Section 2651.202 - Trust Fund Account Disbursements(a) A title insurance company, title insurance agent, or direct operation may not disburse funds from a trust fund account until good funds related to the transaction have been received and deposited in the account in amounts sufficient to fund any disbursements from the transaction.(b) A title insurance company, title insurance agent, or direct operation is not liable for a violation of this section if the violation:(1) was not intentional; and(2) resulted from a bona fide error despite the maintenance of procedures reasonably adopted to avoid the error.(c) The commissioner shall adopt rules and definitions to implement this section.Tex. Ins. Code § 2651.202
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. 4/1/2005.