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Re: WHY CHAT - Question For You


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Posted by DJReverb (12.239.191.159) on January 22, 2003 at 19:06:33:

In Reply to: Re: WHY CHAT - Question For You posted by Why Chat on January 22, 2003 at 19:00:22:

Ok I just reviewed section 392 of the finance code.
§ 392.101. Bond Requirement
(a) A third-party debt collector or credit bureau may not engage in debt collection unless the third-party debt collector or credit bureau has obtained a surety bond issued by a surety company authorized to do business in this state as prescribed by this section. A copy of the bond must be filed with the secretary of state.
(b) The bond must be in favor of:
(1) any person who is damaged by a violation of this chapter; and
(2) this state for the benefit of any person who is damaged by a violation of this chapter.
(c) The bond must be in the amount of $10,000.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.

I can't find where it says that this applies only to instate collectors... It states it is required to collect. Maybe I am missing something. Any other thoughts?




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