Tex. Occupations Code § 2024.052
SECURITY
Texas · Texas Occupations Code · Status: effective
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- Citation
- Tex. Occupations Code § 2024.052, SECURITY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/704182
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Full text
(a) The comptroller by rule may require each racetrack association to post security in an amount estimated to be sufficient to cover the amount of state money that the racetrack association will collect and hold between bank deposits to ensure payment of the state's share of a pari-mutuel pool.
(b) The following are acceptable as security for purposes of this section:
(1) cash;
(2) a cashier's check;
(3) a surety bond;
(4) an irrevocable bank letter of credit;
(5) a United States Treasury bond that is readily convertible to cash; or
(6) an irrevocable assignment of a federally insured account in a bank, savings and loan institution, or credit union.