Tex. Occ. Code § 2025.057 · Subchapter B. RACETRACK LICENSE APPLICATION REQUIREMENTS
BOND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commission may, at any time, require a holder of or applicant for a racetrack license to post security in an amount reasonably necessary, as provided by commission rule, to adequately ensure the license holder's or applicant's compliance with substantive requirements of this subtitle and commission rules.
(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 deposit in a bank, savings and loan institution, or credit union.
(c) The security described by Subsection (b) must be:
(1) conditioned on compliance with this subtitle and commission rules adopted under this subtitle; and
(2) returned after satisfying the conditions of the security.
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.2025.htm
- Text hash
- sha256 3484e52c6d4640b9a1ac3551e04f0fda8e29812b3eec0b6531be6c47659e53b0
- 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.