Enacts new GS 160A-394 to allow Cornelius, by ordinances, to establish and enforce zoning regulations for residential dwellings occupied on a vacation rental or other transient occupancy basis. Sets out 12 issues that the zoning regulations must include, including required permitting, limits on number of cars and occupants, financial reports and payment of occupancy tax, and time limits. Defines vacation rental or other transient occupancy to mean occupancy intended to be temporary and offered or available by short term lease for a time period or lease term of less than 90 days in a residential dwelling unit. Allows short-term occupancy by another for up to three weeks per year without it being considered a vacation rental or other transient occupancy. Amends GS 160A-424 to make conforming changes. Applies to Cornelius only.