Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 539RULES RELATING TO THE RESIDENTIAL SERVICE COMPANY ACT
SUBCHAPTER IFINANCIAL ASSURANCES
RULE §539.82Security
ISSUE 08/25/2017
ACTION Proposed
Preamble No Rule Available
[Each residential service company licensed by the Commission shall maintain a security in the amount required by Subchapter D of the Act.] Each residential service company that is required to maintain a security required by Subchapter D of the Act shall confirm, by February 1 of each year, that the security required by §1303.154(b) of the Act is sufficient based on the amount of claims the residential service company paid in this state during the preceding calendar year. If the required amount of security is not sufficient, the residential service company shall take immediate steps to increase the amount of its security to meet the minimum security required and shall give the Commission written notice of the increase and documentation evidencing the increase.

The agency certifies that legal counsel has reviewed the proposal and found it to be within the state agency's legal authority to adopt.

Filed with the Office of the Secretary of State on August 11, 2017

TRD-201703110

Kerri Lewis

General Counsel

Texas Real Estate Commission

Earliest possible date of adoption: September 24, 2017

For further information, please call: (512) 936-3092

 

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