Texas Statutes
Subchapter M. Real Estate Recovery Trust Account
Section 1101.603. Payments Into Trust Account

Sec. 1101.603. PAYMENTS INTO TRUST ACCOUNT. (a) In addition to other fees required by this chapter, the commission shall collect a fee of $10 to deposit to the credit of the trust account from an applicant for an original license or certificate of registration.
(b) Repealed by Acts 2015, 84th Leg., R.S., Ch. 1158 , Sec. 92, eff. January 1, 2016.
(c) Notwithstanding any other law, the commission shall deposit to the credit of the trust account or the real estate inspection recovery fund, as determined by the commission, an administrative penalty collected under Subchapter O for a violation by a person licensed under this chapter or Chapter 1102.
(d) Notwithstanding any other law, an administrative penalty collected under Subchapter O for a violation by a person who is not licensed under this chapter or Chapter 1102 shall be deposited to the credit of the trust account or the real estate inspection recovery fund, as determined by the commission.
(e) On a determination by the commission at any time that the balance in the trust account is less than $1 million, each license or certificate holder at the next renewal must pay, in addition to the renewal fee, an additional fee of $10. The commission shall deposit the additional fee to the credit of the trust account.
(f) To ensure the availability of a sufficient amount to pay anticipated claims on the trust account, the commission by rule may provide for the collection of assessments at different times and under conditions other than those specified by this chapter.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 14A.160(a), eff. Sept. 1, 2003.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1158 (S.B. 699), Sec. 61, eff. January 1, 2016.
Acts 2015, 84th Leg., R.S., Ch. 1158 (S.B. 699), Sec. 92, eff. January 1, 2016.

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