1. (a) A talent agency that receives any payment of monies from a client on behalf of an artist shall, within seven calendar 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) All monies received from a client that are owed to an artist must be disbursed to that artist no later than twenty-one calendar days after receipt by the talent agency, including a written statement of the specific nature and amount charged to the artist.
3. (c) Within 48 hours of an artist's request, a talent agency shall disclose to the artist, in writing, the terms of all agreements between the talent agency and a client that relate to the artist's employment with the client, including the nature and amount of all monies received from the client.

Source Note:The provisions of this §78.72 adopted to be effective March 1, 1994, 19 TexReg 1102; amended to be effective December 1, 2006, 31 TexReg 9605.