Tex. Business & Commerce Code § 302.107
This is the official text of Tex. Business & Commerce Code § 302.107, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 302.107. SECURITY REQUIREMENTS.
Official statutory text
A registration statement must be accompanied by security that:
(1) is in the amount of $10,000;
(2) is in the form of:
(A) a bond executed by a corporate security that:
(i) is approved by the secretary of state; and
(ii) holds a license to transact business in this state;
(B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government; or
(C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state; and
(3) is conditioned on the seller's compliance with this chapter.
(1) is in the amount of $10,000;
(2) is in the form of:
(A) a bond executed by a corporate security that:
(i) is approved by the secretary of state; and
(ii) holds a license to transact business in this state;
(B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government; or
(C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state; and
(3) is conditioned on the seller's compliance with this chapter.
Status: in_force · Read it on the official government site
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