162.006 – CONSTRUCTION ACCOUNT REQUIRED IN CERTAIN
Texas Property Code § 162.006
Summary
This law requires contractors working on residential homesteads for over $5,000 to deposit trust funds into a designated construction account. It ensures that funds are properly managed and available for the intended construction purposes, protecting both the property owner and the contractor.
Applies to contracts over $5,000 for residential homesteads.
Funds must be deposited in a designated construction account.
Account statements must label the account as a 'construction account.'
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In simple terms: Learn about Texas's CONSTRUCTION ACCOUNT REQUIRED IN CERTAIN law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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