Sec. 702.253. ADJUDICATION ON PRO RATA BASIS. If the total amount of actual financial losses computed under Section 702.252 for all claims filed under Section 702.251 exceeds the amount of available security, the secretary of state shall reduce the amount of each recovery under Section 702.252 on a pro rata basis and shall compute the amount of each recovery by:
(1) dividing the amount of available security by the total amount of actual financial losses computed under Section 702.252 for all claims; and
(2) multiplying the results computed under Subdivision (1) by the amount of the recovery.
Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 756, Sec. 1, eff. Sept. 1, 2001.
Section: Previous 702.201 702.202 702.205 702.206 702.207 702.251 702.252 702.253 702.254 702.301 702.302 702.303 702.304 702.305 702.306 NextLast modified: September 28, 2016