Tex. Finance Code § 154.160
This is the official text of Tex. Finance Code § 154.160, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.160. AGENT; DEPOSIT OF MONEY.
Official statutory text
(a) A seller shall designate one or more agents by name or title.
(b) The seller shall notify the department of:
(1) the designation not later than the 10th day after the date the seller becomes subject to this chapter; and
(2) any change in the designation not later than the 10th day after the date of the change.
(c) An agent designated under this section is:
(1) considered a fiduciary for purposes of Section 32.45, Penal Code; and
(2) responsible for the deposit of money collected under prepaid funeral benefits contracts.
(b) The seller shall notify the department of:
(1) the designation not later than the 10th day after the date the seller becomes subject to this chapter; and
(2) any change in the designation not later than the 10th day after the date of the change.
(c) An agent designated under this section is:
(1) considered a fiduciary for purposes of Section 32.45, Penal Code; and
(2) responsible for the deposit of money collected under prepaid funeral benefits contracts.
Status: in_force · Read it on the official government site
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