Texas Occupations Code

§ 702.352 — ESCROW DEPOSIT REQUIRED

OC § 702.352Title 3. HEALTH PROFESSIONS · Part M. REGULATION OF OTHER HEALTH PROFESSIONS · Ch. 702. HEALTH SPAS · Art. H. PREPAYMENTS AND ESCROW

Statute text

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(a)A certificate holder or an assignee or agent of a certificate holder who accepts a prepayment for a membership in the certificate holder's health spa shall deposit the prepayment in an escrow account established with a financial institution insured by the Federal Deposit Insurance Corporation.

(b)A person required to make a deposit under Subsection (a) shall:

(1)not later than the 14th day after the date the person first accepts a prepayment:

(A)deposit the prepayments received; and

(B)submit to the secretary of state:

(i)a notarized statement that identifies the financial institution and the name in which the escrow account is held; and

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Legislative history

Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999.