21 N.C. Admin. Code 58B.0401

Current through Register Vol. 39, No. 11, December 2, 2024

Section 58B .0401 - RETENTION OF TIMESHARE RECORDS

(a) A developer shall maintain or cause to be maintained complete timeshare records for a period of not less than three years after the completion or termination of a timeshare sale, rental, or exchange.

(b) Timeshare records shall include, at a minimum, copies of the following:

(1) offers to purchase;

(2) applications and contracts to purchase;

(3) rent or exchange timeshares;

(4) records of deposits;

(5) maintenance and disbursement of funds required to be held in trust;

(6) receipts;

(7) notices of cancellations;

(8) compensation of timeshare salespersons;

(9) public offering statement and summary; and

(10) any other records pertaining to the timeshare transaction or termination.

(c) Timeshare records shall be made available for inspection and reproduction to the Commission or its authorized representatives without prior notice.

21 N.C. Admin. Code 58B .0401

Authority G.S. 93A-3(c); 93A-51; 93A-54;
Eff. September 1, 1984;
Amended Eff. October 1, 2000;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018;
Amended Eff. July 1, 2022.

Authority G.S. 93A-51; 93A-54(d);
Eff. September 1, 1984;
Amended Eff. October 1, 2000.

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

Amended by North Carolina Register Volume 37, Issue 01, July 1, 2022 effective 7/1/2022.