Sec. 2652.004. TRUST FUND ACCOUNT DISBURSEMENTS. (a) An escrow officer 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) An escrow officer 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 2652.001 2652.002 2652.003 2652.004 2652.005 2652.006 2652.051 2652.052 2652.053 2652.054 2652.055 2652.056 2652.057 2652.058 2652.059 NextLast modified: September 28, 2016