Texas Transportation Code

§ 503.033 — SECURITY REQUIREMENT

TN § 503.033Title 7. VEHICLES AND TRAFFIC · Part A. CERTIFICATES OF TITLE AND REGISTRATION OF VEHICLES · Ch. 503. DEALER'S AND MANUFACTURER'S VEHICLE LICENSE PLATES · Art. B. GENERAL DISTINGUISHING NUMBER

Statute text

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(a)The department may not issue or renew a motor vehicle dealer general distinguishing number or a wholesale motor vehicle auction general distinguishing number unless the applicant provides to the department satisfactory proof that the applicant has purchased a properly executed surety bond in the amount of $50,000 with a good and sufficient surety approved by the department.

(b)The surety bond must be:

(1)in a form approved by the attorney general;

(2)conditioned on:

(A)the payment by the applicant of all valid bank drafts, including checks, drawn by the applicant to buy motor vehicles; and

(B)the transfer by the applicant of good title to each motor vehicle the applicant offers for sale.

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Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 1290 (H.B. 2017), Sec. 28, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1290 (H.B. 2017), Sec. 44(a)(3), eff. September 1, 2011. Acts 2021, 87th Leg., R.S., Ch. 493 (H.B. 3533), Sec. 1, eff. September 1, 2021.