Texas § 609.712 EVALUATION AND APPROVAL OF QUALIFIED VENDOR.

Texas Statutes

§ 609.712 — EVALUATION AND APPROVAL OF QUALIFIED VENDOR.

Texas § 609.712

Code GVGovernment Code

This text of Texas § 609.712 (EVALUATION AND APPROVAL OF QUALIFIED VENDOR.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 609.712 (2026).

Text

Sec. 609.712. EVALUATION AND APPROVAL OF QUALIFIED VENDOR.

(a)A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.

(b)A plan administrator may not approve a vendor's application if the vendor is:

(1)a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;

(2)a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or

(3)an insurance company that:

(A)is not a member of the Texas Life and Health Insurance Guaranty Association; or

(B)is an impaired or insolvent insurer under Chapter 463 , Insurance Code.

(c)On written request, the Texas Department of Insurance shall c

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 609.712. EVALUATION AND APPROVAL OF QUALIFIED VENDOR. (a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.
(b) A plan administrator may not approve a vendor's application if the vendor is:
(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;
(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or
(3) an insurance company that:
(A) is not a member of the Texas Life and Health Insurance Guaranty Association; or
(B) is an impaired or insolvent insurer under Chapter 463 , Insurance Code.
(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.

Legislative History

Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567 ), Sec. 13, eff. September 1, 2011.