Sec. 1101.453. ADDITIONAL RENEWAL REQUIREMENTS FOR BUSINESS ENTITIES. (a) To renew a license under this chapter, a business entity must: (1) designate one of its managing officers as its broker for purposes of this chapter; and (2) provide proof that the entity maintains errors and omissions insurance with a minimum annual limit of $1 million for each occurrence if the designated broker owns less than 10 percent of the business entity. (b) A business entity may not act as a broker unless the entity's designated broker is a licensed individual broker in active status and good standing according to the commission's records.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.