Texas Transportation Code 601.055 – Substitution of Evidence of Financial Responsibility
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(a) If a person who has filed evidence of financial responsibility substitutes other evidence of financial responsibility that complies with this chapter, and the department accepts the other evidence, the department shall:
(1) consent to the cancellation of a bond or certificate of insurance filed as evidence of financial responsibility; or
(2) direct the comptroller to return money or securities deposited with the comptroller as evidence of financial responsibility to the person entitled to the return of the money or securities.
(b) The comptroller shall return money or securities deposited with the comptroller in accordance with the direction of the department under Subsection (a)(2).
Terms Used In Texas Transportation Code 601.055
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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