(a) A money transmission license holder must maintain at all times permissible investments that have an aggregate market value computed in accordance with generally accepted accounting principles in an amount not less than: (1) if the license holder has a net worth of less than $5 million, the aggregate face amount of the license holder's average outstanding money transmission obligations in the United States, computed in the manner prescribed by commission rule; or. 10, eff. CHAPTER 31. (10) any other factor the commissioner considers relevant. (b) A license holder shall surrender the license holder's license if the license holder becomes ineligible for a license under Section 151.202(c). (7) must cease to provide money services as an authorized delegate of a license holder or take other required action immediately on receipt of notice from the commissioner or the license holder as provided by Section 151.402(e). (5) include a notice that a person may file a written request for a hearing on the order with the commissioner not later than the 20th day after the date the order is delivered or mailed. TITLE 4. (c) A license holder may engage in the currency exchange business at one or more locations in this state owned, directly or indirectly by the license holder, under a single license. Acts 2019, 86th Leg., R.S., Ch. DEFINITIONS. (b) A violation corrected after a person receives written notice from the department of the violation may be considered for purposes of determining whether a person has engaged in a pattern of violations under Subsection (a)(3) or demonstrated wilful disregard under Subsection (a)(4). Acts 2015, 84th Leg., R.S., Ch. 11, eff. (a) After notice and hearing, the commissioner may assess an administrative penalty against a person that: (1) has violated this chapter or a rule adopted or order issued under this chapter and has failed to correct the violation not later than the 30th day after the date the department sends written notice of the violation to the person; (2) if the person is a license holder, has engaged in conduct specified in Section 151.703; (3) has engaged in a pattern of violations; or. 151.202. 4, eff. June 19, 2015. 988 (H.B. Acts 2017, 85th Leg., R.S., Ch. (b) A license holder's authorized delegate shall hold in trust all money received for transmission by or for the license holder from the time of receipt until the time the money is remitted by the authorized delegate to the license holder. Refreshed: 2021-03-02 An action brought by a prosecuting attorney under Subsection (a)(4) must be brought in a district court in the county in which all or part of the violation is alleged to have occurred. On completion of the review and investigation, if any, the commissioner may: (1) impose conditions on the license the commissioner considers reasonably necessary or appropriate; or. 428 (S.B. Sec. PLS Check Cashers of Texas, Inc. engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. 2134), Sec. 2134), Sec. 151.709. Added by Acts 2005, 79th Leg., Ch. 75 (S.B. 75 (S.B. The deposit: (1) must be held in trust in the name of and be pledged to the commissioner; (2) must secure the same obligations as the security; and. (a) A license holder shall hold in trust all money received for transmission directly or from an authorized delegate from the time of receipt until the time the transmission obligation is discharged. title 2. financial regulatory agencies chapter 11. finance commission of texas chapter 12. texas department of banking chapter 13. savings and loan department chapter 14. consumer credit commissioner chapter 15. credit union commission and department. September 1, 2013. q{�W9���OTRo�\{�IoH��fKp&1�$~�q��\���7��� � j��9���?��:Y���K7�^[�W^Q�Q4����Q�e,��&H����Bs��?Mn΍xE Q�-�=��Sp�ssj�Kߝ:^��D��r�H�2��,4T���Ί��!4��:ˁGpF����F�Lw�р���;�6��8}~޽6 (b) For purposes of this chapter, a person engages in the business of money transmission if the person receives compensation or expects to receive compensation, directly or indirectly, for conducting money transmission. (f) An order imposing an administrative penalty after notice and hearing becomes effective and is final for purposes of collection and appeal immediately on issuance. 75 (S.B. Sec. (1) conduct an examination annually or at other times as the commissioner may reasonably require; (2) conduct an on-site examination or an off-site review of records; (3) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government; (4) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the commissioner; and. 31.002. ); (5) a person acting as an agent for an entity excluded under Subdivision (3) or (4), to the extent of the person's actions in that capacity, provided that: (A) the entity is liable for satisfying the money services obligation owed to the purchaser on the person's receipt of the purchaser's money; and. Sec. Sept. 1, 1997. EXCLUSIONS. Financial Regulatory Agencies. CEASE AND DESIST ORDERS FOR LICENSE HOLDERS OR AUTHORIZED DELEGATES. (3) is subject to other conditions and terms the commissioner may reasonably require. Title 2. (c) An action for injunctive relief brought by the commissioner, the attorney general, or the district attorney of Travis County under Subsection (a), or brought by the commissioner under Subsection (b), must be brought in a district court in Travis County. (a) An applicant for a currency exchange license must provide and a currency exchange license holder must maintain at all times security in the amount applicable to the applicant or license holder under this section. TEMPORARY LICENSE. Read Texas laws in a format that is more accessible for screen readers. The term does not include an electronic record that is: (A) loaded with points, miles, or other nonmonetary value; (B) not sold to the public but distributed as a reward or charitable donation; or. Sec. 151.707. Acts 2019, 86th Leg., R.S., Ch. SUBCHAPTER A. Sec. 2458), Sec. September 1, 2013. Search by Keyword or Citation; Search by Keyword or Citation . (3) "Money" or "monetary value" means currency or a claim that can be converted into currency through a financial institution, electronic payments network, or other formal or informal payment system. (b) The commissioner may increase the amount of net worth required of an applicant or license holder, up to a maximum of $1 million, if the commissioner determines, with respect to the applicant or license holder, that a higher net worth is necessary to achieve the purposes of this chapter based on: (1) the nature and volume of the projected or established business; (2) the number of locations at or through which money transmission is or will be conducted; (3) the amount, nature, quality, and liquidity of its assets; (4) the amount and nature of its liabilities; (5) the history of its operations and prospects for earning and retaining income; (8) the nature and quality of its principals and persons in control; (9) the history of its compliance with applicable state and federal law; and. September 1, 2013. 7, eff. (d) In determining the amount of the penalty, the commissioner shall consider factors that include the seriousness of the violation, the person's compliance history, and the person's good faith in attempting to comply with this chapter, provided that if the person is found to have demonstrated wilful disregard under Subsection (a)(4), the trier of fact may recommend that the commissioner impose the maximum administrative penalty permitted under Subsection (c). GENERAL PROVISIONS . <> (d) The commissioner may waive an application requirement or permit the submission of substituted information in lieu of the information generally required in an application, either with respect to a specific applicant or a category of applicants, if the commissioner determines that the waiver or substitution of information is consistent with achievement of the purposes of this chapter. (20) "Responsible individual" means an individual who has direct control over or significant management policy and decision-making authority with respect to a license holder's ongoing, daily money services operations in this state. (5) "Commissioner" means the Banking Commissioner of Texas or a person designated by the banking commissioner and acting under the banking commissioner's direction and authority. This chapter may be cited as the Limited Sales, Excise, and Use Tax Act. (A) with respect to a payment instrument or stored value, a payment instrument or stored value that has been issued and sold in the United States directly by the license holder, or sold by an authorized delegate of the license holder in the United States and reported to the license holder, that has not yet been paid by or for the license holder; or. (a) Subject to Subsections (b) and (c), to qualify for a license under this chapter, an applicant must demonstrate to the satisfaction of the commissioner that: (1) the financial responsibility and condition, financial and business experience, competence, character, and general fitness of the applicant justify the confidence of the public and warrant the belief that the applicant will conduct business in compliance with this chapter and the rules adopted under this chapter and other applicable state and federal law; (2) the issuance of the license is in the public interest; (3) the applicant, a principal of the applicant, or a person in control of the applicant does not owe the department a delinquent fee, assessment, administrative penalty, or other amount imposed under this chapter or a rule adopted or order issued under this chapter; (4) the applicant, if a partnership, and any partner that would generally be liable for the obligations of the partnership, does not owe a delinquent federal tax; (A) is in good standing and statutory compliance in the state or country of incorporation; (B) is authorized to engage in business in this state; and. 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