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.
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