Sec. 2651.202. TRUST FUND ACCOUNT DISBURSEMENTS. (a) A title insurance company, title insurance agent, or direct operation may not disburse funds from a trust fund account until good funds related to the transaction have been received and deposited in the account in amounts sufficient to fund any disbursements from the transaction.
(b) A title insurance company, title insurance agent, or direct operation is not liable for a violation of this section if the violation:
(1) was not intentional; and
(2) resulted from a bona fide error despite the maintenance of procedures reasonably adopted to avoid the error.
(c) The commissioner shall adopt rules and definitions to implement this section.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Section: Previous 2651.153 2651.154 2651.155 2651.156 2651.157 2651.158 2651.201 2651.202 2651.203 2651.204 2651.205 2651.206 2651.251 2651.252 2651.253 NextLast modified: September 28, 2016