Sec. 1101.302. BOND REQUIRED. (a) In this section, "educational institution" means a school, excluding an accredited college or university, authorized by the commission under this chapter to offer a real estate or real estate inspection educational program or course of study.
(b) An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is:
(1) in the amount of $20,000;
(2) payable to the commission; and
(3) for the benefit of a party who suffers damages caused by the failure of the institution to fulfill obligations related to the commission's approval.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 297 (H.B. 1530), Sec. 4, eff. September 1, 2007.
Section: Previous 1101.206 1101.251 1101.252 1101.253 1101.254 1101.301 1101.3015 1101.302 1101.303 1101.304 1101.305 1101.351 1101.352 1101.3521 1101.353 NextLast modified: September 28, 2016