Tex. Prop. Code § 162.007 · Subchapter A. CONSTRUCTION PAYMENTS AND LOAN RECEIPTS
MANAGEMENT OF CONSTRUCTION ACCOUNTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A contractor required to maintain a construction account under this subchapter shall maintain an account record for the construction account that provides information relating to:
(1) the source and amount of the funds in the account and the date the funds were deposited;
(2) the date and amount of each disbursement from the account and the person to whom the funds were disbursed; and
(3) the current balance of the account.
(b) The contractor shall maintain an account record for each construction project that specifies the direct costs and indirect costs charged to the owner.
(c) The contractor shall retain all invoices and other supporting documentation received relating to funds that were disbursed from the construction account.
(d) The contractor shall ensure that all deposit and disbursement documentation includes the construction account number or information that provides a direct connection between the documentation and the account.
(e) The contractor may not destroy information required to be maintained under this section before the first anniversary of the date the improvement that is the subject of the contract is completed.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/PR/htm/PR.162.htm
- Text hash
- sha256 ea706fb79b53d00ad3070703c7212ffcf00459e8fd5bd2d501c7f38d1cbbc2f7
- 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 2 provisions
Provisions in this library whose text cites Tex. Prop. Code § 162.007. Each shows the citation as that text prints it.
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.