Texas Finance Code - Section 151.002. Definitions
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§ 151.002. DEFINITIONS. (a) This section defines general
terms that apply to an applicant for or holder of a money services
license issued under this chapter, regardless of whether the
license is a money transmission license or a currency exchange
license. Additional terms that apply specifically to money
transmission are defined in Section 151.301. Additional terms that
apply specifically to currency exchange are defined in Section
151.501.
(b) In this chapter:
(1) "Applicant" means a person that files an
application for a license under this chapter.
(2) "Authorized delegate" means a person a license
holder appoints under Section 151.402 to conduct money transmission
on behalf of the license holder.
(3) "Bank Secrecy Act" means the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), and its implementing regulations set
forth at 31 C.F.R. Part 103.
(4) "Commission" means the Finance Commission of
Texas.
(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.
(6) "Control" means ownership of, or the power to
directly or indirectly vote, 25 percent or more of the outstanding
voting interests of a license holder or applicant, and includes an
individual whose ownership is through one or more legal entities.
(7) "Currency exchange" has the meaning assigned by
Section 151.501.
(8) "Currency exchange license" means a license issued
under Subchapter F.
(9) "Department" means the Texas Department of
Banking.
(10) "Executive officer" means a president, a
presiding officer of the executive committee, a treasurer or chief
financial officer, or any other individual who performs similar
functions.
(11) "License holder" means a person that holds a
money transmission license or a currency exchange license.
(12) "Location" means a place at which activity
regulated by this chapter occurs.
(13) "Material litigation" means any litigation that,
according to generally accepted accounting principles, is
considered significant to an applicant's or license holder's
financial health and would be required to be referenced in that
entity's audited financial statements, report to shareholders, or
similar documents.
(14) "Money services" means money transmission or
currency exchange.
(15) "Money transmission" has the meaning assigned by
Section 151.301.
(16) "Money transmission license" means a license
issued under Subchapter D.
(17) "Person" means an individual or legal entity.
(18) "Principal" means:
(A) with respect to a sole proprietorship, an
owner; or
(B) with respect to a legal entity other than a
sole proprietorship, an executive officer, director, general
partner, trustee, or manager, as applicable.
(19) "Record" means information that is:
(A) inscribed on a tangible medium; or
(B) stored in an electronic or other medium and
retrievable in perceivable form.
(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.
(21) "USA PATRIOT ACT" means the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001
(Pub. L. No. 107-56, 115 Stat. 272).
Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, 2005.
Section: 126.455 126.456 126.457 126.458 149.001 149.002 151.001 151.002 151.003 151.101 151.102 151.103 151.104 151.105 151.106
Last modified: August 10, 2007
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