Sec. 351.102. BOND. (a) If the commissioner requires, an applicant for a license under this chapter shall file with the application a bond that is:
(1) in an amount not to exceed the total of:
(A) $50,000 for the first license; and
(B) $10,000 for each additional license;
(2) satisfactory to the commissioner; and
(3) 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 chapter against the license holder.
(c) The bond must be conditioned on:
(1) the license holder's faithful performance under this chapter and rules adopted under this chapter; and
(2) the payment of all amounts that become due to the state or another person under this chapter during the calendar year 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 chapter may not exceed the amount of the bond.
(e) A license holder engaged in the business of making, transacting, or negotiating a property tax loan for a principal dwelling must meet the surety bond or recovery fund fee requirement, as applicable, of the holder's residential mortgage loan originator under Section 180.058.
Added by Acts 2007, 80th Leg., R.S., Ch. 1220 (H.B. 2138), Sec. 1, eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1104 (H.B. 10), Sec. 18, eff. June 19, 2009.
Section: Previous 351.011 351.051 351.0515 351.052 351.053 351.054 351.101 351.102 351.103 351.104 351.105 351.151 351.152 351.153 351.154 NextLast modified: September 28, 2016