Tex.
Fin. Code Section 393.605
Bond
(a)
If the commissioner requires, an applicant for a license under this subchapter shall file with the application a bond that is:(1)
in an amount satisfactory to the commissioner that does not exceed the lesser of:(A)
$10,000 for the first license and $10,000 for each additional license; or(B)
$2,500,000; and(2)
issued by a surety company qualified to do business as a surety in this state.(b)
The bond must be in favor of this state for the use of this state and the use of a person who has a cause of action under this subchapter against the license holder.(c)
The bond must be conditioned on:(1)
the license holder’s faithful performance under this subchapter and rules adopted under this subchapter; and(2)
the payment of all amounts that become due to this state or another person under this subchapter during the period for which the bond is given.(d)
The aggregate liability of a surety to all persons damaged by the license holder’s violation of this subchapter may not exceed the amount of the bond.(e)
A credit access business that files a bond under this section is not required to file a bond under Subchapter E.(f)
A credit access business, instead of obtaining a surety bond, may satisfy the requirements of this section by depositing an amount described by Subsection (a)(1) in a surety account held in trust at a federally insured bank or savings association located in this state. The name of the depository, trustee, and account number of the surety account must be filed with the office.
Source:
Section 393.605 — Bond, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.393.htm#393.605 (accessed May 4, 2024).
