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(a) A third-party debt collector or credit bureau may not engage in debt collection unless the third-party debt collector or credit bureau has obtained a surety bond issued by a surety company authorized to do business in this state as prescribed by this section. A copy of the bond must be filed with the secretary of state.
(b) The bond must be in favor of:
(1) any person who is damaged by a violation of this chapter; and
(2) this state for the benefit of any person who is damaged by a violation of this chapter.
(c) The bond must be in the amount of $10,000.
Cite this article: FindLaw.com - Texas Finance Code - FIN § 392.101. Bond Requirement - last updated April 14, 2021 | https://codes.findlaw.com/tx/finance-code/fin-sect-392-101/
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