Tex. Bus. & Com. Code § 52.051 · Subchapter B. FINANCIAL REQUIREMENTS OF INVENTION DEVELOPERS
BOND REQUIRED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by Section 52.053, an invention developer performing or offering to perform invention development services in this state shall maintain a bond issued by a surety company authorized to transact business in this state.
(b) The principal amount of the bond must equal at least the greater of:
(1) five percent of the invention developer's gross income from the invention development business in this state during the invention developer's last fiscal year; or
(2) $25,000.
(c) The invention developer must file a copy of the bond with the secretary of state before the date the invention developer begins business in this state.
(d) Before the 91st day after the last day of the invention developer's fiscal year, the invention developer shall change the amount of the bond if necessary to conform with this section and Section 52.052.
Notes and commentary — not statutory text
History
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BC/htm/BC.52.htm
- Text hash
- sha256 82cc6da3c0e0e71188b6f527445c944ed6717750740829cfce69ecbc25aef5d8
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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