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Texas Occupations Code - OCC § 702.253. Adjudication on Pro Rata Basis

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

If the total amount of actual financial losses computed under Section 702.252 for all claims filed under Section 702.251 exceeds the amount of available security, the secretary of state shall reduce the amount of each recovery under Section 702.252 on a pro rata basis and shall compute the amount of each recovery by:

(1) dividing the amount of available security by the total amount of actual financial losses computed under Section 702.252 for all claims; and

(2) multiplying the results computed under Subdivision (1) by the amount of the recovery.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 702.253. Adjudication on Pro Rata Basis - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-702-253/

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