Texas Finance Code

§ 154.303 — AUTHORIZATION TO WITHDRAW MONEY

FI § 154.303Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. G. ABANDONED CONTRACTS

Statute text

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(a)Not later than the 15th day after the date the notice required by Section 154.302 is received, the commissioner shall give the seller written authorization to:

(1)withdraw the money presumed abandoned as specified in the notice; and

(2)subject to Subsection (b), withdraw and retain the money specified in the notice that represents the earnings attributable to the abandoned money.

(b)The commissioner may refuse to authorize the seller to withdraw the earnings described by Subsection (a)(2) only if:

(1)the department has canceled or refused to renew the seller's permit to sell prepaid funeral benefits;

(2)the seller is the subject of a pending proceeding to cancel the seller's permit to sell prepaid funeral benefits; or

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.