Section 2052.109 - Surety Bond(a) A surety bond required under this subchapter must:(1) be issued by a company authorized to conduct business in this state;(2) comply with the applicable requirements of the Insurance Code;(3) be payable to the state for use by the state or a political subdivision that establishes that the boxing or wrestling promoter is liable to it for damages, penalties, taxes, or other expenses resulting from promotional activities conducted in this state; and(4) be open to more than one claim, except that the claims may not exceed the face value of the bond.(b) A person required to file a surety bond under this subchapter shall file a new bond annually.(c) A company that issues a bond shall notify the department in writing of the cancellation of the bond not later than the 30th day before the date on which the bond is canceled.Tex. Occ. Code § 2052.109
Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. 9/1/1999.