Tex. Ins. Code § 887.055 · Subchapter B. GENERAL POWERS AND DUTIES; OFFICERS AND DIRECTORS
BOND REQUIREMENTS FOR CERTAIN PERSONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In addition to the bond required by Section 887.054 and any other bond required by law, an association shall obtain a separate or blanket surety bond covering each other person who may have access to the association's mortuary funds. The bond must:
(1) be issued by a surety authorized by the department to engage in business in this state;
(2) be payable to the department for the use and benefit of the association;
(3) obligate the principal and surety to pay any monetary loss sustained by the association through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by a covered person, whether acting alone or with other persons; and
(4) be in an amount determined by the department of at least $1,000 but not more than $5,000.
(b) Successive recoveries may be made on a bond under this section until the amount of the bond is exhausted.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.887.htm
- Text hash
- sha256 c585992d3d08f612065621dd4e7346f6010f01057c0243901ea711bc572dcc15
- 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
This section cites
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.