Texas Finance Code
§ 394.206 — BOND; INSURANCE
FI § 394.206Title 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES · Ch. 394. DEBTOR ASSISTANCE · Art. C. CONSUMER DEBT MANAGEMENT SERVICES
Statute text
View on source(a)A provider shall, at the time the provider files an initial or renewal registration application with the commissioner, file:
(1)a surety bond; or
(2)evidence that the provider maintains an insurance policy in a form approved by the commissioner.
(b)The bond or insurance must:
(1)run concurrently with the period of registration;
(2)be available to pay damages and penalties to consumers directly harmed by a violation of this subchapter;
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 368 (S.B. 141), Sec. 3, eff. September 1, 2011.