AI-assisted research summary: A company license holder must keep the required surety bond and insurance certificate on file with the department, and the commission can suspend the license if this is violated.
Sec. 1702.123. INSURANCE; BOND. (a) A company license holder shall maintain on file with the department at all times the surety bond and certificate of insurance required by this chapter. (b) The commission shall immediately suspend the company license of a company license holder who violates Subsection (a). (c) The commission may rescind the company license suspension if the company license holder provides proof to the commission that the bond or the insurance coverage is still in effect. The company license holder must provide the proof in a form satisfactory to the commission not later than the 10th day after the date the company license is suspended. (d) After suspension of the company license, the commission may not reinstate the company license until an application, in the form prescribed by the commission, is filed accompanied by a proper bond, insurance certificate, or both. The commission may deny the application notwithstanding the applicant's compliance with this section: (1) for a reason that would justify suspending, revoking, or denying a company license; or (2) if, during the suspension, the applicant performs a practice for which a company license is required. Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 14.603, eff. Sept. 1, 2001. Amended by: Acts 2009, 81st Leg., R.S., Ch. 1146 (H.B. 2730), Sec. 4.44, eff. September 1, 2009. Acts 2019, 86th Leg., R.S., Ch. 595 (S.B. 616), Sec. 5.042, eff. September 1, 2019.