21 NCAC 58B .0104          AMENDMENTS TO TIMESHARE PROGRAM REGISTRATION

(a)  A developer shall notify the Commission within 30 days after any material change in the information contained in the timeshare program registration.

(b)  A material change shall be any change which reflects a difference in the:

(1)           nature, quality, or availability of the purchaser's ownership or right to use the timeshare;

(2)           nature, quality, or availability of any amenity at the project;

(3)           developer's title, control, or right to use the real property on which the project is located;

(4)           information concerning the developer, managing or marketing entities, independent escrow agent, registrar, or program broker, previously filed with the Commission; or

(5)           purchaser's right to exchange his or her unit; however, a change in the information required to be disclosed to a purchaser by G.S. 93A‑48 shall not be a material change.

(c)  A timeshare developer seeking to amend a program's registration shall submit each document to be amended with new or changed information underlined in red. Every amendment submitted shall be accompanied by a cover letter signed by the developer or the developer's attorney containing a summary of the amendment and a statement of reasons for which the amendment has been made. The cover letter shall also state:

(1)           the name and address of the timeshare program and registration number;

(2)           the name and address of the developer;

(3)           the document or documents to which the amendment applies;

(4)           whether or not the changes represented by the amendment required the assent of the timeshare owners and, if so, how the assent of the timeshare owners was obtained; and

(5)           the recording reference in the office of the register of deeds for the changes, if applicable.

(d)  If the ownership of a developer of a registered timeshare program changes, the new developer shall file a new timeshare program registration application pursuant to Rule .0101 of this Subchapter. Said refiling shall be without a fee.

History Note:        Authority G.S. 93A‑51; 93A-52(a3);

Eff. March 1, 1984;

Amended Eff. October 1, 2000; February 1, 1989; April 1, 1987;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018;

Amended Eff. July 1, 2022.