North Carolina Administrative Code
Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS
Chapter 58 - REAL ESTATE COMMISSION
Subchapter B - TIMESHARES
Section .0500 - HANDLING AND ACCOUNTING OF FUNDS
Section 58B .0501 - TIMESHARE TRUST FUNDS

Universal Citation: 21 NC Admin Code 58B .0501

Current through Register Vol. 39, No. 6, September 16, 2024

(a) Except as otherwise permitted by G.S. 93A-45(d), all monies received by a developer or a timeshare salesperson in connection with a timeshare sales transaction shall be deposited into a trust or escrow account immediately following receipt and shall remain in such account for ten days from the date of sale or cancellation by the purchaser, whichever first occurs.

(b) All monies received in connection with a timeshare transaction shall be delivered immediately to the program broker.

Authority G.S. 93A-45; 93A-51;
Eff. September 1, 1984;
Amended Eff. April 1, 2006; October 1, 2000; February 1, 1989; July 1, 1988; February 1, 1988;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018;
Amended Eff. July 1, 2022.

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