Texas Finance Code - Section 92.156. Indemnity Bonds Of Directors, Officers, And Employees
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Texas Lawyer > Finance Code > Texas Finance Code - Section 92.156. Indemnity Bonds Of Directors, Officers, And Employees
§ 92.156. INDEMNITY BONDS OF DIRECTORS, OFFICERS, AND
EMPLOYEES. (a) A savings bank shall maintain a blanket indemnity
bond with an adequate corporate surety protecting the savings bank
from loss by or through dishonest or criminal action or omission,
including fraud, theft, robbery, or burglary, by an officer or
employee of the savings bank or a director of the savings bank when
the director performs the duty of an officer or employee.
(b) A savings bank that employs a collection agent who is
not covered by the bond required by Subsection (a) shall provide for
the bonding of the agent in an amount equal to at least twice the
average monthly collection of the agent unless the agent is a
financial institution insured by the Federal Deposit Insurance
Corporation. An agent shall settle with the savings bank at least
monthly.
(c) Subject to rules adopted under Subsection (e), the board
shall approve:
(1) the amount and form of the bond; and
(2) the sufficiency of the surety.
(d) The bond must provide that a cancellation by the surety
or the insured is not effective until the earlier of:
(1) the date the commissioner approves; or
(2) the 30th day after the date written notice of the
cancellation is given to the commissioner.
(e) The finance commission may adopt rules establishing the
amount and form of the bond and the sufficiency of the surety.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2005, 79th Leg., ch. 1018, § 5.06, eff. Sept. 1, 2005.
Section: 92.102 92.103 92.151 92.152 92.153 92.154 92.155 92.156 92.157 92.158 92.201 92.202 92.203 92.204 92.205
Last modified: August 10, 2007
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