Title FI, Finance Code

Sec. 152.005. AUTHORITY TO REQUIRE DEMONSTRATION OF EXEMPTION. The commissioner may require a person claiming to be exempt from licensing under Section 152.004 to provide information and documentation to the commissioner demonstrating that the person qualifies for the exemption c…

Sec. 152.006. CENTRALIZED DIGITAL CURRENCY PROHIBITED. This chapter does not authorize the creation of any centralized bank digital currency or any other action that prohibits or limits the use of paper currency. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01,…

Sec. 152.051. ADMINISTRATION. The department shall administer this chapter. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.

Sec. 152.052. RULES; FEES. (a) The commission may adopt rules to administer and enforce this chapter, including rules necessary or appropriate to implement and clarify this chapter. (b) The commission may by rule impose and collect proportionate and equitable fees and costs for n…

Sec. 152.053. IMPLEMENTATION. The commissioner may, subject to Sections 152.055(a) and (b): (1) enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce …

Sec. 152.054. COMMISSIONER'S GENERAL AUTHORITY. (a) A power granted to the commissioner under this chapter is in addition to and does not limit another power granted under this chapter or other law. The commissioner's exercise of authority under another law does not preclude the …

Sec. 152.055. CONFIDENTIALITY. (a) Except as provided by Subsection (b), the following are confidential and not subject to disclosure under Chapter 552, Government Code: (1) all information or reports obtained by the commissioner from an applicant, money services licensee, or aut…

Sec. 152.056. INVESTIGATIONS. (a) The commissioner may conduct investigations in or outside this state and the United States as the commissioner considers necessary or appropriate to administer and enforce this chapter. (b) For purposes of an investigation, examination, or other …

Sec. 152.057. SUPERVISION. (a) The commissioner may conduct an examination or investigation of a money services licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably ne…

Sec. 152.058. NETWORKED SUPERVISION. (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner may participate in multistate supervisory processes established between states and coordinated through the Conference of…

Sec. 152.059. RELATIONSHIP TO FEDERAL LAW. (a) If state money transmission jurisdiction is conditioned in federal law, any inconsistency between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the ext…

Sec. 152.060. CONSENT TO SERVICE OF PROCESS. A money services licensee, an authorized delegate, or a person who knowingly engages in activities that are regulated and require a license under this chapter, with or without filing an application for a license or holding a license un…

Sec. 152.061. PRESUMPTION OF CONTROL. (a) A person is presumed to exercise a controlling influence over a money services licensee if the person holds the power to directly or indirectly vote not less than 10 percent of the outstanding voting shares or voting interests of a money …

Sec. 152.101. MONEY TRANSMISSION LICENSE REQUIRED. (a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as engaging in the business of money transmission unless the person is licensed under this chapter. (b) For the purposes …

Sec. 152.102. CURRENCY EXCHANGE LICENSE REQUIRED. (a) A person may not engage in the business of currency exchange or advertise, solicit, or hold itself out as providing currency exchange unless the person is licensed under this chapter. (b) For the purposes of this chapter, a pe…

Sec. 152.103. CONSISTENT STATE LICENSING. (a) The commissioner may require that a person submit through the NMLS in the form and manner prescribed by the commissioner and acceptable to the registry any information or document or payment of a fee required to be submitted under thi…

Sec. 152.104. APPLICATION FOR MONEY SERVICES LICENSE. (a) An applicant for a money services license shall apply in a form and medium prescribed by the commissioner. The application must contain: (1) the legal name and residential and business addresses of the applicant and any fi…

Sec. 152.105. INFORMATION REQUIREMENTS FOR CERTAIN INDIVIDUALS. (a) An individual who is in control of a money services licensee or applicant, who seeks to acquire control of a money services licensee, or who is a key individual of a money services licensee or applicant shall pro…

Sec. 152.106. ISSUANCE OF LICENSE. (a) An application for a license under this chapter that appears to include all the items and address all of the matters that are required under Sections 152.104 and 152.105 is considered complete and the commissioner shall promptly notify the a…

Sec. 152.107. MAINTENANCE OF LICENSE. (a) If a money services licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a money services license, the commissioner may suspend or revoke the licensee's license in accordance wit…

Sec. 152.108. SURRENDER OF LICENSE. (a) A money services licensee may surrender the licensee's license by delivering the original license to the commissioner along with a written notice of surrender that includes the location at which the licensee's records will be stored and the…

Sec. 152.109. REFUND OF FEE OR COST PAID BY MONEY SERVICES LICENSEE. A fee or cost paid by a money services licensee under this chapter is not refundable. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023. SUBCHAPTER D. ACQUISITION OF CONT…

Sec. 152.151. ACQUISITION OF CONTROL. (a) A person or group of persons acting in concert seeking to acquire control of a money services licensee must obtain written approval from the commissioner before acquiring control. An individual is not considered to acquire control of a mo…

Sec. 152.152. STREAMLINED ACQUISITION OF CONTROL. (a) The requirements of Section 152.151 do not apply to a person who has complied with and received approval to engage in money services under this chapter or was identified as a person in control in a previous application filed w…

Sec. 152.153. NOTICE AND INFORMATION REQUIREMENTS FOR CHANGE OF KEY INDIVIDUALS. (a) A money services licensee adding or replacing a key individual shall provide: (1) notice in a manner prescribed by the commissioner not later than the 15th day after the effective date of the key…

Sec. 152.201. MONEY TRANSMISSION REPORT. (a) Each money transmission licensee shall submit a report of condition not later than the 45th day after the end of the calendar quarter, or within an extended time as the commissioner may prescribe. (b) The report of condition must inclu…

Sec. 152.202. CURRENCY EXCHANGE REPORT. (a) A currency exchange licensee shall submit: (1) the annual report required by Section 152.107(d)(2), including a financial statement that may be audited or unaudited and that is dated as of the last day of the currency exchange licensee'…

Sec. 152.203. FINANCIAL STATEMENTS. (a) A money services licensee shall, not later than the 90th day after the end of each fiscal year, or within an extended time prescribed by the commissioner, file with the commissioner: (1) for a money transmission licensee, an audited unconso…

Sec. 152.204. AUTHORIZED DELEGATE REPORTING. (a) A money transmission licensee shall submit a report of authorized delegates not later than the 45th day after the end of each calendar quarter. The commissioner may use the NMLS for the submission of the report required by this sec…

Sec. 152.205. REPORTS OF CERTAIN EVENTS. (a) A money services licensee shall file a report with the commissioner not later than the first business day after the licensee has reason to know of: (1) the filing of a petition by or against the licensee under the United States Bankrup…

Sec. 152.206. BANK SECRECY ACT REPORTS. A money services licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as provided by the Bank Secrecy Act and other federal and sta…

Sec. 152.207. RECORDS. (a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least five years: (1) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;…

Sec. 152.251. LIABILITY OF MONEY TRANSMISSION LICENSEE. A money transmission licensee is liable for the payment of all money or monetary value received for transmission directly or by an authorized delegate appointed under this subchapter. Added by Acts 2023, 88th Leg., R.S., Ch.…

Sec. 152.252. RELATIONSHIP BETWEEN MONEY TRANSMISSION LICENSEE AND AUTHORIZED DELEGATE. (a) In this section, "remit" means to make a direct payment of money to a money transmission licensee or the licensee's representative authorized to receive money or to deposit money in a bank…

Sec. 152.253. DISCLOSURE REQUIREMENTS. (a) A money transmission licensee's name and mailing address or telephone number must be provided to the purchaser in connection with each money transmission transaction conducted by the licensee directly or through an authorized delegate. (…

Sec. 152.254. UNAUTHORIZED ACTIVITIES. A person may not engage in the business of money transmission on behalf of a person not licensed under this chapter or not exempt under Section 152.004. A person who engages in unauthorized activity provides money transmission to the same ex…

Sec. 152.301. TIMELY TRANSMISSION. (a) A money transmission licensee shall forward all money received for money transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to beli…

Sec. 152.302. REFUNDS. (a) This section does not apply to money received for money transmission that is: (1) subject to the federal requirements for remittance transfers under 12 C.F.R. Part 1005, Subpart B; or (2) under a written agreement between a money transmission licensee a…

Sec. 152.303. RECEIPTS. (a) This section does not apply to: (1) money received for money transmission subject to the federal requirements for remittance transfers under 12 C.F.R. Part 1005, Subpart B; (2) money received for money transmission that is not primarily for personal, f…

Sec. 152.304. DISCLOSURES FOR PAYROLL PROCESSING SERVICES. (a) A money transmission licensee that provides payroll processing services shall: (1) issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) …

Sec. 152.305. PROHIBITION ON IMPOSITION OF FINE OR PENALTY FOR TERMS OF SERVICE VIOLATION. (a) A money transmission licensee may not include in the licensee's terms of service agreement a provision allowing or providing for a monetary fine or penalty for violating any provision o…

Sec. 152.351. NET WORTH OF MONEY TRANSMISSION LICENSEE. (a) A money transmission licensee under this chapter shall maintain at all times a tangible net worth in an amount not less than: (1) for a licensee with total assets in an amount not greater than $100 million, the greater o…

Sec. 152.352. SECURITY FOR MONEY TRANSMISSION LICENSEE. (a) A money transmission licensee shall at all times maintain security consisting of a surety bond in a form satisfactory to the commissioner. With the commissioner's approval, a money transmission licensee may maintain a de…

Sec. 152.353. SECURITY FOR CURRENCY EXCHANGE LICENSEE. (a) A currency exchange licensee shall at all times maintain security in the amount applicable to the licensee under this section consisting of a surety bond in a form satisfactory to the commissioner. The security must satis…

Sec. 152.354. ADDITIONAL SECURITY REQUIREMENTS. (a) In addition to the requirements of Section 152.352 or 152.353, a security under this subchapter must: (1) be in a form satisfactory to the commissioner; (2) be payable to any claimant or to the commissioner, on behalf of a claim…

Sec. 152.355. MAINTENANCE OF PERMISSIBLE INVESTMENTS BY MONEY TRANSMISSION LICENSEE. (a) A money transmission licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles o…