(a)A person who wishes to amend the registration of a timeshare plan [property] shall submit an application to amend the registration using forms approved [prepared] by the commission. A developer [person] may file an application to amend a [the] registration prior to the occurrence of the change. The commission may not accept for filing an application submitted without a completed application form and [or] the appropriate filing fee. (b)For the purposes of Section 221.023 of the Texas Timeshare Act, (1)"promptly" means within 30 days after the occurrence of a materially [material and] adverse change in any document contained in a registration; and[.] (2)"materially adverse change" includes, but is not limited to, a change to any document contained in the registration that reduces benefits or increases costs to prospective purchasers, or any change to financial assurance documentation and disclosures required by Sections 221.061 or 221.063 of the Texas Timeshare Act. (c)Materially adverse change does not include the correction of any typographical or other nonsubstantive changes. (d)In addition to disclosing materially adverse changes, a developer shall promptly amend its registration for any of the following reasons: (1)a change of developer; (2)a change of exchange company or association with an additional exchange company; (3)an increase or decrease in assessments; (4)any change in the accommodations that are part of the timeshare plan; (5)an increase or decrease in the number of timeshare interests in the timeshare plan registered by the commission; (6)a change of management company; and (7)a change to a substantive provision of the management agreement. [(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.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal authority to adopt.
Filed with the Office of
the Secretary of State on October 19, 2005
TRD-200504697 Loretta
DeHay
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: December 4, 2005
For further information, please call: (512) 465-3900
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