Sec. 183.053. SECURITY REQUIREMENT

(a) A permittee subject to the tax imposed by this chapter must comply with the security requirements imposed by Chapter 151 except that a permittee is not required to comply with Section 151.253(b).

(b) The total of bonds, certificates of deposit, letters of credit, or other security determined to be sufficient by the comptroller of a permittee subject to the tax imposed by this chapter shall be in an amount that the comptroller determines to be sufficient to protect the fiscal interests of the state. The comptroller may not set the amount of security at less than $1,000 or more than the greater of $100,000 or four times the amount of the permittee's average monthly tax liability.

Added by Acts 1993, 73rd Leg., ch. 934, Sec. 106, eff. Jan. 1, 1994. Amended by Acts 2001, 77th Leg., ch. 442, Sec. 24, eff. Sept. 1, 2001. Amended by: Acts 2007, 80th Leg., R.S., Ch. 931 , Sec. 9, eff. June 15, 2007.