Texas Finance Code 154.405 – Criminal Penalty for Agent’s Failure to Deposit Certain Money
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(a) A designated agent of a seller commits an offense if the agent fails to deposit money collected under a prepaid funeral benefits contract before the 31st day after the date it is received by the agent.
(b) It is an exception to the application of this section that the failure to make a deposit is inadvertent and is corrected before the 11th day after the date the seller discovers the failure.
Terms Used In Texas Finance Code 154.405
- Contract: A legal written agreement that becomes binding when signed.
(c) An offense under this section is punishable as if it were an offense under § 32.45, Penal Code.