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Texas Finance Code - FIN § 371.056. Bond

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commissioner may require that an applicant file a bond with the application. The bond must be:

(1) satisfactory to the commissioner;

(2) in the amount set by the commissioner not to exceed $5,000 for each license; and

(3) issued by a surety qualified to do business in this state.

(b) The aggregate liability of the surety may not exceed the amount of the bond.

(c) The bond must be in favor of this state for the use of this state and the use of a person who has a cause of action under this chapter against the pawnbroker.

(d) The bond must be conditioned on:

(1) the pawnbroker's compliance with this chapter and rules adopted under this chapter; and

(2) the payment of all amounts that become due to this state or to another person under this chapter.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 371.056. Bond - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-371-056/

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