Texas Finance Code

§ 154.353 — DEPOSIT OF FUND OR PORTION OF FUND

FI § 154.353Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. H. GUARANTY FUND

Statute text

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(a)The fund or a portion of the fund may be deposited:

(1)with the comptroller;

(2)with a federally insured financial institution that has its main office or a branch in this state; or

(3)in trust with a financial institution that has its main office or a branch in this state and is authorized to act as a fiduciary in this state.

(b)If the fund or a portion of the fund is deposited with the comptroller, the comptroller shall manage the deposit as trustee of money outside the state treasury. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.027, eff. Sept. 1, 1999. Amended by:

Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 559 (H.B. 3004), Sec. 2, eff. June 17, 2011.