Sec. 392.101. BOND REQUIREMENT. (a) A third-party debt collector or credit bureau may not engage in debt collection unless the third-party debt collector or credit bureau has obtained a surety bond issued by a surety company authorized to do business in this state as prescribed by this section. A copy of the bond must be filed with the secretary of state.
(b) The bond must be in favor of:
(1) any person who is damaged by a violation of this chapter; and
(2) this state for the benefit of any person who is damaged by a violation of this chapter.
(c) The bond must be in the amount of $10,000.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
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