Section 302.107 - Security Requirements A registration statement must be accompanied by security that:
(1) is in the amount of $10,000;(2) is in the form of: (A) a bond executed by a corporate security that:(i) is approved by the secretary of state; and(ii) holds a license to transact business in this state;(B) an irrevocable letter of credit issued for the benefit of the registrant by a supervised financial institution whose deposits are insured by an agency of the federal government; or(C) a certificate of deposit in a supervised financial institution whose deposits are insured by an agency of the federal government, the principal of which may be withdrawn only on the order of the secretary of state; and(3) is conditioned on the seller's compliance with this chapter.Tex. Bus. and Comm. Code § 302.107
Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. 4/1/2009.