Tex. Business & Commerce Code § 302.107
SECURITY REQUIREMENTS
Texas · Texas Business & Commerce Code · Status: effective
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- Tex. Business & Commerce Code § 302.107, SECURITY REQUIREMENTS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/631237
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Full text
A registration statement must be accompanied by security that:
(1) is in the amount of $10,000;
(2) is in the form of:
(A) a bond executed by a corporate security that:
(i) is approved by the secretary of state; and
(ii) holds a license to transact business in this state;
(B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government; or
(C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state; and
(3) is conditioned on the seller's compliance with this chapter.