S.B. No. 995 amends the Transportation Code to streamline the approval process for surety bonds related to contracts that allow oversize or overweight vehicles to cross roads or highways. The bill specifies that the surety bond must be executed with a corporate surety authorized to operate in Texas and must be approved by the Texas Department of Transportation, replacing the previous requirement for approval by the comptroller and the attorney general. This change aims to simplify the process and ensure that the bond is conditioned on the fulfillment of the contract obligations.

Additionally, the bill requires individuals to contract with the Texas Department of Transportation to indemnify it for maintenance and repair costs resulting from damage caused by the vehicle crossing the highway. The surety bond must also be approved by the Texas Department of Transportation and is intended to cover the costs associated with maintenance and repairs. The provisions of this Act will apply only to surety bonds approved on or after its effective date, which can be immediate if it receives a two-thirds vote from both houses or will take effect on September 1, 2025, if not.

Statutes affected:
Introduced: Transportation Code 623.051, Transportation Code 623.052 (Transportation Code 623)
Senate Committee Report: Transportation Code 623.051, Transportation Code 623.052 (Transportation Code 623)
Engrossed: Transportation Code 623.051, Transportation Code 623.052 (Transportation Code 623)
House Committee Report: Transportation Code 623.051, Transportation Code 623.052 (Transportation Code 623)
Enrolled: Transportation Code 623.051, Transportation Code 623.052 (Transportation Code 623)