Tex. Ins. Code § 3503.054 · Subchapter B. PROMPT PAYMENT OF CONSTRUCTION PAYMENT BONDS
NOTICE OF CLAIM; ACKNOWLEDGMENT AND INVESTIGATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A surety company that issues a construction payment bond shall, not later than the 15th day after the date of receipt of notice of claim under the bond:
(1) acknowledge receipt of the claim;
(2) begin any review or investigation necessary to determine whether the surety company is obligated to satisfy the claim under the bond; and
(3) request from the claimant each document, item of information, accounting, statement, or form that the surety company reasonably believes, at that time, will be required from the claimant.
(b) If a construction payment bond provides an address to which a notice of claim under the bond should be submitted, the notice is effective on the date the notice is received at that address.
(c) This subchapter does not exempt a claimant from complying with any applicable statutory or contractual notice requirement.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.3503.htm
- Text hash
- sha256 b7e96ebe510247f5501d3237d63cb0dace7f8ca2dfc43267675772c0d3eb1fad
- 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
Cited by 1 provision
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