Texas § PR.221.103 - GENERAL DISCLOSURES REQUIRED

§ PR.221.103. GENERAL DISCLOSURES REQUIRED

GENERAL DISCLOSURES REQUIRED. A person subject to this subchapter who enters into an agreement with a timeshare interest owner to facilitate the transfer or termination of a timeshare interest shall provide to the timeshare interest owner, before the third day before the date the timeshare interest owner enters into the agreement the following written disclosures, as applicable: (1) the name, telephone number, and physical address of the person providing services under the agreement and any affiliate, agent, or third-party representative of that person; (2) if the person identified in Subdivision (1), or an affiliate, agent, or third-party representative of that person providing services under the agreement, is an attorney licensed to practice law in this state, a disclosure of whether the attorney will be providing services under the agreement and representing the timeshare interest owner in connection with the transfer or termination of the timeshare interest; (3) a description, legally sufficient for identification, of the timeshare interest to be transferred or terminated; (4) a description of the method of transfer or termination or a copy of the instrument that will be used for transferring or terminating the timeshare interest; (5) a description of any interest the timeshare interest owner retains after the transfer; (6) a description of the scope of a power of attorney or other delegation of authority, if any, that the timeshare interest owner is required to give to complete the transfer of the timeshare interest; (7) an itemized statement of any amounts the timeshare owner is required to pay as consideration or reimbursement for services provided in connection with the agreement; (8) the name of each recipient of amounts described by Subdivision (7); (9) the estimated date for completing all services sufficient to transfer or terminate the timeshare interest; and (10) a statement that, on completion of the transfer or termination of the timeshare interest, the person will give written notice of the transfer or termination to: (A) the developer, association, or managing entity, as applicable; and (B) if applicable, the exchange company for the timeshare interest. Added by Acts 2015, 84th Leg., R.S., Ch. 554 (H.B. 2261 ), Sec. 2, eff. September 1, 2015.