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TexasHB 383389th Legislature Regular SessionHouse

Relating to the regulation of money services businesses.

Sponsored By: Nathan Johnson (Democratic), Stan Lambert

Signed by Governor

Business & Commerce--GeneralFinancial--BanksFinancial--GeneralOccupational Regulation--Other Trades & ProfessionsCURRENCY & CURRENCY EXCHANGEBANKING COMMISSIONER OF TEXAS

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 1 benefits, 3 costs, 1 mixed.

Simpler licensing steps for currency exchanges

Beginning September 1, 2025, currency exchange licensing rules no longer list Finance Code Section 152.355 as a required condition. Applicants must still show they meet or will meet Sections 152.353 and 152.354, and licensees must keep meeting them. Applicants can document initial tangible net worth using their most recent audited or unaudited financial statements. The required net-worth amount does not change.

Currency exchanges face financial safeguard rules

Beginning September 1, 2025, Texas currency exchanges must maintain security at all times in the amount required by law. Security must be a commissioner-acceptable surety bond, or approved cash, certificates of deposit, or cash equivalents held in trust. Standby letters of credit no longer qualify. Exchanges must also file annual audited or unaudited financial statements following U.S. generally accepted accounting principles. Statements must be dated as of the fiscal year-end that fell in the preceding calendar year.

Money services must reapply after lapses

Beginning September 1, 2025, expired or surrendered Texas money services licenses require a new application before licensed activities resume. This applies to the former holder, its key individuals, and people controlling the holder. Applicants must meet the licensing requirements in effect when they file.

Tighter checks on money services leaders

Beginning September 1, 2025, money services controllers, prospective controllers, and key individuals face stronger background checks. They must submit fingerprints unless they currently live abroad and have lived outside the United States for the preceding 10 years. Required disclosures include personal history, criminal matters, regulatory actions, and specified fraud-related lawsuits; people with Social Security numbers need independent credit reports. The commissioner can suspend or revoke licenses or delegate status when a key individual's fitness makes continued service against the public interest. Specified sanctions listings or money-laundering and terrorist-funding convictions also support action against delegates. Key individuals are covered by cease-and-desist requirements and must acknowledge emergency orders in writing when applicable.

Money transmitters gain limited stablecoin option

Beginning September 1, 2025, money transmitters can count stablecoins among assets backing customer transfers. The amount cannot exceed outstanding transfer obligations received in the same kind of stablecoin. Licensees must hold the stablecoins themselves or use a third-party custodian meeting the commissioner's qualifications. Demand and savings deposits counted as backing assets must be held at federally insured financial institutions.

Sponsors & Cosponsors

Sponsors

  • Nathan Johnson

    Democratic • Senate

  • Stan Lambert

    House

Cosponsors

  • Suleman Lalani

    House

Roll Call Votes

All Roll Calls

Yes: 342 • No: 2

Senate vote • 5/25/2025

Record vote

Yes: 31 • No: 0

Senate vote • 5/25/2025

Record vote

Yes: 31 • No: 0

House vote • 5/16/2025

Record vote

Yes: 130 • No: 2

House vote • 5/15/2025

Record vote

Yes: 130 • No: 0

House vote • Unknown

Committee vote: Pensions, Investments & Financial Services

Yes: 9 • No: 0

Senate vote • Unknown

Committee vote: Business & Commerce

Yes: 11 • No: 0

Actions Timeline

  1. Effective on 9/1/25

    6/20/2025House

  2. Signed by the Governor

    6/20/2025House

  3. Sent to the Governor

    5/28/2025House

  4. Signed in the Senate

    5/27/2025Senate

  5. Signed in the House

    5/27/2025House

  6. Reported enrolled

    5/26/2025House

  7. Senate passage reported

    5/26/2025House

  8. Record vote

    5/25/2025Senate

  9. Passed

    5/25/2025Senate

  10. Read 3rd time

    5/25/2025Senate

  11. Record vote

    5/25/2025Senate

  12. Three day rule suspended

    5/25/2025Senate

  13. Vote recorded in Journal

    5/25/2025Senate

  14. Read 2nd time & passed to 3rd reading

    5/25/2025Senate

  15. Rules suspended-Regular order of business

    5/25/2025Senate

  16. Placed on intent calendar

    5/25/2025Senate

  17. Committee report printed and distributed

    5/22/2025Senate

  18. Recommended for local & uncontested calendar

    5/22/2025Senate

  19. Reported favorably w/o amendments

    5/22/2025Senate

  20. Vote taken in committee

    5/22/2025Senate

  21. Considered in public hearing

    5/22/2025Senate

  22. Left pending in committee

    5/20/2025Senate

  23. Considered in public hearing

    5/20/2025Senate

  24. Scheduled for public hearing on . . .

    5/20/2025Senate

  25. Posting rule suspended

    5/19/2025Senate

Bill Text

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