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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
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Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
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Chapter 1101. REAL ESTATE BROKERS AND SALESPERSONS |
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Subchapter M. REAL ESTATE RECOVERY TRUST ACCOUNT |
Sec. 1101.604. MANAGEMENT OF TRUST ACCOUNT
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(a) The commission shall hold money credited to the trust account in trust to carry out the purpose of the trust account.
(b) Money credited to the trust account may be invested in the same manner as money of the Employees Retirement System of Texas, except that an investment may not be made that would impair the liquidity necessary to make payments from the trust account as required by this subchapter.
(c) Interest from the investments shall be deposited to the credit of the trust account.
(d) If the balance in the trust account on December 31 of a year is more than the greater of $3.5 million or the total amount of claims paid from the trust account during the preceding four fiscal years, the commission shall transfer the excess amount of money in the trust account to the credit of the general revenue fund.