Sec. 52.051. BOND REQUIRED. (a) Except as provided by Section 52.053, an invention developer performing or offering to perform invention development services in this state shall maintain a bond issued by a surety company authorized to transact business in this state.
(b) The principal amount of the bond must equal at least the greater of:
(1) five percent of the invention developer's gross income from the invention development business in this state during the invention developer's last fiscal year; or
(2) $25,000.
(c) The invention developer must file a copy of the bond with the secretary of state before the date the invention developer begins business in this state.
(d) Before the 91st day after the last day of the invention developer's fiscal year, the invention developer shall change the amount of the bond if necessary to conform with this section and Section 52.052.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Section: Previous 52.001 52.002 52.003 52.004 52.051 52.052 52.053 52.101 52.102 52.103 52.104 52.105 52.106 52.151 52.152 NextLast modified: September 28, 2016