Sec. 2652.101. BOND REQUIRED. (a) A title insurance agent or direct operation shall obtain, at its own expense, a bond for its escrow officers appointed under Section 2652.1511 payable to the department. The bond shall obligate the principal and surety to pay for any pecuniary loss sustained by the title insurance agent or direct operation through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by an escrow officer, either directly and alone or in conspiracy with another person.
(b) The bond must be:
(1) of a type approved by the department; and
(2) issued by a surety licensed by the department to do business in this state.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 232 (H.B. 2491), Sec. 6, eff. September 1, 2015.
Section: Previous 2652.053 2652.054 2652.055 2652.056 2652.057 2652.058 2652.059 2652.101 2652.102 2652.103 2652.104 2652.105 2652.151 2652.1511 2652.153 NextLast modified: September 28, 2016