(a) A developer‘s compliance with this chapter exempts the developer’s offer and disposition of timeshare interests subject to this chapter from securities and dealer registration under The Securities Act (Title 12, Government Code).
(b) A timeshare plan created as a condominium regime before January 1, 1994, that complies with this chapter is exempt from the requirements of § 81.112 relating to club membership.

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Terms Used In Texas Property Code 221.025

  • Association: means a council or association composed of all persons who have purchased a timeshare interest. 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
  • disposition: means a voluntary transfer of any legal or equitable timeshare interest but does not include the transfer or release of a real estate lien or of a security interest. See Texas Property Code 221.002
  • in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
  • offer: means any advertisement, inducement, or solicitation and includes any attempt to encourage a person to purchase a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
  • Project instrument: means a timeshare instrument or one or more recordable documents, by whatever name denominated, applying to the whole of a timeshare project and containing restrictions or covenants regulating the use, occupancy, or disposition of units in a project, including a declaration for a condominium, association articles of incorporation, association bylaws, and rules for a condominium in which a timeshare plan is created. See Texas Property Code 221.002
  • Property: means real and personal property. See Texas Government Code 311.005
  • 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) A timeshare plan subject to Chapter 82 that complies with this chapter is exempt from the requirements of:
(1) § 82.0675 relating to club membership; and
(2) Sections 82.103(c)-(e) relating to declarant control.
(c-1) The exemption provided by Subsection (c)(2) applies to a timeshare plan created before September 1, 2013, and to the project instrument governing the timeshare property subject to the timeshare plan only if the developer and the association agree to the application of the exemption in writing and the project instrument is amended to provide for the application of the exemption. If the conditions provided by this subsection are not satisfied, a timeshare plan created before September 1, 2013, and the timeshare property subject to the timeshare plan are governed by any developer control provisions provided in the project instrument, notwithstanding any other law.
(d) A developer’s compliance with this chapter as to any timeshare plan exempts any company, as defined by Chapter 181, Finance Code (Texas Trust Company Act), that holds title to the timeshare interests in the timeshare plan from compliance with the Texas Trust Company Act as to the company’s activities relating to the holding of that title.