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Texas Finance Code - Chapter 151 Regulation Of Money Services BusinessesLegal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Chapter 151 Regulation Of Money Services Businesses This chapter may be cited as the Money Services Act. Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, 2005. ... (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 ... The following persons are not required to be licensed under this chapter: (1) the United States or an instrumentality of the United States, including the ... The department shall administer this chapter. Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, 2005. ... (a) The commission may adopt rules to administer and enforce this chapter, including rules necessary or appropriate to: (1) implement and clarify this chapter; (2) ... (a) Each power granted to the commissioner under this chapter is in addition to, and not in limitation of, each other power granted under this ... (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 ... (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner may cooperate, coordinate, and share information with another ... A license holder, an authorized delegate, or a person who knowingly engages in activities that are regulated and require a license under this chapter, with ... This subchapter sets out the general qualifications and provisions that apply to a money services license, regardless of whether the license is a money transmission ... (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 ... (a) An application for a license under this chapter must be made under oath and in the form and medium required by the commissioner. The ... (a) An application for a license under this chapter shall be processed and acted on according to the time periods established by commission rule. (b) ... (a) The commissioner shall issue a license if the commissioner, with respect to the license for which application has been made, finds that: (1) the ... A license issued under this chapter may not be transferred or assigned. Added by Acts 2005, 79th Leg., ch. 1099, § 1, eff. Sept. 1, ... (a) Regardless of the date on which a license under this chapter is issued, the license expires on August 15 of each year unless the ... (a) A license holder may surrender the license holder's license by delivering the original license to the commissioner along with a written notice of surrender ... A fee or cost paid under this chapter in connection with an application or renewal is not refundable. Added by Acts 2005, 79th Leg., ch. ... (a) This section defines terms that apply to an applicant for or holder of a money transmission license issued under this subchapter. (b) In this ... (a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as a person that engages in ... In addition to the general qualifications for licensure set forth in Section 151.202, an applicant for a money transmission license must demonstrate to the satisfaction ... (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 ... The commissioner shall investigate the applicant and act on the application in accordance with Sections 151.204 and 151.205. Added by Acts 2005, 79th Leg., ch. ... (a) The commissioner may issue a temporary license to a person that is engaging in money transmission, but has not obtained a license under this ... (a) An applicant for a money transmission license must possess, and a money transmission license holder must maintain at all times, a minimum net worth ... (a) An applicant for a money transmission license must provide, and a money transmission license holder must maintain at all times, security consisting of a ... (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 ... A money transmission license holder is liable for the payment of all money or monetary value received for transmission either directly or through an authorized ... (a) A money transmission license holder may conduct business regulated under this chapter through an authorized delegate appointed by the license holder in accordance with ... (a) An authorized delegate of a license holder: (1) is under a duty to and must act only as authorized under the contract with the ... (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 ... (a) A license holder's name and mailing address or telephone number must be provided to the purchaser in connection with each money transmission transaction conducted ... (a) This section defines terms that apply specifically to an applicant for or holder of a currency exchange license issued under this subchapter. (b) In ... (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 ... An applicant for a currency exchange license must have the qualifications set forth in Section 151.202. Added by Acts 2005, 79th Leg., ch. 1099, § ... (a) An applicant for a currency exchange license must submit an application in accordance with Section 151.203. (b) At the time an application for a ... The commissioner shall investigate the applicant and act on the application in accordance with Sections 151.204 and 151.205. Added by Acts 2005, 79th Leg., ch. ... An applicant for a currency exchange license must provide and a currency exchange license holder must maintain at all times security in the amount of ... (a) The commissioner may examine a license holder or authorized delegate of a license holder as reasonably necessary or appropriate to administer and enforce this ... (a) A license holder must prepare, maintain, and preserve the following books, accounts, and other records for at least five years or another period as ... (a) An applicant or license holder shall file a written report with the commissioner not later than the 15th day after the date the applicant ... (a) A license holder shall file a written report with the commissioner not later than the 15th day after the date the license holder knows ... (a) This section applies to a proposed change of control of a license holder that results in a person or group of persons acting in ... (a) Except as otherwise provided by Subsection (b) or by rule of the commission, all financial information and all other personal information obtained by the ... (a) Whenever it appears that a person has violated, or that reasonable cause exists to believe that a person is likely to violate, this chapter ... If the commissioner has reason to believe that an unlicensed person has engaged or is likely to engage in an activity for which a license ... (a) The commissioner must revoke a license if the commissioner finds that: (1) the net worth of the license holder is less than the amount ... (a) The commissioner may suspend or revoke the designation of an authorized delegate if the commissioner has reason to believe that: (1) the authorized delegate ... (a) The commissioner may issue an order to cease and desist if the commissioner finds that: (1) an action, violation, or condition listed in Section ... (a) The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a ... (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 ... (a) A person commits an offense if the person: (1) intentionally makes a false statement, misrepresentation, or certification in a record or application filed with ... (a) This section applies to an order issued by the commissioner under this subchapter that is not an emergency order. (b) An order to which ... (a) This section applies to an emergency order issued by the commissioner under this subchapter. (b) The commissioner may issue an emergency order, without prior ... (a) All administrative proceedings under this chapter must be conducted in accordance with Chapter 2001, Government Code, and Title 7, Chapter 9, Texas Administrative Code. ... Texas Lawyers
Last modified: August 10, 2007 |