Texas Property Code
§ 162.007 — MANAGEMENT OF CONSTRUCTION ACCOUNTS
PR § 162.007Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part B. FIDUCIARIES · Ch. 162. CONSTRUCTION PAYMENTS, LOAN RECEIPTS, AND MISAPPLICATION OF TRUST FUNDS · Art. A. CONSTRUCTION PAYMENTS AND LOAN RECEIPTS
Statute text
View on source(a)A contractor required to maintain a construction account under this subchapter shall maintain an account record for the construction account that provides information relating to:
(1)the source and amount of the funds in the account and the date the funds were deposited;
(2)the date and amount of each disbursement from the account and the person to whom the funds were disbursed; and
(3)the current balance of the account.
(b)The contractor shall maintain an account record for each construction project that specifies the direct costs and indirect costs charged to the owner.
(c)The contractor shall retain all invoices and other supporting documentation received relating to funds that were disbursed from the construction account.
…
Legislative history
Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff. Sept. 1, 1997.