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(a)A person who wishes to amend the registration of
a timeshare plan shall submit an application to amend the registration
using forms approved by the Commission. A developer may file an application
to amend a registration before the occurrence of the change. The Commission
may not accept for filing an application submitted without a completed
application form and the appropriate filing fee.
(b)For the purposes of Section 221.023 and Section
221.032, subsections (b)(26), (c)(9) and (d)(32) of the Texas Timeshare
Act, a developer shall file amendments to the registration reporting
to the Commission any material or materially adverse change in any
document contained in a registration.
(c)"Material" includes, but is not limited to:
(1)a change of developer;
(2)a change of exchange company or association with
an additional exchange company;
(3)an increase in assessments of 15% or more;
(4)any substantial 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 escrow agent or type of escrow or other
financial assurance;
(7)if applicable, an increase of more than 20% in
an original alternative assurance as defined by Section 221.063(a)
of the Texas Timeshare Act;
(8)a change to a substantive provision of the escrow
agreement between the escrow agent and the developer;
(9)a change of management company; or
(10)a change to a substantive provision of the management
agreement.
(d)"Materially adverse" means any material change
to the timeshare plan that substantially reduces the benefits or increases
the costs to purchasers.
(e)Material or materially adverse does not include
the correction of any typographical or other nonsubstantive changes.
(f)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.
(g)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 promptly 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.
The agency certifies that legal counsel has reviewed
the adoption and found it to be a valid exercise of the agency's legal
authority.
Filed with the Office
of the Secretary of
State on November 20, 2014
TRD-201405550 Kerri Lewis
General Counsel
Texas Real Estate Commission
Effective date: December 10, 2014
Proposal publication date: September 5, 2014
For further information, please call: (512) 936-3092
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