Texas § TN.722.005 - SECURITY REQUIREMENTS
Full text of Texas The Texas Constitution § TN.722.005 — SECURITY REQUIREMENTS, with citation guidance and answers to common questions.
§ TN.722.005. SECURITY REQUIREMENTS
SECURITY REQUIREMENTS. (a) An applicant for an automobile club certificate of authority may provide the security required for that certificate by depositing with the state or pledging in the form prescribed by the secretary of state: (1) $25,000 in securities approved by the secretary; (2) $25,000 in cash; or (3) a $25,000 bond in the form prescribed by the secretary that is: (A) payable to the state; (B) executed by a corporate surety licensed to do business in this state; and (C) conditioned on the faithful performance of the automobile club in selling or providing club services and the payment of any fines or penalties levied against the club for failure to comply with this chapter. (b) The aggregate liability of the surety for all breaches of the bond conditions and for payment of all fines and penalties may not exceed the amount of the bond. (c) The required security shall be maintained as long as the automobile club has any liability or obligation in this state. On showing to the satisfaction of the secretary of state that the club has ceased to do business and that all liabilities and obligations of the club have been satisfied, the secretary may return the security to the club or deliver the security in accordance with a court order. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Frequently Asked Questions About Texas § TN.722.005
What does The Texas Constitution § TN.722.005 cover?
Section TN.722.005 ("SECURITY REQUIREMENTS") 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 § TN.722.005?
A common citation format is "The Texas Constitution § TN.722.005" (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 § TN.722.005 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.