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.
Structure Texas Statutes
Title 10 - Miscellaneous Beneficial Property Interests
Chapter 162 - Construction Payments, Loan Receipts, and Misapplication of Trust Funds
Subchapter A. Construction Payments and Loan Receipts
Section 162.001. Construction Payments and Loan Receipts as Trust Funds
Section 162.002. Contractors as Trustees
Section 162.003. Beneficiaries of Trust Funds
Section 162.006. Construction Account Required in Certain Circumstances