Texas Finance Code

§ 393.605 — BOND

FI § 393.605Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 393. CREDIT SERVICES ORGANIZATIONS · Art. G. LICENSING AND REGULATION OF CERTAIN CREDIT SERVICES ORGANIZATIONS

Statute text

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(a)If the commissioner requires, an applicant for a license under this subchapter shall file with the application a bond that is:

(1)in an amount satisfactory to the commissioner that does not exceed the lesser of:

(A)$10,000 for the first license and $10,000 for each additional license; or

(B)$2,500,000; and

(2)issued by a surety company qualified to do business as a surety in this state.

(b)The bond must be in favor of this state for the use of this state and the use of a person who has a cause of action under this subchapter against the license holder.

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 767 (H.B. 1442), Sec. 84, eff. September 1, 2019.