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(a)A developer who wishes to register a timeshare plan shall submit an application for registration using forms approved by the commission. The commission may not accept for filing an application submitted without a completed application form and the appropriate filing fee. (b)If the commission determines that an application for registration of a timeshare plan satisfies all requirements for registration, the commission shall promptly register the timeshare plan. The commission shall notify the applicant in writing that the timeshare plan has been registered, specifying the anniversary date of the registration and shall assign a registration number to the timeshare plan. (c)If the commission determines that an application for registration of a timeshare plan fails to satisfy any requirement for registration, the commission shall promptly notify the applicant of any deficiency in writing. The commission may require an applicant to revise and resubmit written documents filed with the application or to provide additional information if the commission determines that 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 register the timeshare plan and provide the applicant with the written notice required by these rules. An application will be terminated and the commission shall take no further action if the applicant fails to submit a response to the commission within 90 days after the commission mails a request to the applicant for curative action.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on December 9, 2005
TRD-200505663 Loretta R. DeHay
General Counsel
Texas Real Estate Commission
Effective date: January 15, 2006
Proposal publication date: November 4, 2005
For further information, please call: (512) 465-3900
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