Texas Administrative Code
Title 16 - ECONOMIC REGULATION
Part 4 - TEXAS DEPARTMENT OF LICENSING AND REGULATION
Chapter 112 - HEARING INSTRUMENT FITTERS AND DISPENSERS
Subchapter G - FINANCIAL SECURITY REQUIREMENTS
Section 112.60 - Filing Surety Bond or Other Form of Financial Security
Current through Reg. 50, No. 13; March 28, 2025
(a) A sole proprietor, partnership, corporation, or other legal entity engaged in the fitting and dispensing of hearing instruments must file with the department financial security in a form provided by subsection (c), in the amount of $10,000 and conditioned on the promise to pay all:
(b) The financial security covers the actions, conduct, or liability of the sole proprietor, partnership, corporation, or other legal entity and the license holders employed by that entity as prescribed under Occupations Code § 402.405 and § 112.61.
(c) A sole proprietor, partnership, corporation, or other legal entity must file with the department one of the following acceptable forms of financial security in the amount required in subsection (a):
(d) A sole proprietor, partnership, corporation, or other legal entity must file the financial security with the department at the following times and in the manner prescribed in the following sections:
(e) The financial security must be received on or before the date of issuance of the employee's license.
(f) A person to whom the Act does not apply pursuant to Texas Occupations Code § 402.003 is not required to file financial security under this section.
(g) Financial security required under this section remains in effect until canceled by action of the surety, the principal, or the department. Notice of cancellation must be provided to the department no later than thirty (30) days prior to cancellation.