Texas Finance Code 393.405 – Claim Against Surety Bond or Account
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(a) A person making a claim against a surety bond or account of a credit services organization for a violation of this chapter may file suit against:
(1) the organization; and
(2) the surety or trustee.
(b) A surety or trustee is liable only for actual damages, reasonable attorney’s fees, and court costs awarded under § 393.503(a).
Terms Used In Texas Finance Code 393.405
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
(c) The aggregate liability of a surety or trustee for an organization’s violation of this chapter may not exceed the amount of the surety bond or account.