1 Tex. Admin. Code § 74.3 - Surety Bond, Surety Account
(a) If
a credit services organization is required to obtain a surety bond or establish
a surety account, the surety bond or surety account shall be for an amount of
$10,000. The surety bond must be issued by a surety company authorized to do
business in Texas. The surety account must be established and maintained at a
federally insured bank or savings and loan association located in Texas and
notification of the depository, the trustee, and the account number shall be
filed with the secretary of state. See Forms 2802, 2803.
(b) The surety bond or account of a credit
services organization must be maintained until the second anniversary of the
date on which the organization ceases operations at the location for which the
surety bond was established.
(1) The surety
bond or account is considered "maintained" if the credit services organization
has an established surety bond or surety account in the requisite amount and
has filed the required information stated in subsection (a) of this section for
the established surety bond or surety account with the secretary of
state.
(2) The secretary of state
will authorize return of funds from a previously established surety account
upon a credit services organization's filing the required information stated in
subsection (a) of this section for a newly established surety
account.
Notes
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