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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A sole proprietor, partnership, corporation, or other legal entity engaged in the fitting and dispensing of hearing instruments shall file with the department security in a form provided by Subsection (b) in the amount of $10,000 and conditioned on the promise to pay all:
(1) taxes and contributions owed to the state and political subdivisions of the state by the entity; and
(2) judgments that the entity may be required to pay for:
(A) negligently or improperly dispensing hearing instruments; or
(B) breaching a contract relating to the dispensing of hearing instruments.
(b) The security may be a bond, a cash deposit, or another negotiable security acceptable to the department.
(c) A bond required by this section remains in effect until canceled by action of the surety, the principal, or the department. A person must take action on the bond not later than the third anniversary of the date the bond is canceled.
Cite this article: FindLaw.com - Texas Occupations Code - OCC § 402.404. Surety Bonding - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-402-404/
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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