Texas § OC.2001.514 - SECURITY
Full text of Texas The Texas Constitution § OC.2001.514 — SECURITY, with citation guidance and answers to common questions.
§ OC.2001.514. SECURITY
SECURITY. (a) To secure payment due to the commission of the fee on prizes imposed under this subchapter, each license holder shall furnish to the commission: (1) a cash bond; (2) a bond from a surety company chartered or authorized to do business in this state; (3) certificates of deposit; (4) certificates of savings; (5) United States treasury bonds; (6) subject to the approval of the commission, an assignment of negotiable stocks or bonds; or (7) other security as the commission considers sufficient. (b) The commission shall set the amount of the bond or other security, taking into consideration the amount of money that has or is expected to become due from the license holder. The amount required by the commission may not exceed three times the amount due according to the license holder's average quarterly reports. (c) On a license holder's failure to pay the fee on prizes imposed under this subchapter, the commission may notify the license holder and any surety of the delinquency by jeopardy or deficiency determination. If payment is not made when due, the commission may forfeit all or part of the bond or security. (d) If the license holder ceases to conduct bingo and relinquishes the license holder's license, the commission shall authorize the release of all bonds and other security on a determination that no amounts of the fee on prizes remain due and payable under this subchapter. Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2015, 84th Leg., R.S., Ch. 1255 (H.B. 1905 ), Sec. 17, eff. September 1, 2015. Acts 2023, 88th Leg., R.S., Ch. 1132 (S.B. 643 ), Sec. 15, eff. September 1, 2023.
Frequently Asked Questions About Texas § OC.2001.514
What does The Texas Constitution § OC.2001.514 cover?
Section OC.2001.514 ("SECURITY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § OC.2001.514?
A common citation format is "The Texas Constitution § OC.2001.514" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § OC.2001.514 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.