82nd Texas Legislature, Regular Session, House Bill 2604, Chapter 536 Page: 1 of 7
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H.B. No. 2604
1 AN ACT
2 relating to unencumbered assets held by title agents.
3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
4 SECTION 1. Section 2651.012(a)(2), Insurance Code, is
5 amended to read as follows:
6 (2) "Unencumbered assets" means:
7 (A) cash or cash equivalents;
8 (B) liquid assets that have a readily
9 determinable market value and that do not have any lien against
11 (C) real estate, in excess of any encumbrances;
12 (D) investments, such as mutual funds,
13 certificates of deposit, and stocks and bonds;
14 (E) a surety bond, the form and content of which
15 shall be prescribed by the commissioner in accordance with this
17 (F) a deposit made in accordance with Section
18 2651.102; [end]
19 (G) a letter of credit that meets the
20 requirements of Section 493.104(b) (2) (C); and
21 (H) a solvency account that meets the
22 requirements of Section 2651.0121.
23 SECTION 2. Section 2651.012(b), Insurance Code, is amended
24 to read as follows as follows:
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Texas. Legislature. House of Representatives. 82nd Texas Legislature, Regular Session, House Bill 2604, Chapter 536, legislative document, June 17, 2011; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth311322/m1/1/: accessed July 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.