Texas Property Code 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.
Terms Used In Texas Property Code 221.076
- Managing entity: means the person responsible for operating and maintaining a timeshare property. See Texas Property Code 221.002
- Multisite timeshare plan: means a plan in which a timeshare purchaser has:
(A) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or
(B) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system of the timeshare plan but which does not include a right to use and occupy a particular accommodation. See Texas Property Code 221.002 - Property: means real and personal property. See Texas Government Code 311.005
- Timeshare disclosure statement: means a written statement that includes the information required by § 221. See Texas Property Code 221.002
- Timeshare plan: means any arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations for a period of time less than a year during a given year, but not necessarily consecutive years. See Texas Property Code 221.002
- Timeshare property: means :
(A) one or more accommodations and any related amenities subject to the same timeshare instrument; and
(B) any other property or property rights appurtenant to the accommodations and amenities. See Texas Property Code 221.002
(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.