30 Tex. Admin. Code § 37.840 - Surety Bond
(a) An owner or
operator may satisfy the requirements of §
37.815 of this title (relating to
Amount and Scope of Required Financial Responsibility) by obtaining a surety
bond that conforms to the requirements of this section. The surety company
issuing the bond must be among those listed as acceptable sureties on federal
bonds in the latest Circular 570 of the United States Department of the
Treasury.
(b) The surety bond must
be worded as follows, except that instructions in parentheses must be replaced
with the relevant information and the parentheses deleted.
(c)
Under the terms of the bond, the surety will become liable on the bond
obligation when the owner or operator fails to perform as guaranteed by the
bond. In all cases, the surety's liability is limited to the per-occurrence and
annual aggregate penal sums.
(d)
The owner or operator who uses a surety bond to satisfy the requirements of
§
37.815 of this title must
establish a standby trust fund when the surety bond is acquired. Under the
terms of the bond, all amounts paid by the surety under the bond will be
deposited directly into the standby trust fund in accordance with instructions
from the executive director under §
37.880 of this title (relating to
Drawing on Financial Assurance Mechanisms). This standby trust fund must meet
the requirements specified in §
37.855 of this title (relating to
Standby Trust Fund).
Notes
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