Tex. Ins. Code § 2652.004

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 2652.004 - Trust Fund Account Disbursements

(a) An escrow officer 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) An escrow officer 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 § 2652.004

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. 4/1/2005.