Sec. 393.405. CLAIM AGAINST SURETY BOND OR ACCOUNT. (a) A person making a claim against a surety bond or account of a credit services organization for a violation of this chapter may file suit against:
(1) the organization; and
(2) the surety or trustee.
(b) A surety or trustee is liable only for actual damages, reasonable attorney's fees, and court costs awarded under Section 393.503(a).
(c) The aggregate liability of a surety or trustee for an organization's violation of this chapter may not exceed the amount of the surety bond or account.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 5 - Protection of Consumers of Financial Services
Chapter 393 - Credit Services Organizations
Subchapter E. Surety Bond; Surety Account
Section 393.402. Surety Account
Section 393.403. Amount of Surety Bond or Account
Section 393.404. Beneficiary of Surety Bond or Account
Section 393.405. Claim Against Surety Bond or Account
Section 393.406. Term of Surety Bond or Account
Section 393.407. Payment of Money in Surety Account to Credit Services Organization