Texas Transportation Code

§ 601.122 — DEPOSIT OF CASH OR SECURITIES WITH COMPTROLLER

TN § 601.122Title 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 depositing $55,000 with the comptroller in:

(1)cash; or

(2)securities that:

(A)are of the type that may legally be purchased by savings banks or trust funds; and

(B)have a market value equal to the required amount.

(b)On receipt of the deposit, the comptroller shall issue to the person making the deposit a certificate stating that a deposit complying with this section has been made.

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 18.09, eff. Sept. 1, 1997.