Sec. 1001.207. BOND REQUIREMENTS: DRIVER EDUCATION SCHOOL. (a) Before a driver education school may be issued a license, the school must file a corporate surety bond with the department in the amount of:
(1) $10,000 for the primary location of the school; and
(2) $5,000 for each branch location.
(b) A bond issued under Subsection (a) must be:
(1) issued in a form approved by the department;
(2) issued by a company authorized to do business in this state;
(3) payable to the department to be used only for payment of a refund due to a student or potential student;
(4) conditioned on the compliance of the school and its officers, agents, and employees with this chapter and rules adopted under this chapter; and
(5) issued for a period corresponding to the term of the license.
(c) Posting of a bond in the amount required under Subsection (a) satisfies the requirements for financial stability for driver education schools under this chapter.
Added by Acts 2003, 78th Leg., ch. 1276, Sec. 6.012(a), eff. Sept. 1, 2003.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1044 (H.B. 1786), Sec. 30, eff. September 1, 2015.
Section: Previous 1001.112 1001.151 1001.201 1001.202 1001.204 1001.205 1001.206 1001.207 1001.208 1001.209 1001.210 1001.211 1001.213 1001.214 1001.251 NextLast modified: September 28, 2016