Tex. Finance Code § 154.253
This is the official text of Tex. Finance Code § 154.253, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.253. DEPOSIT OF MONEY PAID OR COLLECTED.
Official statutory text
(a) Not later than the 30th day after the date of collection, the money, other than money retained as provided by Section 154.252, shall be deposited:
(1) in a financial institution that has its main office or a branch in this state in an interest-bearing restricted account insured by the federal government; or
(2) in trust with a financial institution that has its main office or a branch located in this state and is authorized to act as a fiduciary in this state, to be invested by the financial institution as trustee in accordance with this subchapter.
(b) An account described by Subsection (a), including a trust account, shall be carried in the name of the funeral provider or other entity to whom the purchaser makes payment and must include the words "prepaid funeral benefits" or "pre-need funeral benefits."
(1) in a financial institution that has its main office or a branch in this state in an interest-bearing restricted account insured by the federal government; or
(2) in trust with a financial institution that has its main office or a branch located in this state and is authorized to act as a fiduciary in this state, to be invested by the financial institution as trustee in accordance with this subchapter.
(b) An account described by Subsection (a), including a trust account, shall be carried in the name of the funeral provider or other entity to whom the purchaser makes payment and must include the words "prepaid funeral benefits" or "pre-need funeral benefits."
Status: in_force · Read it on the official government site
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