Tex. Occ. Code § 2024.052

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

Section 2024.052 - Security

(a) The comptroller by rule may require each racetrack association to post security in an amount estimated to be sufficient to cover the amount of state money that the racetrack association will collect and hold between bank deposits to ensure payment of the state's share of a pari-mutuel pool.

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

Tex. Occ. Code § 2024.052

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