|
(a)A person who wishes to amend the registration of a timeshare property shall submit an application to amend the registration using forms prepared by the commission. A person may file an application to amend the registration prior to the occurrence of the change. The commission may not accept for filing an application submitted without a completed application form or the appropriate filing fee. (b)For the purposes of Section 221.023 of the Texas Timeshare Act, "promptly" means within 30 days after the occurrence of a material and adverse change in any document contained in a registration. (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 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 April 24, 2001
TRD-200102390 Mark A. Moseley
General Counsel
Texas Real Estate Commission
Effective date: May 14,
2001
Proposal publication date: January 26, 2001
For further information, please call: (512) 465-3900
|
