Texas Government Code 1207.029 – Selection of Paying Agent
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 1207.029
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
If there is more than one paying agent for an obligation being refunded, the comptroller shall send the money directly to:
(1) the paying agent located in this state, if only one paying agent is located in this state;
(2) the paying agent located in this state having the largest capital and surplus, if more than one paying agent is located in this state; or
(3) the paying agent having the largest capital and surplus, if no paying agent is located in this state and more than one paying agent is located in another state.