Texas § IN.942.158 - ADVANCES OF MONEY BY ATTORNEY IN FACT
Full text of Texas The Texas Constitution § IN.942.158 — ADVANCES OF MONEY BY ATTORNEY IN FACT, with citation guidance and answers to common questions.
§ IN.942.158. ADVANCES OF MONEY BY ATTORNEY IN FACT
ADVANCES OF MONEY BY ATTORNEY IN FACT. (a) The attorney in fact for an exchange may advance to the exchange any amount of money necessary to conduct the business of the exchange, including any amount necessary to enable the exchange to comply with a legal requirement. (b) Subject to the approval of the department, the advanced amount and any agreed interest on that amount, not exceeding 10 percent a year: (1) is payable only from the surplus of the exchange remaining after providing for all reserves, other liabilities, and required surplus; and (2) may not otherwise be a liability or claim against the exchange or any of the exchange's assets. (c) A commission, promotion expense, or other bonus may not be paid in connection with the advance of money to the exchange. (d) The amount of each advance must be reported in the exchange's annual report. (e) The department may not arbitrarily refuse approval under Subsection (b). Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § IN.942.158
What does The Texas Constitution § IN.942.158 cover?
Section IN.942.158 ("ADVANCES OF MONEY BY ATTORNEY IN FACT") 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 § IN.942.158?
A common citation format is "The Texas Constitution § IN.942.158" (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 § IN.942.158 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.