Texas Transportation Code

§ 601.121 — SURETY BOND

TN § 601.121Title 7. VEHICLES AND TRAFFIC · Part D. MOTOR VEHICLE SAFETY RESPONSIBILITY · Ch. 601. MOTOR VEHICLE SAFETY RESPONSIBILITY ACT · Art. E. ALTERNATIVE METHODS OF ESTABLISHING FINANCIAL RESPONSIBILITY

Statute text

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(a)A person may establish financial responsibility by filing with the department a bond:

(1)with at least two individual sureties, each of whom owns real property in this state that is not exempt from execution under the constitution or laws of this state;

(2)conditioned for payment in the amounts and under the same circumstances as required under a motor vehicle liability insurance policy;

(3)that is not cancelable before the sixth day after the date the department receives written notice of the cancellation;

(4)accompanied by the fee required by Subsection (e); and

(5)approved by the department.

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.