Texas Occupations Code 1704.160 – Security Requirements
(a) On receipt of notice under Section 1704.159 that an application has been conditionally approved, the applicant, not later than the 90th day after the date of receipt of the notice, must:
(1) if the applicant is an individual:
(A) subject to Subsection (b), deposit with the county treasurer a cashier’s check, certificate of deposit, or cash in the amount stated on the application under Section 1704.154(b)(2)(E); or
(B) subject to Subsections (c)-(f), execute in trust to the board each deed to the property listed on the application under Section 1704.154(b)(3); or
(2) if the applicant is a corporation, subject to Subsection (b), deposit with the county treasurer a cashier’s check, certificate of deposit, or cash in the amount stated on the application under Section 1704.154(b)(2)(E).
(b) A deposit made under Subsection (a)(1)(A) or (a)(2) may not be less than $50,000. A corporation must make a separate deposit for each license granted to it in a county. A deposit made to a county with a population of less than 250,000 shall be placed in a fund known as a bail security fund.
Terms Used In Texas Occupations Code 1704.160
- Appraisal: A determination of property value.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
(c) At the option of the applicant, the property executed in trust under Subsection (a)(1)(B) must be valued in the amount indicated by:
(1) an appraisal by a real estate appraiser who is a member in good standing of a nationally recognized professional appraiser society or trade organization that has an established code of ethics, educational program, and professional certification program; or
(2) the county’s most recent certified tax appraisal roll.
(d) The total value of the property executed in trust under Subsection (a)(1)(B) may not be less than $50,000.
(e) A trust created under Subsection (a)(1)(B) is subject to the condition that the property executed in trust may, after notice is provided and under the conditions required by the Code of Criminal Procedure, be sold to satisfy a final judgment on a forfeiture on a bail bond executed by the applicant.
(f) If an applicant is married, the applicant’s spouse must execute each deed of trust under Subsection (a)(1)(B) that involves community property.
(g) A board shall file each deed of trust in the records of each county in which the property is located. The applicant shall pay the filing fee.
(h) The certificate of authority to do business in this state issued under Section 861.102, Insurance Code, to an applicant that is a corporation is conclusive evidence of:
(1) the sufficiency of the applicant’s security; and
(2) the applicant’s solvency and credits.
(i) A license holder must maintain the amount of security required by this section during the time the person holds the license.