Texas Finance Code
§ 392.101 — BOND REQUIREMENT
FI § 392.101Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 392. DEBT COLLECTION · Art. B. SURETY BOND
Statute text
View on source(a)A third-party debt collector or credit bureau may not engage in debt collection unless the third-party debt collector or credit bureau has obtained a surety bond issued by a surety company authorized to do business in this state as prescribed by this section. A copy of the bond must be filed with the secretary of state.
(b)The bond must be in favor of:
(1)any person who is damaged by a violation of this chapter; and
(2)this state for the benefit of any person who is damaged by a violation of this chapter.
(c)The bond must be in the amount of $10,000.
Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.