Texas Finance Code 154.356 – Assessment On Outstanding Trust-Funded Contracts to Pay Claims
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(a) To pay a claim against the fund when the balance of the trust-funded contract account is insufficient to pay that claim, the advisory council may assess each permit holder that has outstanding trust-funded contracts an amount based on the permit holder’s proportionate share of the purchasers’ deposits on all outstanding trust-funded contracts determined as of the end of the preceding calendar year.
(b) The assessments shall be deposited in the trust-funded contract account within the fund and administered by the department and the advisory council in accordance with commission rules.
Terms Used In Texas Finance Code 154.356
- Contract: A legal written agreement that becomes binding when signed.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An assessment made under this section is in addition to any assessment required by § 154.352.
(d) A seller whose permit is revoked or surrendered remains liable for any unpaid assessment made before the date of the revocation or surrender.