Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) To pay a claim against the fund when the balance of the insurance-funded contract account is insufficient to pay that claim, the advisory council may assess each permit holder that has outstanding insurance-funded contracts an amount based on the permit holder's proportionate share of all outstanding insurance-funded contracts determined as of the end of the preceding calendar year.
(b) The assessments shall be deposited in the insurance-funded contract account within the fund and administered by the department and the advisory council in accordance with commission rules.
(c) An assessment made under this section is in addition to any assessment required by Section 154.3525.
(d) A seller whose permit is revoked or surrendered remains liable for any unpaid assessment made before the date of the revocation or surrender.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 154.3565. Assessment on Outstanding Insurance-Funded Contracts to Pay Claims - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-154-3565.html
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