21 NCAC 58B .0101. APPLICATION FOR REGISTRATION

(a)  Every application for time share project registration shall be filed at the Commission's office upon a form prescribed by the Commission.  Every such application shall contain or have appended thereto:

(1)           information concerning the developer's title or right to use the real property on which the project is located, including a title opinion provided by an independent attorney performed within 30 days preceding the date of application;

(2)           information concerning owners of time shares at the project other than the developer;

(3)           a description of the improvements and amenities located at the project, including a description of the number and type of time share units;

(4)           a description of the time share estate to be sold or conveyed to purchasers;

(5)           information concerning the developer and his or her financial ability to develop the project (including the developer's most recent audited financial statement, any loan commitments for completion of the proposed time share project, a projected budget for the construction, marketing and operation of the time share project until control by purchasers is asserted, and details of any source of funding for the time share project other than consumer sales proceeds), and information concerning the marketing and managing entities and their relationship to the developer;

(6)           the developer's name and address, past real estate development experience and such other information necessary to determine the moral character of those selling and managing the project;

(7)           copies of all documents to be distributed to time share purchasers at the point of sale or immediately thereafter; and

(8)           such information as may be required by G.S. 93A‑52.

The form shall also describe the standards for its proper completion and submission.

(b)  In accordance with G.S. 93A‑52, an application for time share registration shall be considered to be properly completed when it is wholly and accurately filled out and when all required documents are appended to it and appear to be in compliance with the provisions of the Time Share Act, and, where the project is a condominium, the Condominium Act or Unit Ownership Act.

(c)  An entity which owns time shares at a time share project where there are one or more existing registered developers may also apply to the Commission for registration of its time shares, provided that the entity does not control a registered developer, is not controlled by a registered developer, and is not in common control of the project with a registered developer.

 

History Note:        Authority G.S. 47A; 47C; 93A‑51; 93A‑52(a);

Eff. March 1, 1984;

Amended Eff. July 1, 2000; August 2, 1993; February 1, 1989; April 1, 1987.