Establishes a timeshare trustee foreclosure process for delinquent assessments in North Carolina.

The bill creates a timeshare trustee foreclosure process for certain delinquent assessments for timeshares in North Carolina. It outlines procedures for managing entities to foreclose on timeshares for unpaid assessments, including notice requirements, sale processes, and the role of trustees. The bill specifies that the managing entity must notify the owner of the delinquency and provide an opportunity to cure the default before initiating foreclosure. It also details the sale process, including notice to the owner and other lienholders, and the allocation of sale proceeds.

Establishes a timeshare trustee foreclosure process for delinquent assessments in North Carolina.

The bill creates a timeshare trustee foreclosure process for certain delinquent assessments for timeshares in North Carolina. It outlines procedures for managing entities to foreclose on timeshares for unpaid assessments, including notice requirements, sale processes, and the role of trustees. The bill specifies that the managing entity must notify the owner of the delinquency and provide an opportunity to cure the default before initiating foreclosure. It also details the sale process, including notice to the owner and other lienholders, and the allocation of sale proceeds.