reglab/housing_qa huggingface dataset:
TX Fin Code § 151.306 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter D. Money Transmission License|Section 151.306. Temporary License

Sec. 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 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 Section 151.307;(3)  provides security that meets the requirements of Section 151.308 in an amount specified by the commissioner, but not less than $300,000;(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 license may not exceed 90 days from the date the license is issued, provided that the commissioner may extend the period for not more than an additional 90 days if necessary to complete the processing of a timely filed application for which approval is likely.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 988 (H.B. 2134), Sec. 10, eff. September 1, 2013.|
TX Fin Code § 151.307 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter D. Money Transmission License|Section 151.307. Net Worth

Sec. 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 computed in accordance with generally accepted accounting principles of:(1)  $100,000, if business is proposed to be or is conducted, directly or through an authorized delegate, at four or fewer locations; or(2)  $500,000, if business is proposed to be or is conducted, directly or through an authorized delegate, at five or more locations or over the Internet.(b)  The commissioner may increase the amount of net worth required of an applicant or license holder, up to a maximum of $1 million, if the commissioner determines, with respect to the applicant or license holder, that a higher net worth is necessary to achieve the purposes of this chapter based on:(1)  the nature and volume of the projected or established business;(2)  the number of locations at or through which money transmission is or will be conducted;(3)  the amount, nature, quality, and liquidity of its assets;(4)  the amount and nature of its liabilities;(5)  the history of its operations and prospects for earning and retaining income;(6)  the quality of its operations;(7)  the quality of its management;(8)  the nature and quality of its principals and persons in control;(9)  the history of its compliance with applicable state and federal law; and(10)  any other factor the commissioner considers relevant.(c)  At least 50 percent of the applicant's or license holder's total net worth under this section must be tangible net worth.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.Amended by: Acts 2017, 85th Leg., R.S., Ch. 428 (S.B. 1403), Sec. 7, eff. September 1, 2017.|
TX Fin Code § 151.401 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter E. Conduct of Money Transmission Business|Section 151.401. Liability of License Holder

Sec. 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 appointed in accordance with Section 151.402.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 988 (H.B. 2134), Sec. 12, eff. September 1, 2013.|
TX Fin Code § 151.403 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter E. Conduct of Money Transmission Business|Section 151.403. Authorized Delegate Conduct

Sec. 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 license holder and in strict compliance with the license holder's written policies and procedures;(2)  must not commit fraud or misrepresentation or make any fraudulent or false statement or misrepresentation to a license holder or the commissioner;(3)  must cooperate with an investigation or examination conducted by the commissioner and is considered to have consented to the commissioner's examination of the delegate's books and records;(4)  must not commit an unsafe or unsound act or practice or conduct business in an unsafe and unsound manner;(5)  must, on discovery, immediately report to the license holder the theft or loss of payment instruments or stored value;(6)  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 under this subchapter; and(7)  must cease to provide money services as an authorized delegate of a license holder or take other required action immediately on receipt of notice from the commissioner or the license holder as provided by Section 151.402(e).(b)  An authorized delegate shall remit all money owed to the license holder:(1)  not later than the 10th business day after the date the authorized delegate receives the money;(2)  in accordance with the contract between the license holder and the authorized delegate; or(3)  as directed by the commissioner.(c)  Notwithstanding Subsection (b)(1), an authorized delegate may remit the money at a later date if the authorized delegate maintains on deposit with an office of a federally insured financial institution located in the United States an amount that:(1)  is in an account solely in the name of the license holder; and(2)  for each day by which the period before the remittance exceeds 10 business days, is not less than the outstanding obligations of the license holder routinely incurred by the authorized delegate on a daily basis.(d)  Any business for which a license is required under this subchapter that is conducted by an authorized delegate outside the scope of authority conferred in the contract between the authorized delegate and the license holder is unlicensed activity.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.404 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter E. Conduct of Money Transmission Business|Section 151.404. Trust Imposed

Sec. 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 the time the transmission obligation is discharged.  A trust resulting from the license holder's actions is in favor of the persons to whom the related money transmission obligations are owed.(b)  A license holder's authorized delegate shall hold in trust all money received for transmission by or for the license holder from the time of receipt until the time the money is remitted by the authorized delegate to the license holder.  A trust resulting from the authorized delegate's actions is in favor of the license holder.(c)  A license holder's authorized delegate may not commingle the money received for transmission by or for the license holder with the authorized delegate's own money or other property, except to use in the ordinary course of the delegate's business for the purpose of making change, if the money is accounted for at the end of each business day.(d)  If a license holder or the license holder's authorized delegate commingles any money received for transmission with money or other property owned or controlled by the license holder or delegate, all commingled money and other property are impressed with a trust as provided by this section in an amount equal to the amount of money received for transmission, less the amount of fees paid for the transmission.(e)  If the commissioner revokes a license holder's license under Section 151.703, all money held in trust by the license holder and the license holder's authorized delegates is assigned to the commissioner for the benefit of the persons to whom the related money transmission obligations are owed.(f)  Money of a license holder or authorized delegate impressed with a trust under this section may not be considered an asset or property of the license holder or authorized delegate in the event of bankruptcy, receivership, or a claim against the license holder or authorized delegate unrelated to the license holder's or delegate's obligations under this chapter.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.405 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter E. Conduct of Money Transmission Business|Section 151.405. Disclosure Requirements

Sec. 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 by the license holder directly or through an authorized delegate.(b)  A license holder receiving currency or an instrument payable in currency for transmission must comply with Chapter 278.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.501 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.501. Definitions

Sec. 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 this subchapter:(1)  "Currency" means the coin and paper money of the United States or any country that is designated as legal tender and circulates and is customarily used and accepted as a medium of exchange in the country of issuance.(2)  "Currency exchange" means:(A)  receiving the currency of one government and exchanging it for the currency of another government; or(B)  receiving a negotiable instrument and exchanging it for the currency of another government.(3)  "Negotiable instrument" has the meaning assigned by Section 3.104, Business & Commerce Code.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 988 (H.B. 2134), Sec. 14, eff. September 1, 2013.|
TX Fin Code § 151.502 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.502. License Required

Sec. 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 person:(1)  is licensed under this subchapter;(2)  is licensed for money transmission under Subchapter D;(3)  is an authorized delegate of a person licensed for money transmission under Subchapter D;(4)  is excluded under Section 151.003; or(5)  has been granted an exemption under Subsection (d).(b)  For purposes of this chapter, a person engages in the business of currency exchange if the person exchanges currency and receives compensation or expects to receive compensation, directly or indirectly, for the currency exchange.(c)  A license holder may engage in the currency exchange business at one or more locations in this state owned, directly or indirectly by the license holder, under a single license.(d)  On application and a finding that the exemption is in the public interest, the commissioner may exempt a retailer, wholesaler, or service provider that in the ordinary course of business accepts currency of a foreign country or government as payment for goods or services, provided that a person is not eligible for the exemption if:(1)  the value of the goods or services purchased in a single transaction exceeds $10,000;(2)  the change given or made as a result of the transaction exceeds $100;(3)  an attempt is made to structure a transaction in a manner that evades the licensing requirements of this subchapter or avoids using a business licensed under this chapter;(4)  the person is engaged in the business of cashing checks, drafts, or other payment instruments for consideration and is not otherwise exempt from licensing under this chapter; or(5)  the person would not be eligible for a license under this chapter.(e)  In accordance with the investigation provisions of this chapter, the commissioner may examine a person to verify the person's exempt status under Subsection (d).|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. 1000 (H.B. 483), Sec. 8, eff. June 19, 2015.Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 7, eff. May 24, 2019.|
TX Fin Code § 151.503 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.503. Qualifications

Sec. 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. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.504 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.504. Application and Accompanying Fee and Security

Sec. 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 currency exchange license is submitted, an applicant must file with the department:(1)  an application fee in the amount established by commission rule; and(2)  security in the amount required under Section 151.506.|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. 3, eff. September 1, 2015.|
TX Fin Code § 151.505 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.505. Investigation and Action on Application

Sec. 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. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.506 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter F. Currency Exchange License|Section 151.506. Security

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.|
TX Fin Code § 151.601 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter G. Examinations, Reports, and Records|Section 151.601. Examinations

Sec. 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 chapter and rules adopted and orders issued under this chapter and other applicable law, including the Bank Secrecy Act, the USA PATRIOT ACT, and Chapter 271.(b)  The commissioner may:(1)  conduct an examination annually or at other times as the commissioner may reasonably require;(2)  conduct an on-site examination or an off-site review of records;(3)  conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;(4)  accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the commissioner; and(5)  summon and examine under oath a principal, responsible individual, or employee of a license holder or authorized delegate of a license holder and require the person to produce records regarding any matter related to the condition and business of the license holder or authorized delegate.(c)  A license holder or authorized delegate of a license holder shall provide, and the commissioner shall have full and complete access to, all records the commissioner may reasonably require to conduct a complete examination.  The records must be provided at the location and in the format specified by the commissioner.(d)  Unless otherwise directed by the commissioner, a license holder shall pay all costs reasonably incurred in connection with an examination of the license holder or the license holder's authorized delegate.(e)  Disclosure of information to the commissioner under an examination request does not waive or otherwise affect or diminish confidentiality or a privilege to which the information is otherwise subject.  Information disclosed to the commissioner in connection with an examination is confidential under Section 151.606.|Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.|
TX Fin Code § 151.602 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 151 - Regulation of Money Services Businesses|Subchapter G. Examinations, Reports, and Records|Section 151.602. Records

Sec. 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 may be prescribed by rule of the commission:(1)  a record of each money transmission transaction or currency exchange transaction, as applicable;(2)  a general ledger posted in accordance with generally accepted accounting principles containing all asset, liability, capital, income, and expense accounts, unless directed otherwise by the commissioner;(3)  bank statements and bank reconciliation records;(4)  all records and reports required by applicable state and federal law, including the reporting and recordkeeping requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT, and Chapter 271, and other federal and state laws pertaining to money laundering, drug trafficking, or terrorist funding; and(5)  any other records required by commission rule or reasonably requested by the commissioner to determine compliance with this chapter.(b)  The records required under this section may be:(1)  maintained in a photographic, electronic, or other similar form; and(2)  maintained at the license holder's principal place of business or another location as may be reasonably requested by the commissioner.(c)  An authorized delegate must prepare, maintain, and preserve the records required by commission rule or reasonably requested by the commissioner.(d)  The records required under this section are subject to inspection by the commissioner under Section 151.601.(e)  The records required under this section and the reports required under Section 151.603 must be in English and the financial information contained in the records and reports must be denominated in United States dollars.|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. 1000 (H.B. 483), Sec. 9, eff. June 19, 2015.Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 8, eff. May 24, 2019.|