AI-assisted research summary: The commission must revoke certain licenses, approvals, or registrations if a trust-account payment is made for the holder and the amount is not repaid within 31 days after notice.
Sec. 1101.655. REVOCATION OF LICENSE OR CERTIFICATE FOR CLAIM ON ACCOUNT. (a) The commission shall revoke a license, approval, or registration issued under this chapter or Chapter 1102 if: (1) the commission makes a payment from the real estate recovery trust account under Subchapter M on behalf of a license or registration holder; and (2) the license or registration holder does not repay the real estate recovery trust account the full amount of a payment made on the license or registration holder's behalf before the 31st day after the date the commission provides notice to the license or registration holder. (b) The commission may probate an order revoking a license, approval, or registration under this section. (c) A person is not eligible for a license or certificate until the person has repaid in full the amount paid from the account for the person, plus interest at the legal rate. (d) For the purposes of this section, if payment is made from the real estate recovery trust account on behalf of a business entity license holder or a designated broker of a business entity license holder, the commission shall proceed under Subsection (a) against both the business entity and designated broker. Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by: Acts 2005, 79th Leg., Ch. 825 (S.B. 810), Sec. 10, eff. September 1, 2005. Acts 2007, 80th Leg., R.S., Ch. 297 (H.B. 1530), Sec. 10, eff. September 1, 2007. Acts 2015, 84th Leg., R.S., Ch. 1158 (S.B. 699), Sec. 70, eff. January 1, 2016.