Source: https://www.dob.texas.gov/laws-regulations/new-7-tac-3352
Timestamp: 2019-06-17 21:16:19
Document Index: 524086828

Matched Legal Cases: ['§33', '§33', '§33', '§151', '§151', '§151', '§33', '§151', '§33', '§151', '§151', '§151']

New 7 TAC §33.52 | Texas Department of Banking
New 7 TAC §33.52
The Finance Commission of Texas (the commission), on behalf of the Texas Department of Banking (the department), proposes new §33.52, concerning how to provide information to customers about authorized delegates. The new rule is proposed to implement Texas Finance Code §151.403(a)(6), which requires the authorized delegate of a money transmission license holder to display a notice indicating that the person is an authorized delegate.
Texas Finance Code §151.403 circumscribes the conduct to which an authorized delegate of a money transmission license holder must conform. Under §151.403(a)(6), an authorized delegate "must prominently display on the form prescribed by the commissioner a notice that indicates that the person is an authorized delegate of the license holder." The department has generally allowed authorized delegates to include this notice as part of the consumer complaint notice required by 7 TAC §33.51, without mandating a specific form. This approach has proved successful. In order to satisfy the requirement of Finance Code §151.403(a)(6) that the commissioner prescribe a form for this notice, and to clarify for regulated entities that the delegate notice may be provided with the complaint notice, new §33.52 is proposed.
Stephanie Newberg, Deputy Commissioner, Texas Department of Banking, has determined that for the first five-year period the proposed rule is in effect, there will be no fiscal implications for state government or for local government as a result of enforcing or administering the rule.
Ms. Newberg also has determined that, for each year of the first five years the rule as proposed is in effect, the public benefit anticipated as a result of enforcing the rule is greater clarity for how regulated entities can comply with the requirements of Finance Code Chapter 151.
For each year of the first five years that the rule will be in effect, there will be no economic costs to persons required to comply with the rule as proposed. The authorized delegates subject to the rule are already required to provide the notice, and the rule adds no new requirements.
To be considered, comments on the proposed new rule must be submitted no later than 5:00 p.m. on April 6, 2015. Comments should be addressed to General Counsel, Texas Department of Banking, Legal Division, 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294. Comments may also be submitted by email to legal@dob.texas.gov.
The new rule is proposed under Finance Code, §151.102, which authorizes the commission to adopt rules to administer and enforce Chapter 151, and under Finance Code §151.403(a)(6) which requires the commissioner to specify the form of the required notice.
Finance Code, §151.403 is affected by the proposed new section.