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    thaiboy's Avatar
    thaiboy Posts: 3, Reputation: 1
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    #1

    Jun 29, 2010, 06:57 AM
    Clarification on Texas Finance Code
    According to Texas Finance Code Sec. 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.

    Dose this also applies to CA that is out of the State of Texas or since they are out of state the Finance Code don’t apply to them? Thanks
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jun 29, 2010, 07:05 AM

    I find it to be clear - third-party debt collectors must obtain a surety bond, which bond must be filed with the Secretary of State.

    I see no exceptions for out-of-state collectors.

    Technically the law reads "(a) a third-party debt collector or credit bureau [IN THE STATE OF TEXAS] may not... " Obviously the sections do not repeat the "in the State of Texas" language.
    thaiboy's Avatar
    thaiboy Posts: 3, Reputation: 1
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    #3

    Jun 29, 2010, 07:11 AM

    That what I was thinking too but want to make sure. It's allway good to have another option. Thanks
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Jun 29, 2010, 07:18 AM

    You can always call to verify what my research appears to show but it looks pretty clear cut to me.

    It is an interesting law, one I wish they had in NY (where I am).
    thaiboy's Avatar
    thaiboy Posts: 3, Reputation: 1
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    #5

    Jun 29, 2010, 07:27 AM

    Great, now when an out of state CA try to sues me I can tell them show me the BOND! LOL
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #6

    Jun 29, 2010, 07:30 AM

    - and let me know how THAT works out! My smile of the morning!
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