Texas Finance Code

§ 154.405 — CRIMINAL PENALTY FOR AGENT'S FAILURE TO DEPOSIT CERTAIN MONEY

FI § 154.405Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. I. CRIMINAL PENALTIES AND CIVIL REMEDIES

Statute text

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(a)A designated agent of a seller commits an offense if the agent fails to deposit money collected under a prepaid funeral benefits contract before the 31st day after the date it is received by the agent.

(b)It is an exception to the application of this section that the failure to make a deposit is inadvertent and is corrected before the 11th day after the date the seller discovers the failure.

(c)An offense under this section is punishable as if it were an offense under Section 32.45, Penal Code.

Legislative history

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