Tex. Occ. Code § 2024.052 · Subchapter B. COLLECTION AND DEPOSIT OF STATE'S SHARE OF PARI-MUTUEL POOL
SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The comptroller by rule may require each racetrack association to post security in an amount estimated to be sufficient to cover the amount of state money that the racetrack association will collect and hold between bank deposits to ensure payment of the state's share of a pari-mutuel pool.
(b) The following are acceptable as security for purposes of this section:
(1) cash;
(2) a cashier's check;
(3) a surety bond;
(4) an irrevocable bank letter of credit;
(5) a United States Treasury bond that is readily convertible to cash; or
(6) an irrevocable assignment of a federally insured account in a bank, savings and loan institution, or credit union.
Notes and commentary — not statutory text
History
Added by Acts 2017, 85th Leg., R.S., Ch. 963 (S.B. 1969), Sec. 1.01, eff. April 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/OC/htm/OC.2024.htm
- Text hash
- sha256 074b4d1214301d4a41b217b9ba2de2acd1cea3697cad525a6cae5354114bb34e
- 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
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.