Amends GS 20-4.01, the definitions section concerning motor vehicles, adding the key term manufactured home providing it means as defined in GS 143-143.9(6). Adds clarifying language to the definitions for house trailer and recreational vehicle providing that those terms do not include a manufactured home. Adds language to the definition of vehicle, providing that unless the context requires otherwise or as provided in GS 20-109.2, 47-20.6, and 47-20.7, a manufactured home is deemed to be a vehicle. 

Enacts new subsection GS 20-58(c), concerning perfection of security interest, providing that on and after January 1, 2016, an application of a security interest on a certificate of title for a manufactured home must state the maturity date of the secured obligation. Sets out requirements for the Division of Motor Vehicles (DMV) concerning the maturity date. 

Enacts GS 20-58.3A, Automatic expiration of security interest in manufactured home; renewal of security interests in manufactured homes, defining the terms secured party and borrower for the purposes of this section. Provides that, with a few specified exceptions, a security interest in a manufactured home, which is perfected by a notation on the certificate of title must automatically expire 30 years after the date of issuance of the original certificate of title containing the notation of the security interest. Provides that, with a few specified exceptions, a security interest in a manufactured home, which is perfected by a notation on the certificate of title pursuant to GS 20-58(c) will automatically expire in accordance with the specified time frames. Sets out processes and procedures for renewal of the perfection of the secured party's security interest prior to automatic expiration, including requiring an application to be submitted to the DMV containing specified information, such as the secured party's signature and the existing certificate of title. Sets out the requirements of the DMV once an application for renewal has been received, depending on the status of the existing certificate of title. Provides that once issued, the renewal is effective to renew the perfection of the security interest as of the date the application is delivered to the DMV.

Amends GS 20-58.4, concerning the release of a security interest, providing a procedure to secure a release of a security interest by way of a sworn affidavit by the owner stating that the debt has been satisfied and their either (1) the owner has not been able to determine the identity or current location of the secured creditor or (2) the secured creditor has not responded within 30 days to a written request for release. Provides that the DMV cannot cancel a security interest if the secured party responds to the DMV within 15 days of the DMV's notice, stating the security interest remains in effect. Adds new subsection (f) providing that the owner of the manufactured home or the owner of the real property on which the home is located can effect the satisfaction and release of a security interest as provided in GS 20-109.2.

Enacts GS 44A-11.1(a1) concerning lien agents providing that when improvements to a real property leasehold are limited to the purchase, transportation or setup of a manufactured home, with a current certificate of title, the purchase price of the home must be excluded in determining if the costs of the undertaking are $30,000 or more.

Amends GS 153A-357(e) (municipalities) and GS 160A-417(d) (counties), concerning the prohibition on certain issuance of building permits where the costs of work is $30,000 or more, adding language that provides that when improvements to a real property leasehold are limited to the purchase, transportation or setup of a manufactured home, with a current certificate of title, the purchase price of the home must be excluded in determining if the costs of the undertaking are $30,000 or more. 

Directs the Legislative Research Commission to study the law and process related to manufactured housing title and security interests. Effective when this act becomes law.

Unless otherwise provided, effective January 1, 2016.