The Act emphasizes the accountability of timeshare owners' associations, ensuring that decisions regarding board member appointments and governance protocols are transparent and fair. It dictates that developer control over associations must expire after specific conditions are met, such as when the majority of timeshare interests are conveyed to non-developers. Additionally, rules regarding communication and meeting protocols are established, promoting openness and inclusivity among members. This directly impacts property law as it creates a more structured framework governing the operation of these associations.
Summary
SB1372, known as the Texas Timeshare Owners' Association Act, aims to amend Chapters 221 of the Property Code, specifically addressing the governance of timeshare owners' associations. The bill establishes new provisions that define the powers and limitations of such associations, clarifying the role of developers during the period of control and mandating that certain agreements must be made in writing. This legislative effort comes in response to concerns about transparency and the management rights afforded to developers versus those of association members.
Contention
A notable point of contention surrounding SB1372 is the balance of power between developers and timeshare owners. While proponents argue that the bill creates essential consumer protections by limiting developer control, opponents raise concerns that it may still leave owners vulnerable to developer influence if not appropriately safeguarded. Furthermore, the requirement for written agreements for certain exemptions introduces a layer of complexity that could potentially create disputes. Legislative discussions highlight the need for clear guidelines that prevent miscommunication or exploitation in the management of shared properties.
Relating to the ownership of the pore space underlying the surface of land and to the use of that space for the geologic storage of carbon dioxide; authorizing a fee.