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Tex. Occupations Code § 702.352

ESCROW DEPOSIT REQUIRED

Texas · Texas Occupations Code · Status: effective

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Tex. Occupations Code § 702.352, ESCROW DEPOSIT REQUIRED, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/700897
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(a) A certificate holder or an assignee or agent of a certificate holder who accepts a prepayment for a membership in the certificate holder's health spa shall deposit the prepayment in an escrow account established with a financial institution insured by the Federal Deposit Insurance Corporation. (b) A person required to make a deposit under Subsection (a) shall: (1) not later than the 14th day after the date the person first accepts a prepayment: (A) deposit the prepayments received; and (B) submit to the secretary of state: (i) a notarized statement that identifies the financial institution and the name in which the escrow account is held; and (ii) a signed statement on a form approved by the secretary of state that authorizes the secretary to direct inquiries to the financial institution regarding the escrow account; and (2) after the first deposit is made under this section, deposit subsequent prepayments not less frequently than biweekly. (c) A certificate holder shall maintain an escrow account under this section until the 30th day after the date the certificate holder's health spa opens.