Texas Finance Code

§ 393.405 — CLAIM AGAINST SURETY BOND OR ACCOUNT

FI § 393.405Title 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)A person making a claim against a surety bond or account of a credit services organization for a violation of this chapter may file suit against:

(1)the organization; and

(2)the surety or trustee.

(b)A surety or trustee is liable only for actual damages, reasonable attorney's fees, and court costs awarded under Section 393.503(a).

(c)The aggregate liability of a surety or trustee for an organization's violation of this chapter may not exceed the amount of the surety bond or account.

Legislative history

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