Sec. 2651.102.  ALTERNATIVE TO BOND.  (a)  Instead of the bond required by Section 2651.101, a title insurance agent or direct operation may deposit with the department:
(1)  cash;
(2)  irrevocable letters of credit issued by a financial institution in this state that is insured by an agency of the United States;  or
(3)  securities approved by the department.
(b)  The cash, letters of credit, or securities deposited under this section are subject to the conditions required for a bond under Section 2651.101.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.