinformation to purchasers concerning any exchange program which may be offeredto such purchaser;
(13) Making any false orfraudulent representation on an application for registration;
(14) Violating any rule orregulation promulgated by the Commission;
(15) Failing to record orcause to be recorded a time share instrument as required by G.S. 93A‑42(c),or failing to provide a purchaser the protection against liens required by G.S.93A‑57(a); or
(16) Failing as a timeshare project broker to exercise reasonable and adequate supervision of theconduct of sales at a project or location by the brokers and salespersons underthe time share project broker's control.
(a1) The clear proceedsof fines collected pursuant to subsection (a) of this section shall be remittedto the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Following ahearing, the Commission shall also have power to suspend or revoke anycertificate of registration issued under the provisions of this Article or toreprimand or censure any developer when the registrant has been convicted orhas entered a plea of guilty or no contest upon which final judgment is enteredby a court of competent jurisdiction in this State, or any other state, of thecriminal offenses of: embezzlement, obtaining money under false pretense,fraud, forgery, conspiracy to defraud, or any other offense involving moralturpitude which would reasonably affect the developer's performance in the timeshare business.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person or entity from violating the provisions of this Article orrules promulgated by the Commission. The superior court shall have the power togrant these injunctions even if criminal prosecution has been or may beinstituted as a result of the violations, or regardless of whether the personor entity has been registered by the Commission.
(d) Each developershall maintain or cause to be maintained complete records of every time sharetransaction including records pertaining to the deposit, maintenance, andwithdrawal of money required to be held in a trust or escrow account, or asotherwise required by the Commission, under G.S. 93A‑45 of this Article.The Commission may inspect these records periodically without prior notice andmay also inspect these records whenever the Commission determines that they arepertinent to an investigation of any specific complaint against a registrant.
(e) When a licensee isaccused of any act, omission, or misconduct under this Article which wouldsubject the licensee to disciplinary action, the licensee may, with the consentand approval of the Commission, surrender the licensee's license and all therights and privileges pertaining to it for a period of time to be establishedby the Commission. A licensee who surrenders a license shall not be eligiblefor, or submit any application for, licensure as a real estate broker orregistration of a time share project during the period of license surrender.For the purposes of this section, the term licensee shall include a time sharedeveloper. (1983,c. 814, s. 1; 1985, c. 578, ss. 6‑10; 1987, c. 516, ss. 17, 18; 1998‑215,s. 138.; 2000‑140, s. 19(b); 2001‑487, s. 23(l); 2005‑395, s.23.)
