Texas Property Code - Section 221.076. Managing Entities That Manage More Than One Timeshare Property
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Texas Laws > Property Code > Texas Property Code - Section 221.076. Managing Entities That Manage More Than One Timeshare Property
§ 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, § 8, eff. Sept. 1, 1993.
Amended by Acts 2005, 79th Leg., ch. 539, § 16, eff. Jan. 15,
2006.
Section: 221.063 221.064 221.071 221.072 221.073 221.074 221.075 221.076 221.077 222.001 222.002 222.003 222.004 222.005 222.006
Last modified: August 11, 2007
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