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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A bond filed under this subchapter must:
(1) be in the amount of $3,000;
(2) be conditioned on the commission merchant performing duties required by Subchapter C, except Sections 1801.103(a), (c), and (d); and
(3) be payable to the county judge of each county in which the commission merchant maintains an office as trustee for any person who may be entitled to recover under the bond.
(b) The bond must be made with:
(1) a solvent surety company doing business in this state; or
(2) two or more good and sufficient sureties, each of whom:
(A) is a resident of this state; and
(B) makes an affidavit stating that the surety has assets, not subject to exemption, that are at least equal to the amount of the bond.
Cite this article: FindLaw.com - Texas Occupations Code - OCC § 1801.052. Bond Terms and Conditions - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-1801-052/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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