AN ACT to require new landlords to provide current tenants with SIXTY days' written notice to vacate before terminating a tenancy and to provide current tenants with SIXTY days' written notice of rent increase with the option to vacate the property within SIXTY days if the current tenant rejects the rent increase.

The General Assembly of North Carolina enacts:

SECTION 1.  Article 1 of Chapter 42 of the General Statutes is amended by adding a new section to read:

§ 42‑14.1A.  Notice to vacate or increase rent by new landlords to existing tenants.

(a)        Unless the terms of the residential lease agreement state otherwise, in residential tenancies from month‑to‑month or week‑to‑week, or tenancies where a tenant holds over after the expiration of the initial lease term, a new landlord must do the following:

(1)        Give current tenants written notice to vacate at least 60 days before terminating the lease, where the landlord chooses to end the tenancy.

(2)        Give current tenants written notice of a rent increase at least 60 days before the rent increase becomes effective with the option to terminate the residential lease agreement and vacate the property within the 60 days if the current tenant rejects the rent increase.

(b)        For purposes of this section, the term new landlord means any owner and any rental management company, rental agency, or any other person having the actual or apparent authority of an agent to perform the duties imposed by this Article that takes the actions described in subsection (a) of this section within one year of finalizing the purchase of the property.

SECTION 2.  This act is effective when it becomes law.