NC H1034

Establishes a nonjudicial foreclosure process for timeshare assessment liens in North Carolina, allowing managing entities to foreclose through power of sale similar to mortgage foreclosures instead of requiring judicial proceedings.

Requires managing entities to provide owners with 15 days' notice of assessment amount due before filing a lien claim, and additional notice of foreclosure intent with information on cure rights and the option to object and require judicial foreclosure.

Caps combined attorneys' fees and trustee's commission at $1,200 for uncontested foreclosures where owners do not dispute the debt or lien validity, excluding other costs and expenses.

Prohibits nonjudicial foreclosure for liens securing only fines, interest on fines, or service and administrative fees; these debts may only be enforced through judicial foreclosure.

Becomes effective October 1, 2024, for claims of lien filed on or after that date; appropriates $10,000 to the North Carolina Real Estate Commission to inform licensees of the new process.