Sec. 162.006.  CONSTRUCTION ACCOUNT REQUIRED IN CERTAIN CIRCUMSTANCES.  (a)  A contractor who enters into a written contract with a property owner to construct improvements to a residential homestead for an amount exceeding $5,000 shall deposit the trust funds in a construction account in a financial institution.
(b)  The periodic statement received from the financial institution must refer to the account as a "construction account" to satisfy the requirements of this section.
Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff. Sept. 1, 1997.