Texas Business & Commerce Code
§ 51.101 — BOND, TRUST ACCOUNT, OR LETTER OF CREDIT REQUIRED
BC § 51.101Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS · Ch. 51. BUSINESS OPPORTUNITIES · Art. C. BOND, TRUST ACCOUNT, OR LETTER OF CREDIT
Statute text
View on source(a)Before a seller makes a representation described by Section 51.003(a)(1) or otherwise represents that the purchaser is assured of making a profit from a business opportunity, the principal seller must:
(1)obtain a surety bond from a surety company authorized to transact business in this state;
(2)establish a trust account; or
(3)obtain an irrevocable letter of credit.
(b)The bond, trust account, or irrevocable letter of credit must be:
(1)in an amount of $25,000 or more; and
…
Legislative history
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.