Amends GS 93A-62 (concerning delinquent assessments of timeshares), as follows. Expands the events tolling the time upon which a lien against a timeshare expires to include filing a foreclosure action. Makes clarifying changes. Specifies that for a timeshare trustee foreclosure brought pursuant to GS 93A-62, the managing entity or the holder of the lien is entitled to recover its costs, including reasonable attorney's fees and trustee's fees. Instructs that in the event of a timeshare trustee foreclosure, owners who do not object to use of the timeshare trustee foreclosure procedure are not subject to a deficiency judgment even if the proceeds from the sale of the timeshare are insufficient to offset the amounts secured by the lien, and any successor to the owner that acquires title to a timeshare as a result of a timeshare trustee foreclosure under GS 93A-62.1 are exempt from liability for all unpaid assessments attributable to the timeshare or chargeable to the previous owner that came due prior to acquisition of title by the successor. Makes conforming changes to account for new GS 93A-62.1, discussed below.

Enacts GS 93A-62.1, providing, as an alternative to judicial foreclosure, a simple and inexpensive method of enforcing payment of assessments, to the knowledge of all persons, based upon the General Assembly’s recognition, that in authorizing this timeshare trustee foreclosure proceeding, that all persons owning a timeshare know or should know that the assessment lien on their timeshare may be foreclosed and the timeshare sold for failure to pay assessments. Provides for a notice of lien and trustee foreclosure to be attached to a lien under GS 93A-62 and for the filing of that lien with the clerk of superior court. Requires, by no less than fifteen days prior to filing a claim of lien, for the managing entity or the holder of the lien to mail a statement of the assessment amount due by first-class mail to the owner's address as recorded in the books and records of the timeshare program. Provides for mailing to a corporation or LLC. Requires the managing entity or the holder of the lien to make diligent efforts to ensure that its records contain the unit owner's mailing address.  

Allows for foreclosure no sooner than two years since the indebtedness described in the claim became due and after filing the claim of lien by having the managing entity, holder of the lien, or designated trustee file a certificate, that has been signed and sworn to or affirmed before a notary public, with the clerk of the superior court, showing the following: (i) the record owner of the timeshare on which there is a lien for unpaid assessments, together with the amount of assessments, including taxes, penalties, interest, and costs that are covered by the lien, (ii) the year or years for which the assessments are due, (iii) a description of the timeshare sufficient to permit its identification by parol testimony, and (iv) the filing information for the claim of lien if previously filed with the clerk of the superior court. The fees for docketing and indexing of the certificate assessed are payable to the clerk of the superior court at the time the assessments are collected or the timeshare is sold.

Requires the managing entity, holder of the lien, or designated trustee filing the certificate to, at least 30 days prior to docketing the judgment, send notice of the assessment lien foreclosure to the owner in the same manner as a claim of lien to the owner at the owner's known address as recorded in the books and records of the timeshare program and to all lienholders with liens that have attached after the effective date of the timeshare claim of lien, as described. Provides for notice by publication if no return receipt or delivery confirmation is received after the mailing of the notice of foreclosure. Provides for assessment of costs of mailing and publication plus an additional $250 charge to be added to the amount of assessments that are a lien on the timeshare.

Specifies that immediately upon the docketing and indexing of a certificate, the assessments, including taxes, penalties, interest, and costs, constitute a valid judgment against the timeshare described in the judgment with the priority provided for claims of lien in GS 93A-62, with the same force and effect as a duly rendered judgment of the superior court  directing sale of the timeshare for the satisfaction of the assessment lien bearing interest at an annual rate of 8%. Provides certification to the clerk if the judgment is paid.

Requires sale of the timeshare at public auction, as described, at any time after 30 days and before one year from the indexing of the judgment at the request of the managing entity or holder of the lien. Instructs that a sale conducted under this statute releases the owner from liability for all amounts secured by the lien. Clarifies that the managing entity or holder of the lien have no right to a deficiency judgment against the owner after a sale of the owner's timeshare under this statute. Provides for a certificate of compliance, as described, to be executed and filed with the clerk within 10 days after the trustee sells the timeshare as described above. At least 10 calendar days after a sale conducted under this statute, absent the prior filing and service on the trustee of a judicial action to enjoin issuance of the trustee's deed to the highest bidder, requires the trustee to issue a trustee's deed to the highest bidder and record the trustee's deed in the public records of the county in which the timeshare is located. Directs the trustee to distribute the sale proceeds in four areas, including the amount owed and set forth in the notice of sale.

Specifies that the certificate of compliance and the trustee's deed together are presumptive evidence of the truth of the matters set forth in them, and action to set aside the sale and void the trustee's deed may not be filed or otherwise pursued against any person acquiring the timeshare interest for value. The issuance and recording of the trustee's deed is presumed valid and may be relied upon by third parties without actual knowledge of irregularities in the foreclosure proceedings.

Authorizes a managing entity, holder of the lien, or designated trustee may combine the claim of lien, certificate, notice of sale, certificate of compliance, published notices and other documents part of the timeshare trustee foreclosure procedure against timeshares of different owners if specified criteria are met.

Specifies that a claim of lien securing a debt consisting solely of fines imposed by the managing entity, interest on unpaid fines, or attorneys' fees incurred by the managing entity solely associated with fines imposed by the managing entity may be enforced by judicial foreclosure, as provided in Article 29A of GS Chapter 1 of the General Statutes. In addition, directs that any claim of lien securing a debt consisting solely of service, collection, consulting, or administration fees may only be enforced by judicial foreclosure, as provided in Article 29A of GS Chapter 1.

Specifies that all foreclosure proceedings commenced by a managing entity or holder of the lien before October 1, 2025, and all sales and transfers of real property as part of those proceedings pursuant to this GS Chapter, GS Chapter 47A, or provisions in a timeshare declaration are declared to be valid unless an action to set aside the foreclosure is started by October 1, 2025, or within one year after the date of the foreclosure sale, whichever occurs last.

Applies to claims of lien filed on or after the act becomes law.