Texas Business & Commerce Code

§ 51.158 — CONTENTS: SECURITY DESCRIPTION

BC § 51.158Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS · Ch. 51. BUSINESS OPPORTUNITIES · Art. D. DISCLOSURE STATEMENT

Statute text

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If the seller is required to obtain a bond or establish a trust account, the disclosure statement must contain one of the following statements, as applicable:

(1)"As required by Texas law, the seller has secured a bond issued by ______, a surety company authorized to do business in this state. Before signing a contract to purchase this business opportunity, you should confirm the bond's status with the surety company."; or

(2)"As required by Texas law, the seller has established a trust account with ______. Before signing a contract to purchase this business opportunity, you should confirm with the bank or savings institution the current status of the trust account." Amended by:

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.