1. (a) A talent agency that receives any payment of monies on behalf of an artist shall, within five banking days, deposit that amount in an account maintained by the talent agency in a federally insured financial institution. This subsection does not prohibit the practice of "check swapping" as that term is commonly used in the talent agency industry.
2. (b) Unless a written contract to the contrary exists, all monies received on behalf of an artist must be disbursed to that artist no later than ten banking days after receipt by the talent agency.

Source Note:The provisions of this "e78.72 adopted to be effective March 1, 1994, 19 TexReg 1102.