Sec. 151.506. SECURITY. (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. The security must satisfy the requirements of and is subject to Sections 151.308(c)-(j).
(b) An applicant must provide and a license holder must maintain security in the amount of $2,500 if the applicant will conduct or the license holder conducts business with persons located in this state exclusively at one or more physical locations through in-person, contemporaneous transactions.
(c) Except as provided by Subsection (d), if Subsection (b) does not apply to:
(1) the applicant, the applicant must provide security in the amount that is the greater of:
(A) $2,500; or
(B) an amount equal to one percent of the applicant's projected total dollar volume of currency exchange business in this state for the first year of licensure; or
(2) the license holder, the license holder must maintain security in the amount that is the greater of:
(A) $2,500; or
(B) an amount equal to one percent of the license holder's total dollar volume of currency exchange business in this state for the preceding year.
(d) The maximum amount of security that may be required under Subsection (c) is $1 million.
Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 75 (S.B. 899), Sec. 4, eff. September 1, 2015.
Last modified: September 28, 2016