SECURITY — Texas Code § OC.2001.514

§ OC.2001.514. SECURITY

SECURITY. (a) To secure payment due to the commission of the fee on prizes imposed under this subchapter, each license holder shall furnish to the commission: (1) a cash bond; (2) a bond from a surety company chartered or authorized to do business in this state; (3) certificates of deposit; (4) certificates of savings; (5) United States treasury bonds; (6) subject to the approval of the commission, an assignment of negotiable stocks or bonds; or (7) other security as the commission considers sufficient. (b) The commission shall set the amount of the bond or other security, taking into consideration the amount of money that has or is expected to become due from the license holder. The amount required by the commission may not exceed three times the amount due according to the license holder's average quarterly reports. (c) On a license holder's failure to pay the fee on prizes imposed under this subchapter, the commission may notify the license holder and any surety of the delinquency by jeopardy or deficiency determination. If payment is not made when due, the commission may forfeit all or part of the bond or security. (d) If the license holder ceases to conduct bingo and relinquishes the license holder's license, the commission shall authorize the release of all bonds and other security on a determination that no amounts of the fee on prizes remain due and payable under this subchapter. Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2015, 84th Leg., R.S., Ch. 1255 (H.B. 1905 ), Sec. 17, eff. September 1, 2015. Acts 2023, 88th Leg., R.S., Ch. 1132 (S.B. 643 ), Sec. 15, eff. September 1, 2023.