Texas Finance Code - Section 151.304. Application And Accompanying Fee, Statements, And Security
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Texas Lawyer > Finance Code > Texas Finance Code - Section 151.304. Application And Accompanying Fee, Statements, And Security
§ 151.304. APPLICATION AND ACCOMPANYING FEE, STATEMENTS,
AND SECURITY. (a) An applicant for a money transmission license
must submit an application in accordance with Section 151.203.
(b) At the time an application for a money transmission
license is submitted, an applicant must file with the department:
(1) an application fee in the amount established by
commission rule;
(2) audited financial statements that are
satisfactory to the commissioner for purposes of determining
whether the applicant has the minimum net worth required under
Section 151.307 and is likely to maintain the required minimum net
worth if a license is issued; and
(3) security in the amount of $300,000, that meets the
requirements of Section 151.308, and an undertaking or agreement
that the applicant will increase or supplement the security to
equal the aggregate security required by the commissioner under
that section before the issuance of the license and the start of
operations.
Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, 2005.
Section: 151.206 151.207 151.208 151.209 151.301 151.302 151.303 151.304 151.305 151.306 151.307 151.308 151.309 151.401 151.402
Last modified: August 10, 2007
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