Tex. Occ. Code § 2025.057

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

Section 2025.057 - Bond

(a) The commission may, at any time, require a holder of or applicant for a racetrack license to post security in an amount reasonably necessary, as provided by commission rule, to adequately ensure the license holder's or applicant's compliance with substantive requirements of this subtitle and commission rules.

(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 deposit in a bank, savings and loan institution, or credit union.

(c) The security described by Subsection (b) must be:

(1) conditioned on compliance with this subtitle and commission rules adopted under this subtitle; and

(2) returned after satisfying the conditions of the security.

Tex. Occ. Code § 2025.057

Added by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 963,Sec. 1.01, eff. 4/1/2019.