Texas Property Code 221.026 – Issuance and Renewal of Registration
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(a) The commission by rule shall adopt requirements for the issuance and renewal of a developer‘s registration under this chapter, including:
(1) the form required for application for registration or a renewal of registration; and
(2) any supporting documentation required for registration or renewal of registration.
(b) The commission shall issue or renew a registration under this chapter for a period not to exceed 24 months.
Terms Used In Texas Property Code 221.026
- Commission: means the Texas Real Estate Commission. See Texas Property Code 221.002
- Developer: means :
(A) any person, excluding a sales agent, who creates a timeshare plan or is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer if the person:
(i) offers at least 12 timeshare interests in a particular timeshare plan; and
(ii) is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests. See Texas Property Code 221.002 - Rule: includes regulation. See Texas Government Code 311.005
(c) The commission may assess and collect a fee for the issuance or renewal of a registration under this chapter.
(d) The commission may assess and collect a late fee if the commission has not received the fee or any supporting documentation required before the 61st day after the date a registration is issued or renewed under this section.
(e) Failure to pay a renewal fee or late fee is a violation of this chapter.