|
(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 three months after the
Commission mails a request to the applicant for curative action.
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 August 10, 2022
TRD-202202986 Abby Lee
Deputy General Counsel
Texas Real Estate Commission
Effective date: August 30,
2022
Proposal publication date: May 20, 2022
For further information, please call: (512) 936-3057
|
