Amends GS 93A-62 (delinquent assessments pertaining to timeshares), as follows. 

Directs that any claim of lien securing a debt consisting solely of fines imposed by the timeshare owners' association, interest on unpaid fines, or attorneys' fees incurred by the timeshare owners' association solely associated with fines imposed by the timeshare owners' association or any claim of lien securing a debt consisting solely of service, collection, consulting, or administration fees may only be enforced by judicial foreclosure. Collectively, these claims will be referred to as “Judicial Liens.”

Creates the following process for nonjudicial foreclosure of certain timeshare liens (Nonjudicial Liens). Requires the managing entity of the holder of the Nonjudicial Lien to mail a statement of the assessment due by first class mail to the owner not fewer than fifteen days prior to filing the claim. Allows the managing entity or the holder of a Nonjudicial Lien to foreclose a claim of lien in like manner as a mortgage or deed of trust on real estate under power of sale under Article 2A of GS Chapter 45 if the assessment remains unpaid for 30 days or more. Provides for fourteen additional provisions and procedures that control to the extent they conflict with Article 2A of GS Chapter 45, including: incorporating certain terms from Article 2A of GS Chapter 45; giving the managing entity or holder of the Nonjudicial Lien power of sale to enforce its claim; notice to the owner after filing the claim of lien and prior to commencing a nonjudicial foreclosure; appointment of a trustee to conduct the nonjudicial foreclosure and sale; required content to an owner’s objection to a nonjudicial foreclosure; requirements for the clerk’s entry of an order of sale; process for if the owner satisfies the debt and pays all expenses prior to the expiration of the upset bid period, including dismissal of the foreclosure action and cancellation of the Nonjudicial Lien; process for bidding at the foreclosure sale; power of the trustee to execute a deed for the timeshare to the high bidder; payment of commission to the trustee; $1,200 cap on attorneys’ fees, excluding costs and expenses incurred, if the owner does not contest the Nonjudicial Lien; and presuming that owners have the rights and remedies available to mortgagors under GS 45-21.34.

Directs that a managing entity or holder of the Nonjudicial Lien can only proceed by judicial foreclosure if an owner objects to the use of a nonjudicial foreclosure proceeding.

Specifies that the attorneys’ fees provisions do not prohibit or prevent a managing entity or the holder of a Nonjudicial Lien from pursuing judicial foreclosure of a claim of lien, from taking other actions to recover the sums due the managing entity or the holder of the lien, or from accepting a deed in lieu of foreclosure. Directs that any judgment, decree, or order in any judicial foreclosure or civil action relating to the collection of assessments will include an award of costs and reasonable attorneys' fees for the prevailing party, which shall not be subject to the limitations set forth above. Specifies that all nonjudicial foreclosure proceedings commenced by a managing entity or the holder of the lien before October 1, 2024, and all sales and transfers of real property as part of those proceedings pursuant to the provisions of GS Chapter 93A, GS Chapter 47A, or provisions contained in a timeshare declaration, are declared to be valid unless an action to set aside the foreclosure is commenced on or before October 1, 2024, or within one year after the date of the foreclosure sale, whichever occurs last.

Provides for contents of claim of lien, service of lien, proof of service, and alternate methods of service. Providing for filing place. Exempts the Judicial Liens from the above process.   

Exempts successors in interests to a timeshare from liability under a nonjudicial foreclosure. Makes conforming and technical changes.

Effective October 1, 2024, and applies to claims of lien filed on or after that date. 

Effective July 1, 2024, appropriates $10,000 in nonrecurring funds for the 2024-25 fiscal year from the General Fund to the NC Real Estate Commission (Commission) to be used by the Commission to inform its licensees of the nonjudicial foreclosure process for timeshares established by the act.