Texas Finance Code

§ 154.053 — RECORDS; EXAMINATION

FI § 154.053Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. B. POWERS AND DUTIES OF DEPARTMENT

Statute text

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(a)A permit holder that has outstanding contracts for prepaid funeral benefits shall maintain records as required by rule of the commission.

(b)The department shall examine the records of each permit holder at least once every 18-month period, except that the department may examine a permit holder more frequently if:

(1)the permit holder:

(A)has received a uniform risk rating, under standards adopted by rule of the commission, that is less than satisfactory as a result of the permit holder's most recent examination; or

(B)is subject to a formal enforcement proceeding or order by the commissioner; or

(2)the commissioner determines in the exercise of discretion that additional examination is necessary to safeguard the interests of purchasers and beneficiaries and to efficiently enforce applicable law.

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 3, eff. June 1, 2010.