Texas Occupations Code 1802.122 – Standards of Practice
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Terms Used In Texas Occupations Code 1802.122
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Rule: includes regulation. See Texas Government Code 311.005
The commission by rule shall adopt standards for the practice of auctioneers and associate auctioneers, including standards for:
(1) the maintenance and use of a trust or escrow account for funds belonging or owed to another; and
(2) required consumer notices.