Texas Transportation Code

§ 601.055 — SUBSTITUTION OF EVIDENCE OF FINANCIAL RESPONSIBILITY

TN § 601.055Title 7. VEHICLES AND TRAFFIC · Part D. MOTOR VEHICLE SAFETY RESPONSIBILITY · Ch. 601. MOTOR VEHICLE SAFETY RESPONSIBILITY ACT · Art. C. FINANCIAL RESPONSIBILITY; REQUIREMENTS

Statute text

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(a)If a person who has filed evidence of financial responsibility substitutes other evidence of financial responsibility that complies with this chapter, and the department accepts the other evidence, the department shall:

(1)consent to the cancellation of a bond or certificate of insurance filed as evidence of financial responsibility; or

(2)direct the comptroller to return money or securities deposited with the comptroller as evidence of financial responsibility to the person entitled to the return of the money or securities.

(b)The comptroller shall return money or securities deposited with the comptroller in accordance with the direction of the department under Subsection (a)(2).

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 18.07, eff. Sept. 1, 1997.