Amends GS 160A-372 (municipal) and GS 153A-331 (county), which relate to subdivision control ordinances. Removes language in existing law related to performance guarantees and adds new language that:

• specifies what constitutes a performance guarantee,
• places a time limit on the length of the performance guarantee (not more than six months longer than the issuance of any required final inspection approval),
• places a cap on the amount of the performance guarantee (not to exceed 110% of the cost of completion), and
• provides that the guarantee may be used only for completion of the development and not for repairs or maintenance.

Requires that performance agreements required by development agreements (GS 160A-400.25, GS 153A-349.6), erosion and sedimentation control plans (GS 113A-61), and stormwater control best practices for composting operations comply with these new provisions. 

Prohibits cities (GS 160A-417) and counties (GS 153A-357) from withholding issuing a building permit for one property or parcel as a means of compelling (1) completion of work for a separate permit or (2) compliance with land use regulations.

Effective October 1, 2015, and applies to performance guarantees required on or after that date.