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Texas Occupations Code - OCC § 702.352. Escrow Deposit Required

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

(a) A certificate holder or an assignee or agent of a certificate holder who accepts a prepayment for a membership in the certificate holder's health spa shall deposit the prepayment in an escrow account established with a financial institution insured by the Federal Deposit Insurance Corporation.

(b) A person required to make a deposit under Subsection (a) shall:

(1) not later than the 14th day after the date the person first accepts a prepayment:

(A) deposit the prepayments received; and

(B) submit to the secretary of state:

(i) a notarized statement that identifies the financial institution and the name in which the escrow account is held; and

(ii) a signed statement on a form approved by the secretary of state that authorizes the secretary to direct inquiries to the financial institution regarding the escrow account; and

(2) after the first deposit is made under this section, deposit subsequent prepayments not less frequently than biweekly.

(c) A certificate holder shall maintain an escrow account under this section until the 30th day after the date the certificate holder's health spa opens.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 702.352. Escrow Deposit Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-702-352/

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