SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 151.001 - Short Title
This chapter may be cited as the Money Services Act. Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1,
- Texas Section 151.002 - Definitions
(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...
- Texas Section 151.003 - Exclusions
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...
SUBCHAPTER B ADMINISTRATIVE PROVISIONS
- Texas Section 151.003 - Exclusions
Subject to Subchapter J, the following persons are not required to be licensed under this chapter: (1) the United States or an instrumentality of the...
- Texas Section 151.101 - Administration
The department shall administer this chapter. Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.
- Texas Section 151.102 - Rules
(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)...
- Texas Section 151.103 - Commissioner's General Authority
(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...
- Texas Section 151.104 - Investigations
(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...
- Texas Section 151.105 - Regulatory Cooperation
(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...
SUBCHAPTER C GENERAL QUALIFICATIONS AND PROVISIONS
- Texas Section 151.106 - Consent To Service Of Process
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...
- Texas Section 151.201 - Scope
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...
- Texas Section 151.202 - Qualifications For License
(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...
- Texas Section 151.203 - Application For License
(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...
- Texas Section 151.2031 - Use Of Nationwide Mortgage Licensing System And Registry
(a) In this section, "Nationwide Mortgage Licensing System and Registry" or "nationwide registry" means a licensing system developed and maintained by the Conference of State...
- Texas Section 151.204 - Processing And Investigation Of Application
(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)...
- Texas Section 151.205 - Issuance Of License
(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...
- Texas Section 151.206 - Transfer Or Assignment Of License
A license issued under this chapter may not be transferred or assigned. Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff....
- Texas Section 151.207 - Continuation Of License; Annual Report And Fee
(a) If a license holder does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money...
- Texas Section 151.208 - Surrender Of License
(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...
SUBCHAPTER D MONEY TRANSMISSION LICENSE
- Texas Section 151.209 - Refunds
A fee or cost paid under this chapter is not refundable. Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September...
- Texas Section 151.301 - Definitions
(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...
- Texas Section 151.302 - License Required
Sec. 151.302. LICENSE REQUIRED. Text of subsection as amended by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 7 (a) A person may...
- Texas Section 151.303 - Additional Qualifications
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...
- Texas Section 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...
- Texas Section 151.305 - Investigation And Action On Application
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....
- Texas Section 151.306 - Temporary License
(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...
- Texas Section 151.307 - Net Worth
(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...
- Texas Section 151.308 - Security
(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...
SUBCHAPTER E CONDUCT OF MONEY TRANSMISSION BUSINESS
- Texas Section 151.309 - Permissible Investments
(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...
- Texas Section 151.401 - Liability Of License Holder
A money transmission license holder is liable for the payment of all money or monetary value received for transmission directly or by an authorized delegate...
- Texas Section 151.402 - Conduct Of Business Through Authorized Delegate
(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...
- Texas Section 151.403 - Authorized Delegate Conduct
(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...
- Texas Section 151.404 - Trust Imposed
(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...
SUBCHAPTER F CURRENCY EXCHANGE LICENSE
- Texas Section 151.405 - Disclosure Requirements
(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...
- Texas Section 151.501 - Definitions
(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...
- Texas Section 151.502 - License Required
(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...
- Texas Section 151.503 - Qualifications
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 (H.B....
- Texas Section 151.504 - Application And Accompanying Fee And Security
(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...
- Texas Section 151.505 - Investigation And Action On Application
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....
SUBCHAPTER G EXAMINATIONS, REPORTS, AND RECORDS
- Texas Section 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...
- Texas Section 151.601 - Examinations
(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...
- Texas Section 151.602 - Records
(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...
- Texas Section 151.603 - Reports
(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...
- Texas Section 151.604 - Extraordinary Reporting Requirements
(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...
- Texas Section 151.605 - Change Of Control
(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...
SUBCHAPTER H ENFORCEMENT
- Texas Section 151.606 - Confidentiality
(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...
- Texas Section 151.701 - Injunctive Relief
(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...
- Texas Section 151.702 - Unlicensed Persons
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...
- Texas Section 151.703 - Suspension And Revocation Of 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...
- Texas Section 151.704 - Suspension And Revocation Of Authorized Delegate Designation
(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...
- Texas Section 151.705 - Cease And Desist Orders
(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...
- Texas Section 151.706 - Consent Orders
(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...
- Texas Section 151.707 - Administrative Penalty
(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...
- Texas Section 151.708 - Criminal Penalty
(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...
- Texas Section 151.709 - Notice, Hearing, And Other Procedures For Nonemergency Orders
(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...
SUBCHAPTER I ADMINISTRATIVE PROCEDURES AND JUDICIAL REVIEW
- Texas Section 151.710 - Requirements And Notice And Hearing Procedures For Emergency Orders
(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...
SUBCHAPTER J DEPOSITORY AGENT LICENSE
- Texas Section 151.801 - Administrative Procedures
(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 Section 151.851 - Definitions
In this subchapter, "bullion," "deposit," "depository," "depository account," "depository account holder," "depository agent," "precious metal," and "specie" have the meanings assigned by Section 2116.001, Government...
- Texas Section 151.852 - Applicability To Depository Agent Services
(a) Notwithstanding any other provision of this chapter, a money service that constitutes both a depository agent service and a money transmission service, or both...
- Texas Section 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...
- Texas Section 151.854 - Additional Qualifications
In addition to the general qualifications for licensure set forth in Section 151.202, an applicant for a depository agent license must demonstrate to the satisfaction...
- Texas Section 151.855 - Application And Accompanying Fee, Statements, And Security
(a) An applicant for a depository agent license must submit an application in accordance with Section 151.203. (b) At the time an application for a...
- Texas Section 151.856 - Investigation And Action On Application
The commissioner shall investigate the applicant and act on the application in accordance with Sections 151.204 and 151.205. Added by Acts 2015, 84th Leg., R.S.,...
- Texas Section 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...
- Texas Section 151.858 - Liability Of License Holder
A depository agent license holder is liable for the delivery to or for the account of the depository or each depositor, as applicable, of all...
- Texas Section 151.859 - Trust Imposed
(a) A depository agent license holder shall hold in trust all cash, bullion, specie, and other assets received in the ordinary course of its business...
- Texas Section 151.860 - Disclosure Requirements
(a) A depository agent license holder's name and mailing address or telephone number must be provided to the purchaser in connection with each depository agent...