Sec. 151.857. TEMPORARY LICENSE. (a) The commissioner may issue a temporary depository agent license to a person that is engaging in depository agent services, but has not obtained a license under this subchapter, if the person:
(1) certifies in writing that the person qualifies for the license and will submit a completed license application not later than the 60th day after the date the temporary license is issued;
(2) submits a recent financial statement acceptable to the commissioner that reflects the minimum net worth required under applicable regulations;
(3) provides security that meets the requirements specified by the commissioner, but not less than $500,000;
(4) agrees in writing that, until a permanent license is issued, the person will engage only in activities being conducted at existing locations; and
(5) pays the application fee and a nonrefundable temporary license fee in the amount established by commission rule.
(b) The effective period for a temporary depository agent license may not exceed 90 days after the date the license is issued. The commissioner may extend the effective period for not more than 30 days if necessary to complete the processing of a timely filed application for which approval is likely.
Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 12, eff. June 19, 2015.
Section: Previous 151.706 151.707 151.708 151.709 151.710 151.801 151.851 151.852 151.853 151.854 151.855 151.856 151.857 151.858 151.859 NextLast modified: September 28, 2016