Sec. 2602.207. ACCOUNTING; REPORTS; REFUND. (a) The association shall adopt accounting procedures to show how money received from assessments or partial assessments is used.
(b) The association shall make interim accounting reports as the commissioner requires.
(c) The association shall make a final report to the commissioner showing how money received from assessments or partial assessments has been used, including a statement of any final balance of that money. As soon as practicable after completion of the final report, the association shall refund the remaining balance to the holders of participation receipts as required by Section 2602.206(b).
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Structure Texas Statutes
Subtitle C - Financial Solvency
Chapter 2602 - Texas Title Insurance Guaranty Association
Section 2602.201. Making of Assessment
Section 2602.202. Amount of Assessment; Proration of Payment
Section 2602.203. Notice and Payment
Section 2602.204. Exemption for Impaired Title Insurance Company
Section 2602.206. Participation Receipts
Section 2602.207. Accounting; Reports; Refund
Section 2602.208. Use of Assessments
Section 2602.209. Failure to Pay; Collection by Commissioner
Section 2602.210. Recovery of Assessment in Rates; Tax Credit