A registrant who elects pursuant to the Business Opportunity Act, Article 16.14, to establish an irrevocable letter of credit shall establish and maintain an irrevocable letter of credit in the amount of no less than $25,000 in the favor of the State of Texas with a processor (as defined by the Banking Code of 1943, Article 342-102) authorized to transact business in the State of Texas.

Source Note:The provisions of this §97.41 adopted to be effective September 7, 1988, 13 TexReg 4233.