North Carolina § 93A-40 - Registration required of time share projects; real estate license required.

§ 93A-40. Registration required of time share projects; real estate license required.

It shall be unlawful for any person in this State to engage or assume to engage in the business of a time share developer or time share salesperson to sell or offer to sell a time share located in this State without the time share developer first obtaining a certificate of registration for the time share project to be offered for sale issued by the North Carolina Real Estate Commission under the provisions of this Article. A time share salesperson shall be a licensed real estate broker subject to the provisions of this Chapter unless the time share salesperson (i) meets the requirement for exemption set forth in G.S. 93A-2(c)(1) or (ii) is an employee of the registered time share developer, whose income is reported on IRS Form W-2 of the registered time share developer. A person responsible as general partner, corporate officer, joint venturer or sole proprietor who intentionally acts as a time share developer, allowing the offering of sale or the sale of time shares to a purchaser, without first obtaining registration of the time share project under this Article shall be guilty of a Class I felony. History (1983, c. 814, s. 1; 1987, c. 516, s. 16; 2000-140, s. 19(b); 2005-395, s. 19; 2019-195, s. 4.) Effect of Amendments. - Session Laws 2005-395, s. 19, effective April 1, 2006, in subsection (a), substituted "It shall" for "From and after July 1, 1984, it shall" and deleted "or salesperson" following "broker." Session Laws 2019-195, s. 4, effective August 9, 2019, in subsection (a), rewrote the first sentence and added the last sentence. Legal Periodicals. - For comment, "Time Sharing: The North Carolina General Assembly's Response to Ownership of Time Share Contracts," see 15 N.C. Cent. L.J. 56 (1984).