Tex. Occ. Code § 702.253

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

Section 702.253 - Adjudication on Pro Rata Basis

If the total amount of actual financial losses computed under Section 702.252 for all claims filed under Section 702.251 exceeds the amount of available security, the secretary of state shall reduce the amount of each recovery under Section 702.252 on a pro rata basis and shall compute the amount of each recovery by:

(1) dividing the amount of available security by the total amount of actual financial losses computed under Section 702.252 for all claims; and

(2) multiplying the results computed under Subdivision (1) by the amount of the recovery.

Tex. Occ. Code § 702.253

Amended by Acts 2001, 77th Leg., ch. 756, Sec. 1, eff. 9/1/2001.

Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. 9/1/1999.