§ 1704.160 — SECURITY REQUIREMENTS.

Texas § 1704.160

• Jurisdiction: Texas
• Code OC: Occupations Code

Text

Sec. 1704.160. SECURITY REQUIREMENTS. (a) On receipt of notice under Section 1704.159 that an application has been conditionally approved, the applicant, not later than the 90th day after the date of receipt of the notice, must:
(1) if the applicant is an individual:
(A) subject to Subsection (b), deposit with the county treasurer a cashier's check, certificate of deposit, or cash in the amount stated on the application under Section 1704.154 (b)(2)(E); or
(B) subject to Subsections (c)-(f), execute in trust to the board each deed to the property listed on the application under Section 1704.154 (b)(3); or
(2) if the applicant is a corporation, subject to Subsection (b), deposit with the county treasurer a cashier's check, certificate of deposit, or cash in the amount stated on the application under Section 1704.154 (b)(2)(E).
(b) A deposit made under Subsection (a)(1)(A) or (a)(2) may not be less than $50,000. A corporation must make a separate deposit for each license granted to it in a county. A deposit made to a county with a population of less than 250,000 shall be placed in a fund known as a bail security fund.
(c) At the option of the applicant, the property executed in trust under Subsection (a)(1)(B) must be valued in the amount indicated by:
(1) an appraisal by a real estate appraiser who is a member in good standing of a nationally recognized professional appraiser society or trade organization that has an established code of ethics, educational program, and professional certification program; or
(2) the county's most recent certified tax appraisal roll.
(d) The total value of the property executed in trust under Subsection (a)(1)(B) may not be less than $50,000.
(e) A trust created under Subsection (a)(1)(B) is subject to the condition that the property executed in trust may, after notice is provided and under the conditions required by the Code of Criminal Procedure, be sold to satisfy a final judgment on a forfeiture on a bail bond executed by the applicant.
(f) If an applicant is married, the applicant's spouse must execute each deed of trust under Subsection (a)(1)(B) that involves community property.
(g) A board shall file each deed of trust in the records of each county in which the property is located. The applicant shall pay the filing fee.
(h) The certificate of authority to do business in this state issued under Section 861.102 , Insurance Code, to an applicant that is a corporation is conclusive evidence of:
(1) the sufficiency of the applicant's security; and
(2) the applicant's solvency and credits.
(i) A license holder must maintain the amount of security required by this section during the time the person holds the license.

Legislative History

Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1262, Sec. 6, eff. Sept. 1, 2001; Acts 2001, 77th Leg., ch. 1420, Sec. 14.504, eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 942, Sec. 18, eff. June 20, 2003; Acts 2003, 78th Leg., ch. 1276, Sec. 10A.547, eff. Sept. 1, 2003.