(a) Instead of the deposit of funds in an escrow or trust account as provided by Section 221.061, the commission may accept from the developer a surety bond, irrevocable letter of
credit, or other form of financial assurance, including financial assurance posted
in another state or jurisdiction.
(b) The amount of the financial assurance provided under this section must be an amount
equal to or more than the amount of funds that would otherwise be placed in an escrow
or trust account under Section 221.061(a).
(c) The amount of the financial assurance provided under this section for timeshare
property under construction as provided by Section 221.061(d) must be the lesser of:
(1) an amount equal to or more than the amount of funds that would otherwise be placed
in an escrow or trust account under that subsection; or
(2) the amount necessary to assure completion of the building in which the timeshare
interest is located.
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