Section 162.006 - Construction Account Required in Certain Circumstances(a) A contractor who enters into a written contract with a property owner to construct improvements to a residential homestead for an amount exceeding $5,000 shall deposit the trust funds in a construction account in a financial institution.(b) The periodic statement received from the financial institution must refer to the account as a "construction account" to satisfy the requirements of this section.Tex. Prop. Code § 162.006
Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff. 9/1/1997.