Tex.
Transp. Code Section 646.003
Bond Required
(a)
A person may not act as a motor transportation broker unless the person provides a bond to the department.(b)
The bond must be in an amount of at least $10,000 and must be:(1)
executed by a bonding company authorized to do business in this state;(2)
payable to this state or a person to whom the motor transportation broker provides services; and(3)
conditioned on the performance of the contract for transportation services between the broker and the person for whom services are provided.(c)
The department may charge the broker a bond review fee in an amount not to exceed the cost of reviewing the bond. The department shall deposit a fee collected under this subsection to the credit of the Texas Department of Motor Vehicles fund.(d)
The department may adopt rules regarding the method of payment of a fee under this chapter. The rules may:(1)
authorize the use of electronic funds transfer or a credit card issued by a financial institution chartered by a state or the United States or by a nationally recognized credit organization approved by the department; and(2)
require the payment of a discount or service charge for a credit card payment in addition to the fee.
Source:
Section 646.003 — Bond Required, https://statutes.capitol.texas.gov/Docs/TN/htm/TN.646.htm#646.003 (accessed Jun. 5, 2024).
