A BILL TO BE ENTITLED
AN ACT to allow lot owners to continue to lease lots in planned communities if the declaration or bylaws are subsequently amended to restrict or limit leasing of property in the planned community.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 3 of Chapter 47F of the General Statutes is amended by adding a new section to read:
"§ 47F‑3‑123.  Leasing of property by lot owner.
Notwithstanding any provision in any declaration of covenants or bylaws, a restriction or limitation upon the ability of a lot owner to lease a lot within the planned community shall not be effective against a lot if the restriction or limitation was not in effect at the time the lot owner acquired legal title to the lot."
SECTION 2.  This act is effective when it becomes law and applies to planned community declarations and bylaws amended on or after that date.