{"data":{"id":"us-tx/tex.-government-code-609.712","jurisdiction":"us-tx","citation":"Tex. Government Code § 609.712","heading":"EVALUATION AND APPROVAL OF QUALIFIED VENDOR.","body":"(a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.\n(b) A plan administrator may not approve a vendor's application if the vendor is:\n(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;\n(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or\n(3) an insurance company that:\n(A) is not a member of the Texas Life and Health Insurance Guaranty Association; or\n(B) is an impaired or insolvent insurer under Chapter 463, Insurance Code.\n(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.\nAdded by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.\nAmended by:\nActs 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 13, eff. September 1, 2011.","path":["GOVERNMENT CODE","TITLE 6. PUBLIC OFFICERS AND EMPLOYEES","SUBTITLE A. PROVISIONS GENERALLY APPLICABLE TO PUBLIC OFFICERS AND EMPLOYEES","CHAPTER 609. DEFERRED COMPENSATION PLANS","SUBCHAPTER D. DEFERRED COMPENSATION PLANS FOR EMPLOYEES OF INSTITUTIONS OF HIGHER EDUCATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.609.htm#609.712","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"88dccc1e57c7c05453b6c4c53def2c89515bab762d47f7423ba1673f873e21e2","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-609.711","next":"us-tx/tex.-government-code-609.713"},"notice":"GroundRules: Original legal text. Not legal advice."}