reglab/housing_qa huggingface dataset:
TX Prop § 221.041 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter E. Cancellation of Purchase Contract|Section 221.041. Purchaser's Right to Cancel

Sec. 221.041.  PURCHASER'S RIGHT TO CANCEL.  (a)  A purchaser may cancel a purchase contract before the sixth day after the date the purchaser signs and receives a copy of the purchase contract or receives the required timeshare disclosure statement, whichever is later.(b)   A purchaser may not waive the right of cancellation under this section.  A contract containing a waiver is voidable by the purchaser.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.041 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.  Amended by Acts 1989, 71st Leg., ch. 381, Sec. 4, eff. June 14, 1989;  Acts 1993, 73rd Leg., ch. 443, Sec. 4, eff. Sept. 1, 1993.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 8, eff. January 15, 2006.|
TX Prop § 221.042 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter E. Cancellation of Purchase Contract|Section 221.042. Notice; Refund

Sec. 221.042.  NOTICE; REFUND.  (a)  If a purchaser elects to cancel a purchase contract under Section 221.041, the purchaser may do so by hand-delivering notice of cancellation to the developer, by mailing notice by prepaid United States mail to the developer or to the developer's agent for service of process, or by providing notice by overnight common carrier delivery service to the developer or the developer's agent for service of process.(b)  Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded on or before the 30th day after the date on which the developer receives a timely notice of cancellation or on or before the fifth day after the date the developer receives good funds from the purchaser, whichever is later.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.042 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 8, eff. January 15, 2006.|
TX Prop § 221.051 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter F. Exchange Program|Section 221.051. Operation Requirement

Sec. 221.051.  OPERATION REQUIREMENT.  An exchange company shall employ seasonal demand and unit occupancy restrictions in the operation of its exchange program.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.051 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.|
TX Prop § 221.052 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter F. Exchange Program|Section 221.052. Liability of Developer and Exchange Company

Sec. 221.052.  LIABILITY OF DEVELOPER AND EXCHANGE COMPANY.  (a)  A developer does not incur any liability arising out of the use, delivery, or publication to a purchaser of written information or audio-visual materials provided to it by the exchange company in accordance with Subchapter D, unless the developer knows or has reason to know that the materials are inaccurate or false.(b)  No exchange company shall have any liability with respect to any violation under this chapter arising out of the use by a developer of information relating to an exchange program other than that provided to the developer by the exchange company.(c)  An exchange company that denies exchange privileges to an owner whose use of accommodations in the owner's timeshare plan is denied is not liable to any member of the exchange company or exchange program or any third party because of the denial of the owner's exchange privileges.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.052 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 9, eff. January 15, 2006.|
TX Prop § 221.053 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter F. Exchange Program|Section 221.053. Exchange Company Liability

Sec. 221.053.  EXCHANGE COMPANY LIABILITY.  Except for written information or audio-visual materials provided to a developer by an exchange company, an exchange company does not incur liability as a result of:(1)  a representation made by a developer that relates to any exchange program or exchange company;  or(2)  the use, delivery, or publication by a developer of information that relates to an exchange program or exchange company.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.053 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.|
TX Prop § 221.061 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter G. Escrow Deposits|Section 221.061. Escrow or Trust Account Required

Sec. 221.061.  ESCROW OR TRUST ACCOUNT REQUIRED.  (a)  A developer or escrow agent of a timeshare plan shall deposit in an escrow or trust account in a federally insured depository 100 percent of all funds received during the purchaser's cancellation period.(b)  An escrow agent owes the purchaser a fiduciary duty.(c)  The escrow agent and the developer shall execute an agreement that includes a statement providing that:(1)  funds may be disbursed to the developer from the escrow or trust account by the agent only:(A)  after the purchaser's cancellation period has expired; and(B)  as provided by the purchase contract, subject to this subchapter; and(2)  if the purchaser cancels the purchase contract as provided by the contract, the funds must be paid to:(A)  the purchaser; or(B)  the developer if the purchaser's funds have been refunded previously by the developer.(d)  If a developer contracts to sell a timeshare interest and the construction of the building in which the timeshare interest is located has not been completed when the cancellation period expires, the developer shall continue to maintain all funds received from the purchaser under the purchase agreement in the escrow or trust account until construction of the building is completed.  The documentation required for evidence of completion of construction includes:(1)  a certificate of occupancy;(2)  a certificate of substantial completion;(3)  evidence of a public safety inspection equivalent to Subdivision (1) or (2) from a government agency in the applicable jurisdiction; or(4)  any other evidence acceptable to the commission.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987. Renumbered from Sec. 201.061 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 10, eff. January 15, 2006.|
TX Prop § 221.063 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter G. Escrow Deposits|Section 221.063. Alternative to Escrow or Trust Account: Financial Assurance

Sec. 221.063.  ALTERNATIVE TO ESCROW OR TRUST ACCOUNT:  FINANCIAL ASSURANCE.  (a)  Instead of the deposit of funds in an escrow or trust account as provided by Section 221.061, the commission may accept from the developer a surety bond, irrevocable letter of credit, or other form of financial assurance, including financial assurance posted in another state or jurisdiction.(b)  The amount of the financial assurance provided under this section must be an amount equal to or more than the amount of funds that would otherwise be placed in an escrow or trust account under Section 221.061(a).(c)  The amount of the financial assurance provided under this section for timeshare property under construction as provided by Section 221.061(d) must be the lesser of:(1)  an amount equal to or more than the amount of funds that would otherwise be placed in an escrow or trust account under that subsection; or(2)  the amount necessary to assure completion of the building in which the timeshare interest is located.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.063 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 10, eff. January 15, 2006.|
TX Prop § 221.064 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter G. Escrow Deposits|Section 221.064. Documentation Required

Sec. 221.064.  DOCUMENTATION REQUIRED.  The escrow or trust account agent or developer shall make documents related to the escrow or trust account or the financial assurance provided available to the commission at the commission's request.|Added by Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 10, eff. January 15, 2006.|
TX Prop § 221.072 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.072. Insurance

Sec. 221.072.  INSURANCE.  Before the disposition of any timeshare interest, the developer or managing entity shall maintain the following insurance with respect to the timeshare property:(1)  property insurance on the timeshare property and any personal property for use by purchasers, other than personal property separately owned by a purchaser, insuring against all risks of direct physical loss commonly insured against, in a total amount, after application of deductibles, of the full replacement cost of the accommodations and amenities of the timeshare property; and(2)  liability insurance covering all occurrences commonly insured against for death, bodily injury, and property damage arising out of or in connection with the use, ownership, and maintenance of the timeshare property.|Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987.  Renumbered from Sec. 201.072 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 12, eff. January 15, 2006.|
TX Prop § 221.073 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.073. Penalty

Sec. 221.073.  PENALTY.  (a)  A developer subject to this chapter commits an offense if the developer offers or disposes of a timeshare interest in a timeshare property which has not been registered with the commission.(b)  It is not a violation of this section for a developer subject to this chapter to accept reservations and deposits from prospective purchasers in accordance with Section 221.021(b) or (d).(c)  An offense under this section is a Class A misdemeanor.  A person may not be prosecuted for more than one offense involving the same promotion, even if mailed or distributed to more than one person.|Added by Acts 1989, 71st Leg., ch. 381, Sec. 6, eff. June 14, 1989.  Amended by Acts 1999, 76th Leg., ch. 1382, Sec. 9, eff. June 19, 1999.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 13, eff. January 15, 2006.|
TX Prop § 221.074 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.074. Annual Timeshare Fee and Expense Statement

Sec. 221.074.  ANNUAL TIMESHARE FEE AND EXPENSE STATEMENT.  (a)  Notwithstanding any contrary provision of the required timeshare disclosure statement, project instrument, timeshare instrument, or bylaws adopted pursuant to a timeshare instrument, the managing entity shall make a written annual accounting of the operation of the timeshare properties managed by the managing entity to each purchaser who requests an accounting not later than five months after the last day of each fiscal year.  The statement shall fairly and accurately represent the collection and expenditure of assessments and include:(1)  a balance sheet;(2)  an income and expense statement;(3)  the current budget for the timeshare property, timeshare properties managed by the same managing entity, or multisite timeshare plan required by Section 221.032(b)(12); and(4)  the name, address, and telephone number of a designated representative of the managing entity.(b)  On the request of an owner, the managing entity of the timeshare plan shall provide the owner with the name and address of each member of the board of directors of the owners' association, if one exists.(c)  A developer or managing entity shall have an annual independent audit of the financial statements of the timeshare plan or timeshare properties managed by the managing entity performed by a certified public accountant or an accounting firm.  The audit must be:(1)  conducted in accordance with generally accepted auditing standards as prescribed by the American Institute of Certified Public Accountants, the Governmental Accounting Standards Board, the United States General Accounting Office, or other professionally recognized entities that prescribe auditing standards; and(2)  completed not later than five months after the last day of the fiscal year of the timeshare plan or timeshare property. (d)  Knowingly furnishing false information in the annual timeshare fee and expense statement is a violation of the Deceptive Trade Practices-Consumer Protection Act (Section 17.41 et seq., Business & Commerce Code).(e)  The managing entity of any accommodation located in this state shall post prominently in the registration area of the accommodations the following notice, with the date of the last day of the current fiscal year and the address of the managing entity inserted where indicated:"AS A TIMESHARE OWNER YOU HAVE A RIGHT TO REQUEST A WRITTEN ANNUAL TIMESHARE FEE AND EXPENSE STATEMENT. THIS STATEMENT IS PREPARED ANNUALLY BY THE MANAGING ENTITY AND WILL BE AVAILABLE NO LATER THAN FIVE MONTHS FOLLOWING (INSERT THE DATE OF THE LAST DAY OF THE CURRENT FISCAL YEAR). YOU MAY REQUEST THE STATEMENT, BY WRITING TO (INSERT ADDRESS OF THE MANAGING ENTITY)."|Added by Acts 1993, 73rd Leg., ch. 443, Sec. 7, eff. Jan. 1, 1995.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 14, eff. January 15, 2006.|
TX Prop § 221.075 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.075. Civil Penalty for Late Statement; Injunction

Sec. 221.075.  CIVIL PENALTY FOR LATE STATEMENT;  INJUNCTION.  (a)  On receipt of a written request filed with the commission by a managing entity before the date on which the statement required by Section 221.074 must be made available, the commission for good cause shown may grant the managing entity an extension of no more than 30 days in which to provide the statement.(b)  If the statement required by Section 221.074 is late and an extension has not been granted under Subsection (a), the managing entity required to provide the statement is liable to the state for a civil penalty not to exceed:(1)  $500 per day for each of the first 10 days that the statement is late;  and(2)  $1,500 per day for each day after the 10th day, until the managing entity has complied with Section 221.074.(c)  In no event shall the civil penalties exceed $30,000 for any one statement period.(d)  A managing entity may not assess against or collect from the purchasers of a timeshare property the amount of a penalty incurred under this section.(e)  If it appears that a managing entity has violated Section 221.074, the attorney general may institute an action for injunctive relief, a civil penalty, or both.|Added by Acts 1993, 73rd Leg., ch. 443, Sec. 7, eff. Jan. 1, 1995.  Amended by Acts 1999, 76th Leg., ch. 1382, Sec. 10, eff. June 19, 1999.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 15, eff. January 15, 2006.|
TX Prop § 221.076 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.076. Managing Entities That Manage More Than One Timeshare Property

Sec. 221.076.  MANAGING ENTITIES THAT MANAGE MORE THAN ONE TIMESHARE PROPERTY.  (a)  A managing entity that manages two or more single-site timeshare plans may commingle the assessments collected from purchasers of one timeshare plan with the assessments collected from purchasers of any other single-site plan for which it is the managing entity only if the practice is disclosed in the timeshare disclosure statement for each timeshare property and the appropriate statement is included in the declaration for each timeshare property as required by Subchapter B.(b)   A managing entity which manages a multisite timeshare plan may deposit assessments collected from purchasers of one timeshare property into a common account with assessments collected from purchasers of other timeshare properties participating in the same multisite timeshare plan only if the practice is disclosed in the timeshare disclosure statement for each timeshare property in the multisite timeshare plan and the appropriate statement is included in the declaration for each timeshare plan as required by Subchapter B.(c)  Nothing in this section shall be construed to allow a managing entity to commingle assessments of a multisite timeshare plan with the assessments of a separate multisite timeshare plan or a timeshare plan that is not a part of the multisite timeshare plan.|Added by Acts 1993, 73rd Leg., ch. 443, Sec. 8, eff. Sept. 1, 1993.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 16, eff. January 15, 2006.|
TX Prop § 221.077 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter H. Miscellaneous Provisions|Section 221.077. Availability of Books and Records; Records Retention

Sec. 221.077.  AVAILABILITY OF BOOKS AND RECORDS; RECORDS RETENTION.  (a)  A developer or managing entity, on written request of an owner, shall make available for examination at its registered office or principal place of business and at any reasonable time or times the relevant books and records relating to the collection and expenditure of assessments.(b)  A developer or managing entity shall maintain in its records a copy of each purchase contract for an accommodation sold by the developer for a timeshare period unless the contract has been canceled.  If a sale of the timeshare estate is pending, the developer shall retain a copy of the contract until a deed of conveyance, agreement for deed, or lease is recorded in the real property records of the county in which the timeshare property is located.|Added by Acts 1993, 73rd Leg., ch. 443, Sec. 8, eff. Sept. 1, 1993.Amended by: Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 16, eff. January 15, 2006.|
TX Prop § 221.081 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter I. Timeshare Owners' Associations|Section 221.081. Applicability

Sec. 221.081.  APPLICABILITY.  (a)  Except as provided by this section, this subchapter applies to a timeshare plan, the project instrument governing the timeshare property subject to the timeshare plan, and the association related to the timeshare plan, regardless of the date on which the timeshare plan was created.(b)  Except as provided by Section 221.083(f), this subchapter applies to a timeshare plan, the project instrument governing the timeshare property subject to the timeshare plan, and the association related to the timeshare plan, created before September 1, 2013, unless the project instrument is amended before September 1, 2013, to provide that this subchapter does not apply.|Added by Acts 2013, 83rd Leg., R.S., Ch. 1352 (S.B. 1372), Sec. 2, eff. September 1, 2013.|
TX Prop § 221.082 (2021)
2021 Texas Statutes|Property Code|Title 12 - Miscellaneous Shared Real Property Interests|Chapter 221 - Texas Timeshare Act|Subchapter I. Timeshare Owners' Associations|Section 221.082. Powers and Limitations of Board

Sec. 221.082.  POWERS AND LIMITATIONS OF BOARD.  (a)  An association may be governed by a board of directors.  Except as provided in the project instrument, or this chapter, the board may act in all instances on behalf of the association.(b)  Except as expressly authorized in the project instrument or otherwise permitted by the association, the board may not act on behalf of the association to:(1)  amend the project instrument;(2)  terminate the timeshare plan;(3)  elect or remove board members; or(4)  determine the qualifications, powers, duties, or terms of office of board members.(c)  Subject to the project instrument, the board may appoint a member to fill a vacancy on the board and the member appointed serves for the unexpired portion of the term of the predecessor board member.|Added by Acts 2013, 83rd Leg., R.S., Ch. 1352 (S.B. 1372), Sec. 2, eff. September 1, 2013.|