Texas Insurance Code 887.307 – Revenue of Association; Deposit
Current as of: 2024 | Check for updates
|
Other versions
(a) The revenue of an association must be derived from:
(1) membership fees; and
(2) assessments.
(b) Not later than the fifth day after the date an association collects revenue, the association shall deposit the revenue in a state or national bank.
Terms Used In Texas Insurance Code 887.307
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC