Sec. 151.853. LICENSE REQUIRED. (a) A person may not engage in the business of rendering depository agent services or advertise, solicit, or hold itself out as a person that engages in the business of depository agent services unless the person:
(1) is licensed under this subchapter and has received the requisite certifications from the comptroller of its facilities, systems, processes, and procedures as required by Chapter 2116, Government Code, or rules adopted under that chapter; or
(2) is excluded from licensing requirements under Section 151.003.
(b) Notwithstanding any other provision of this chapter, a person described by Section 151.003(1), (6), (7), (8), or (9) is not eligible for a license under this subchapter and may not engage in depository agent activities.
(c) For purposes of this chapter:
(1) a person engages in the business of depository agent services if the person renders a depository agent service, regardless of whether:
(A) compensation is sought or received for the service, directly or indirectly; and
(B) the service is incidental to any other business in which the person is primarily engaged; and
(2) a person solicits, advertises, or holds the person out as a person that engages in the business of depository agent services if the person represents that the person will conduct depository agent services.
(d) Notwithstanding Subsection (c), a person does not engage in the business of depository agent services by engaging in a transaction for the person's own depository account or for the account of another person acting as a fiduciary that would constitute depository agent services if conducted for another person.
(e) A depository agent license holder may engage in depository agent services business at one or more locations in this state owned directly or indirectly by the license holder under a single license.
Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 12, eff. June 19, 2015.
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