Sec. 1101.302. BOND REQUIRED

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(a) In this section, "educational institution" means a school, excluding an accredited college or university, authorized by the commission under this chapter to offer a real estate or real estate inspection educational program or course of study.
(b) An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is:
(1) in the amount of $20,000;
(2) payable to the commission; and
(3) for the benefit of a party who suffers damages caused by the failure of the institution to fulfill obligations related to the commission's approval.

Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by: Acts 2007, 80th Leg., R.S., Ch. 297 , Sec. 4, eff. September 1, 2007.

                    
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