Amend CSSB 1105 as follows:                                                  
	On page 8, committee report, strike Sec. 221.025 (lines 
25-30) in its entirety and replace with the following:
	Sec. 221.025.  EFFECT OF REGISTRATION:  SALE EXEMPT FROM 
SECURITIES ACT REGISTRATION.  A developer's compliance with [The 
filing of a registration under] this chapter exempts the 
developer's offer and disposition of [the sale of] timeshare 
interests subject to this chapter from registration under The 
Securities Act (Article 581-1 et seq., Vernon's Texas Civil 
Statutes).