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Texas Insurance Code - INS § 2652.004. Trust Fund Account Disbursements

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

(a) An escrow officer may not disburse funds from a trust fund account until good funds related to the transaction have been received and deposited in the account in amounts sufficient to fund any disbursements from the transaction.

(b) An escrow officer is not liable for a violation of this section if the violation:

(1) was not intentional; and

(2) resulted from a bona fide error despite the maintenance of procedures reasonably adopted to avoid the error.

(c) The commissioner shall adopt rules and definitions to implement this section.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2652.004. Trust Fund Account Disbursements - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2652-004/

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