SECTION 105.206. Release of Security

(a) Upon the cessation of telephone solicitation business activities, a registrant may request in writing the release of the registrant's security.

(b) Except as provided by subsection (c) of this section, the secretary of state shall release a registrant's security no later than the 90th day after the release request is received in the Statutory Documents Section of the Office of the Secretary of State.

(c) A registrant's security may not be released where the secretary of state has received by mail actual notice that an action has been filed to recover against the security, unless:

(1) a court order directs the security to be released to the registrant by the secretary of state;

(2) documents are filed with the Office of the Secretary of State indicating that a settlement has been approved by a court directing that the security be released to the registrant; or

(3) the registrant files in the Office of the Secretary of State a court order indicating that the action against the registrant has been dismissed.

Source Note: The provisions of this §105.206 adopted to be effective October 16, 1995, 20 TexReg 7973; amended to be effective January 1, 2010, 34 TexReg 9177