Alternative To Bond

Sec. 2651.102. ALTERNATIVE TO BOND. (a) Instead of the bond required by Section 2651.101, a title insurance agent or direct operation may deposit with the department: (1) cash; (2) irrevocable letters of credit issued by a financial institution in this state that is insured by an agency of the United States; or (3) securities approved by the department. (b) The cash, letters of credit, or securities deposited under this section are subject to the conditions required for a bond under Section 2651.101. Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.