This fund is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated funds may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.
| Issue Date: | 2001-09-01 |
|---|---|
| Revised Date: | 2022-08-09 |
Legal Citations
- Insurance Code sec. 2652.102, sec. 2652.103
Origin:
2001
Purpose
Every title insurance agent and direct operation shall procure a bond approved by the State Board of Insurance for its escrow officers. The bond is in an amount to be determined by multiplying the number of escrow officers by $5,000, but not exceeding $50,000. In lieu of such bond, cash or irrevocable letters of credit in multiples of $5,000 per escrow officer, but not exceeding $50,000 may be deposited with the board. If a loss is suffered, the Board shall notify the Attorney General, who shall investigate and enforce the liability for the benefit of all parties who have suffered any loss covered by the bond or deposit.
| Classification | Group 08: Trust Funds [?] |
|---|---|
| Depository Interest | Retained in appropriated fund. |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated for state expenditure. |
Administering Agencies
Previously administered by the Texas Department of Insurance.
Financial Activity
To view this appropriated fund's current revenue and expenditure activity by agency or comptroller object code, visit the following links:
Note
Fund was never used and inactivated November, 2015. Revenues are deposited to Life, Health, Accident and Casualty Insurance Companies Trust Account (0921).
USAS Values
| USAS Title | INSURANCE ESCROW OFFICERS SECURITY TR FD |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |