| (a) A person who wishes to amend the registration of a timeshare
property shall submit an application to amend the registration using forms
prepared by the commission. A person may file an application to amend the
registration prior to the occurrence of the change. The commission may not
accept for filing an application submitted without a completed application
form or the appropriate filing fee.
(b) For the purposes of Section 221.023 of the Texas Timeshare
Act, "promptly" means within 30 days after the occurrence of a material and
adverse change in any document contained in a registration.
(c) An increase in the number of timeshare interests to be
offered for sale is deemed a material and adverse change if it exceeds by
more than 10% of the number of interests which existed or were proposed in
the original registration.
(d) An increase in the dues, assessments, fees or charges paid
or to be paid by purchasers for the use of accommodations or amenities or
for any other purpose is deemed a material and adverse change if it exceeds
by more than 15% the amounts set forth in the original registration.
(e) If the commission determines that a registration, if amended
in the manner indicated in an application to amend a registration, would continue
to satisfy all requirements for registration, the commission shall promptly
notify the applicant in writing that the registration has been amended, specifying
the effective date of the amendment.
(f) If the commission determines that a registration, if amended
in the manner indicated in an application to amend a registration, would fail
to satisfy a requirement for registration, the commission shall notify the
applicant of any deficiency. The commission may require the applicant to revise
and resubmit written documents filed with the application or to provide additional
information if the commission determines that the application or written material
filed with the application is incomplete or inaccurate. Upon submission by
an applicant of a response sufficient in the opinion of the commission to
cure any deficiency in the application, the commission shall promptly notify
the applicant that the registration has been amended, specifying the effective
date of the amendment.
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