(a)(No change.) (b)It is a material violation of the Act for a developer [registrant] to represent to a potential purchaser of a timeshare interest by advertising or any other means that a timeshare plan [property] has been approved by the State of Texas or the Texas Real Estate Commission or to represent that the State of Texas or the Texas Real Estate Commission has passed upon the merits of a timeshare plan [offering]. It is not a material violation of the Act for a registrant to represent that a timeshare plan [property ] has been registered if the registrant discloses at the same time and in the same manner that the State of Texas and the Texas Real Estate Commission have not approved the timeshare plan [property] or passed upon merits of the timeshare plan [offering]. (c)It is a material violation of the Act for a developer [registrant] to fail to file an application to amend a registration within 30 days of the occurrence of a materially [material and] adverse change in any document contained in the registration or to fail to cure a deficient application to amend a registration within 90 [180] days after the commission has mailed to the applicant a request for curative action. (d)(No change.) (e)It is a material violation of the Act for a person to disregard or violate a rule of the commission. (f)It is a material violation of the Act for a developer to fail to make good a check issued to the commission within 30 days after the commission has mailed a request for payment by certified mail to the developer's last know permanent mailing address as reflected by the commission's records. (g)It is a material violation of the Act for a developer to fail within 10 working days to provide information or documents requested by the commission or a commission representative in the course of the investigation of a complaint.
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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