Sec. 2602.109. USE OF EXCESS MONEY IN ACCOUNTS. (a) The association shall reserve in the title account the amount of money the association determines reasonably necessary for efficient future administration under this chapter. The association shall return the excess money pro rata to the holders of participation receipts on which an outstanding balance exists after deducting any credits against premium taxes taken under Section 2602.210. The amount deducted for those credits shall be deposited with the comptroller for credit to the general revenue fund. The association shall transfer to the guaranty fee account any excess money remaining in the title account after the distribution and reservation of money for administration.
(b) If the association determines that money in the administrative account exceeds the amount reasonably necessary for efficient future operation under this chapter, the association shall transfer the excess money to the guaranty fee account.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 775 (H.B. 1614), Sec. 10, eff. September 1, 2019.
Structure Texas Statutes
Subtitle C - Financial Solvency
Chapter 2602 - Texas Title Insurance Guaranty Association
Subchapter C. General Powers and Duties of Association
Section 2602.101. General Powers and Duties
Section 2602.102. Plan of Operation
Section 2602.103. Employees and Experts
Section 2602.104. Association Records
Section 2602.105. Meeting by Conference Call
Section 2602.107. Administrative Expenses
Section 2602.108. Deposit of Fees and Assessments
Section 2602.109. Use of Excess Money in Accounts
Section 2602.110. Expenses of Administering Impaired Insurer or Impaired Agent
Section 2602.111. Delegation of Powers and Duties
Section 2602.112. Exemption From Taxation
Section 2602.113. Detection and Prevention of Impairment
Section 2602.114. Meeting of Board on Impaired Title Insurance Company or Agent
Section 2602.115. Association and Board Advice and Assistance