Section 3503.054 - Notice of Claim; Acknowledgment and Investigation(a) A surety company that issues a construction payment bond shall, not later than the 15th day after the date of receipt of notice of claim under the bond: (1) acknowledge receipt of the claim;(2) begin any review or investigation necessary to determine whether the surety company is obligated to satisfy the claim under the bond; and(3) request from the claimant each document, item of information, accounting, statement, or form that the surety company reasonably believes, at that time, will be required from the claimant.(b) If a construction payment bond provides an address to which a notice of claim under the bond should be submitted, the notice is effective on the date the notice is received at that address.(c) This subchapter does not exempt a claimant from complying with any applicable statutory or contractual notice requirement.Tex. Ins. Code § 3503.054
Added by Acts 2005, 79th Leg., Ch. 727, Sec. 3, eff. 4/1/2007.