Texas Finance Code

§ 393.402 — SURETY ACCOUNT

FI § 393.402Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 393. CREDIT SERVICES ORGANIZATIONS · Art. E. SURETY BOND; SURETY ACCOUNT

Statute text

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(a)The surety account of a credit services organization must be held in trust at a federally insured bank or savings association located in this state.

(b)The name of the depository and the trustee and the account number of the surety account must be filed with the secretary of state.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.037, eff. Sept. 1, 1999.