State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_93A > GS_93A-58

§ 93A‑58.  Registrarrequired; criminal penalties; project broker.

(a)        Every developer ofa registered project shall, by affidavit filed with the Commission, designate anatural person to serve as time share registrar for its registered projects.The registrar shall be responsible for the recordation of time shareinstruments and the release of liens required by G.S. 93A‑42(c) and G.S.93A‑57(a). A developer may, from time to time, change the designated timeshare registrar by proper filing with the Commission and by otherwise complyingwith this subsection. No sales or offers to sell shall be made until theregistrar is designated for a time share project.

The registrar has the duty toensure that the provisions of this Article are complied with in a time shareproject for which the person is registrar. No registrar shall record a timeshare instrument except as provided by this Article.

(b)        A time shareregistrar is guilty of a Class I felony if he or she knowingly or recklesslyfails to record or cause to be recorded a time share instrument as required bythis Article.

A person responsible asgeneral partner, corporate officer, joint venturer or sole proprietor of thedeveloper of a time share project is guilty of a Class I felony if the personintentionally allows the offering for sale or the sale of time share topurchasers without first designating a time share registrar.

(c)        The developer shalldesignate for each project and other locations where time shares are sold oroffered for sale a project broker. The project broker shall act as supervisingbroker for all time share salespersons at the project or other location andshall directly, personally, and actively supervise all such persons at theproject or other location in a manner to reasonably ensure that the sale oftime shares will be conducted in accordance with the provisions of thisChapter. (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.)