CONSTRUCTION OF SUBCHAPTER.
Tex. INS Code § 3503.052.
in effect(a) This subchapter shall be construed to encourage prompt payment of just claims made under construction payment bonds of surety companies. This subchapter does not foreclose any other remedy available to a claimant by law or contract.
(b) This subchapter may not be construed to:
(1) create a private cause of action;
(2) be a precondition to judicially enforcing an obligation under a construction payment bond;
(3) diminish any other obligation of a surety company that exists by law; or
(4) prohibit a surety company from asserting a defense against a construction payment bond claim in a proceeding to enforce a claim.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 3, eff. April 1, 2007.