Texas Property Code
§ 221.033 — EXCHANGE DISCLOSURE STATEMENT
PR § 221.033Title 12. MISCELLANEOUS SHARED REAL PROPERTY INTERESTS · Ch. 221. TEXAS TIMESHARE ACT · Art. D. DISCLOSURE
Statute text
View on source(a)Before the signing of any agreement to purchase a timeshare interest in which a prospective purchaser is also offered participation in any exchange program, the developer shall also deliver to the prospective purchaser the exchange disclosure statement of any exchange company whose service is advertised or offered by the developer or other person in connection with the disposition.
(b)If participation in an exchange program is offered for the first time after a disposition has occurred, any person offering that participation shall also deliver an exchange disclosure statement to the purchaser before the execution by the purchaser of any instrument relating to participation in the exchange program.
(c)In all cases, the person offering participation in the exchange program shall obtain from the purchaser a written acknowledgement of receipt of the exchange disclosure statement.
(d)The exchange disclosure statement must include the following information:
(1)the name and address of the exchange company;
(2)if the exchange company is not the developer, a statement describing the legal relationship, if any, between the exchange company and the developer;
…
Legislative history
Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 6, eff. January 15, 2006.