Security Requirements

Sec. 302.107. SECURITY REQUIREMENTS. A registration statement must be accompanied by security that: (1) is in the amount of $10,000; (2) is in the form of: (A) a bond executed by a corporate security that: (i) is approved by the secretary of state; and (ii) holds a license to transact business in this state; (B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government; or (C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state; and (3) is conditioned on the seller's compliance with this chapter. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.