Rulemaking Nears Completion for Rules to be Effective July 1

The Commission adopted seven of the eight proposed rule changes at its March 16 meeting.

Proposed amendments to Rule 21 NCAC 58A .0116 relating to abandoned trust accounts were withdrawn from this rulemaking session for further consideration.

The seven adopted rule changes are subject to final approval at the Rules Review Commission (RRC) meeting on April 21.  With the RRC’s approval, which will be announced on the Commission’s website, the seven adopted rule changes will be effective July 1.

The complete texts of the rules with changes are available on the Commission’s website and are summarized below.

21 NCAC 58A .0103 – To amend the rule in Paragraph (a) to require brokers to update phone numbers and email addresses within 10 days of change and in Paragraph (b) to clarify the use of assumed names by business entities or sole proprietorships.

21 NCAC 58A .0108 – To amend the rule to include requirements for brokers to maintain all records relied upon to determine square footage and all advertising records used to market property.

21 NCAC 58A .0113 – To amend the rule to require a broker who enters into a conciliation agreement or consent order with another agency to report it to the Commission.

21 NCAC 58A .2104 – To amend the rule to correct the United States Code reference.

21 NCAC 58A .2105 – To amend the rule to correct the United States Code reference.

21 NCAC 58B .0102 – To amend the rule to increase the number of payment methods by which a time share project can submit an initial registration application fee.

21 NCAC 58B .0103 – To amend the rule to include technical changes and to increase the number of payment methods by which a time share project can submit a renewal application fee.

This article came from the May 2016-Vol47-1 edition of the bulletin.