Tex. Prop. Code Section 221.043
Contract Requirements

(a)

Each purchase contract shall contain the following information. The statements required by this subsection and Subsection (c)(8) shall be provided in a conspicuous manner and in the exact language set forth in this section with the developer’s name and address, the date of the last day of the fiscal year, and the address of the managing entity inserted where indicated:
"PURCHASER’S RIGHT TO CANCEL.
"(1) BY SIGNING THIS CONTRACT YOU ARE INCURRING AN OBLIGATION TO PURCHASE A TIMESHARE INTEREST. YOU MAY, HOWEVER, CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION BEFORE THE SIXTH DAY AFTER THE DATE YOU SIGN AND RECEIVE A COPY OF THE PURCHASE CONTRACT, OR RECEIVE THE REQUIRED TIMESHARE DISCLOSURE STATEMENT, WHICHEVER IS LATER.
"(2) IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MAY DO SO BY EITHER HAND-DELIVERING NOTICE OF CANCELLATION TO THE DEVELOPER, BY MAILING NOTICE BY PREPAID UNITED STATES MAIL TO THE DEVELOPER OR THE DEVELOPER’S AGENT FOR SERVICE OF PROCESS, OR BY PROVIDING NOTICE BY OVERNIGHT COMMON CARRIER DELIVERY SERVICE TO THE DEVELOPER OR THE DEVELOPER’S AGENT FOR SERVICE OF PROCESS. YOUR NOTICE OF CANCELLATION IS EFFECTIVE ON THE DATE SENT OR DELIVERED TO (INSERT NAME OF DEVELOPER) AT (INSERT ADDRESS OF DEVELOPER). FOR YOUR PROTECTION, SHOULD YOU DECIDE TO CANCEL YOU SHOULD EITHER SEND YOUR NOTICE OF CANCELLATION BY CERTIFIED MAIL WITH A RETURN RECEIPT REQUESTED OR OBTAIN A SIGNED AND DATED RECEIPT IF DELIVERING IT IN PERSON OR BY OVERNIGHT COMMON CARRIER.
“(3) A PURCHASER SHOULD NOT RELY ON STATEMENTS OTHER THAN THOSE INCLUDED IN THIS CONTRACT AND THE DISCLOSURE STATEMENT.”

(b)

Immediately following the required statements in Subsection (a) shall be a space reserved for the signature of the purchaser.

(c)

The purchase contract must also include the following:

(1)

the name and address of the developer and the address of the timeshare property or the address of any available timeshare interest being offered;

(2)

an agreement describing the cancellation policy prescribed by Section 221.041 (Purchaser’s Right to Cancel);

(3)

the name of the person or persons primarily involved in the sales presentation on behalf of the developer;

(4)

a statement disclosing the amount of the periodic assessments currently assessed against or collected from the purchasers of the timeshare interest, immediately followed by a statement providing that collected assessments will be used by the managing entity to pay for expenditures, charges, reserves, or liabilities relating to the operation of the timeshare plan or timeshare properties managed by the managing entity;

(5)

the date the purchaser signs the contract; and

(6)

the following statement:
“AS A TIMESHARE OWNER, YOU HAVE A RIGHT TO REQUEST A WRITTEN ANNUAL TIMESHARE FEE AND EXPENSE STATEMENT. THIS STATEMENT IS PREPARED ANNUALLY BY THE MANAGING ENTITY AND WILL BE AVAILABLE NOT LATER THAN FIVE MONTHS AFTER (INSERT THE DATE OF THE LAST DAY OF THE FISCAL YEAR). YOU MAY REQUEST THE STATEMENT BY WRITING TO (INSERT NAME AND ADDRESS OF THE MANAGING ENTITY).”

(d)

The information required to be provided by this section may be provided in the purchase contract or in an exhibit to the purchase contract, or it may be provided in part in both if all of the information is provided.
Added by Acts 1987, 70th Leg., ch. 167, Sec. 6.03, eff. Sept. 1, 1987. Renumbered from Sec. 201.043 by Acts 1989, 71st Leg., ch. 2, Sec. 13.03(b), eff. Aug. 28, 1989. Amended by Acts 1989, 71st Leg., ch. 381, Sec. 5, eff. June 14, 1989; Acts 1993, 73rd Leg., ch. 443, Sec. 5, eff. Sept. 1, 1993.
Amended by:
Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 8, eff. January 15, 2006.
Acts 2009, 81st Leg., R.S., Ch. 279 (S.B. 1036), Sec. 4, eff. September 1, 2009.

Source: Section 221.043 — Contract Requirements, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­221.­htm#221.­043 (accessed Apr. 29, 2024).

221.001
Short Title 221.002
Definitions 221.003
Applicability 221.004
Conflicts of Law 221.011
Declaration 221.012
Conveyance and Encumbrance 221.013
Common Ownership 221.014
Partition 221.021
Registration Required 221.022
Application for Registration 221.023
Amendment of Registration 221.024
Powers of Commission 221.025
Effect of Registration on Other Laws: Exemption from Certain Laws 221.026
Issuance and Renewal of Registration 221.027
Temporary Suspension 221.028
Denial of Registration Renewal 221.031
Advertisements and Promotions 221.032
Timeshare Disclosure Statement 221.033
Exchange Disclosure Statement 221.034
Exempt Offerings and Dispositions 221.035
Supervisory Duties of Developer 221.036
Developer Preparation and Completion of Documents 221.037
Alternative Terminology or Name 221.041
Purchaser’s Right to Cancel 221.042
Notice 221.043
Contract Requirements 221.051
Operation Requirement 221.052
Liability of Developer and Exchange Company 221.053
Exchange Company Liability 221.061
Escrow or Trust Account Required 221.062
Release of Escrow 221.063
Alternative to Escrow or Trust Account: Financial Assurance 221.064
Documentation Required 221.071
Deceptive Trade Practices 221.072
Insurance 221.073
Penalty 221.074
Annual Timeshare Fee and Expense Statement 221.075
Civil Penalty for Late Statement 221.076
Managing Entities that Manage More than One Timeshare Property 221.077
Availability of Books and Records 221.081
Applicability 221.082
Powers and Limitations of Board 221.083
Period of Developer Control 221.084
Election of Initial Board Members and Officers 221.085
Removal of Board Members 221.086
Quorum 221.087
Votes 221.088
Open Meetings 221.089
Notice 221.090
Duties 221.101
Transfer or Termination of Timeshare Interest 221.102
Applicability 221.103
General Disclosures Required 221.104
Disclosure of Authorized Use of Timeshare Interest 221.105
Disclosures Relating to Payment of Fees for Transfer Services 221.106
Required Notice for Transfer Services 221.107
Required Notice for Termination Services 221.108
Reliance 221.109
Duty of Good Faith Regarding Transfer or Termination Services 221.110
Deceptive Trade Practices 221.111
Supervisory Duties 221.0245
Complaint Investigation
Green check means up to date. Up to date

Accessed:
Apr. 29, 2024

§ 221.043’s source at texas​.gov