The Texas Real Estate Commission (TREC) proposes new 22 TAC §543.1, Definitions; §543.2, Registration; §543.3, Amendments; §543.4, Fees; §543.5, Forms; §543.6, Violations; §543.7, Complaints and Disciplinary Proceedings; §543.8, Contract Requirements; §543.9, Disclosure Requirement; §543.10, Exemptions; §543.11, Escrow Requirements; §543.12, Maintenance of Registration; §543.13, Renewal of Registration; and §543.14, Assumed Names, in Chapter 543, Rules Relating to the Provisions of the Texas Timeshare Act.

The proposed new rules to Chapter 543 are made as a result of the Commission's quadrennial rule review. The proposed changes add a new definitions section for ease of reading and update terminology for consistency throughout the chapter. Additionally, proposed new §543.5, Forms, and §543.13, Renewal of Registration, correct a reference to a Commission form.

Abby Lee, Deputy General Counsel, has determined that for the first five-year period the proposed new rules are in effect there will be no fiscal implications for the state or for units of local government as a result of enforcing or administering the sections. There is no adverse economic effect anticipated for small businesses, micro-businesses, rural communities, or local or state employment as a result of implementing the proposed new rules. There is no significant economic cost anticipated for persons who are required to comply with the proposed new rules. Accordingly, no Economic Impact Statement or Regulatory Flexibility Analysis is required.

Ms. Lee also has determined that for each year of the first five years the sections as proposed are in effect, the public benefit anticipated as a result of enforcing the sections will be greater clarity in the rules.

For each year of the first five years the proposed new rules are in effect the new rules will not:

--create or eliminate a government program;

--require the creation of new employee positions or the elimination of existing employee positions;

--require an increase or decrease in future legislative appropriations to the agency;

--require an increase or decrease in fees paid to the agency;

--create a new regulation;

--expand, limit, or repeal an existing regulation;

--increase or decrease the number of individuals subject to the rule's applicability;

--positively or adversely affect the state's economy.

Comments on the proposal may be submitted through the online comment submission form at https://www.trec.texas.gov/rules-and-laws/comment-on-proposed-rules, to Abby Lee, Deputy General Counsel, Texas Real Estate Commission, P.O. Box 12188, Austin, Texas 78711-2188, or via email to general.counsel@trec.texas.gov. The deadline for comments is 30 days after publication in the Texas Register.

The new rules are proposed under the Texas Property Code, §221.024, which authorizes the Texas Real Estate Commission to prescribe and publish forms and adopt rules necessary to carry out the provisions of The Texas Timeshare Act.

The statute affected by this proposal is Chapter 221, Property Code. No other statute, code or article is affected by the proposed new rules.