Bill Summary for H 992 (2025-2026)
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| View NCGA Bill Details | 2025-2026 Session |
AN ACT TO CREATE A TIMESHARE TRUSTEE FORECLOSURE PROCESS FOR CERTAIN DELINQUENT ASSESSMENTS FOR TIMESHARES LOCATED IN THIS STATE AND TO CHANGE THE PROCESS FOR ESTABLISHING PATERNITY OF CHILDREN BORN OUT OF WEDLOCK.Intro. by Cairns, Tyson, Ross, Winslow.
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Bill summary
House committee substitute to the 1st edition makes the following changes.
Amends GS 93A-62(d)(3) to require the claim of lien to contain the specified statement and removes a similar statement from GS 93A-62.1.
Amends proposed GS 93A-62.1 to allow foreclosure on the lien no sooner than six months (was, two years) since the indebtedness described in the claim of lien became due and after filing the claim of lien. Makes the fees for docketing and indexing the certificate payable at the time the certificate is filed (was, at the time the assessments are collected or the timeshare is sold). Moves previous (e) into (h). Declares valid all foreclosure proceedings started by a managing entity or the lien holder before March 1, 2026 (was, October 1, 2025), and all sales and transfers of real property as part of those proceedings; makes conforming changes. Makes additional conforming and clarifying changes.
Amends GS 93A-62(e) by making a conforming and clarifying change.