reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.253. Liquidating Agent Subject to Commission Control

Sec. 126.253.  LIQUIDATING AGENT SUBJECT TO COMMISSION CONTROL.  The liquidating agent shall perform the duties required by the following sections subject to commission rules and under the commissioner's supervision:
(1)  Sections 126.254-126.258;  and
(2)  Sections 126.301, 126.302, 126.304, 126.305, and 126.306.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.254. Possession, Consolidation, and Disposition of Assets

Sec. 126.254.  POSSESSION, CONSOLIDATION, AND DISPOSITION OF ASSETS.  The liquidating agent shall:
(1)  receive and take possession of the books, records, assets, and property of the credit union;
(2)  sell, enforce collection of, and liquidate assets and property;  and
(3)  sell or assign assets to the liquidating agent subject to Section 126.353.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.36, eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.255. Compound Debts

Sec. 126.255.  COMPOUND DEBTS.  The liquidating agent shall compound all bad or doubtful debts.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.256. Court Action by Liquidating Agent

Sec. 126.256.  COURT ACTION BY LIQUIDATING AGENT.  The liquidating agent shall:
(1)  sue in the name of the liquidating agent or may sue in the name of the credit union;  and
(2)  defend an action brought against the liquidating agent or the credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.257. Repudiation of Burdensome Transactions

Sec. 126.257.  REPUDIATION OF BURDENSOME TRANSACTIONS.  The liquidating agent shall repudiate a contract or unexpired lease the liquidating agent considers burdensome to the credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.258. Execution of Documents; Other Necessary Acts

Sec. 126.258.  EXECUTION OF DOCUMENTS;  OTHER NECESSARY ACTS.  The liquidating agent may execute any document and perform any other action that:
(1)  the liquidating agent considers necessary or desirable to discharge the liquidating agent's duties;  and
(2)  may be necessary under this subchapter and Subchapter G.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.259. Jurisdiction and Venue

Sec. 126.259.  JURISDICTION AND VENUE.  (a)  A suit against a credit union or its liquidating agent while a liquidation order is in effect must be brought in Travis County.
(b)  The liquidating agent may file suit in Travis County to preserve, protect, or recover the credit union's assets or property.
(c)  An asset or property of the credit union includes a claim or cause of action that belongs to or that may be asserted by the credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter F. Administration of Liquidation › Section 126.260. Exhaustion of Administrative Remedies

Sec. 126.260.  EXHAUSTION OF ADMINISTRATIVE REMEDIES.  Except as provided by Subchapter E, administrative remedies must be exhausted before a court may:
(1)  assert jurisdiction over a claim against the liquidating agent or the credit union;  or
(2)  restrain or otherwise affect the exercise of the powers or functions of the liquidating agent.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.301. Claims Against Credit Union

Sec. 126.301.  CLAIMS AGAINST CREDIT UNION.  The liquidating agent shall:
(1)  determine the existence and amount of claims;
(2)  allow proved claims of security, preference, or priority;
(3)  settle or release a claim in favor of or against the credit union;
(4)  disallow unproved claims of security, preference, or priority;  and
(5)  make distributions to and pay creditors and members of the credit union as their interests appear.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.302. Notice to Creditors and Members

Sec. 126.302.  NOTICE TO CREDITORS AND MEMBERS.  (a)  The liquidating agent shall give notice to creditors and members to present and prove their claims.
(b)  The notice must be published once a week for three successive weeks in a newspaper of general circulation in each county in which the credit union maintained an office or branch to transact business on the date the credit union ceased unrestricted operations.
(c)  When the aggregate book value of the assets and property of the credit union being liquidated is less than $10,000, the commissioner shall declare the credit union to be a "no publication" liquidation, and publication of notice to creditors and members under this section is not required.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.303. Priority of Claims

Sec. 126.303.  PRIORITY OF CLAIMS.  The liquidating agent shall use the credit union's assets to pay, in the following order:
(1)  secured creditors to the extent of the value of their collateral;
(2)  liquidation expenses, including a surety bond if required;
(3)  depositors;
(4)  general creditors, including secured creditors to the extent that their claims exceed the value of their collateral;  and
(5)  distributions to members in proportion to the shares held by each member.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.304. Liquidation Dividends

Sec. 126.304.  LIQUIDATION DIVIDENDS.  (a)  The liquidating agent from time to time shall make a ratable liquidation dividend on claims that have been:
(1)  proved to the satisfaction of the board or the liquidating agent;  or
(2)  adjusted by a court.
(b)  After the credit union's assets have been liquidated, the liquidating agent shall make further liquidation dividends on claims previously proved or adjusted.
(c)  For purposes of making a further liquidation dividend under Subsection (b), the liquidating agent may accept the statement of an amount due a claimant as shown on the credit union's books and records instead of a formal proof of claim filed on the claimant's behalf.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.305. Payment of Claims in "No Publication" Liquidation

Sec. 126.305.  PAYMENT OF CLAIMS IN "NO PUBLICATION" LIQUIDATION.  (a)  In a "no publication" liquidation, the liquidating agent shall determine from all sources available, and within the limits of the credit union's available money, the amounts due to creditors and members.
(b)  Not earlier than the 61st day after the date on which the liquidating agent is appointed, the liquidating agent shall distribute the credit union's money to creditors and members ratably and as their interests appear.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter G. Claims Relating to Credit Union in Liquidation › Section 126.306. Barred Claims

Sec. 126.306.  BARRED CLAIMS.  (a)  A claim not filed before the liquidating agent pays the final liquidation dividend is barred.
(b)  A claim rejected by the liquidating agent is barred unless suit to appeal the liquidating agent's rejection is filed within three months after the date of notice of rejection.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter H. Liquidating Agent › Section 126.351. Removal of Liquidating Agent

Sec. 126.351.  REMOVAL OF LIQUIDATING AGENT.  (a)  On finding that the liquidating agent has failed to properly perform the liquidating agent's duties in a timely and efficient manner or has violated this subtitle  or a rule adopted under this subtitle, the commissioner by removal order may take possession and control of the books, records, property, assets, and business of the credit union.
(b)  The removal order must:
(1)  remove the liquidating agent and appoint a successor liquidating agent to complete the liquidation and the winding up of the credit union's affairs subject to the commissioner's supervision and control;  and
(2)  be served on the liquidating agent being removed.
(c)  The removal order takes effect immediately on service.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter H. Liquidating Agent › Section 126.352. Replacement of Liquidating Agent

Sec. 126.352.  REPLACEMENT OF LIQUIDATING AGENT.  The commissioner shall appoint another liquidating agent on a liquidating agent's resignation, death, illness, removal, desertion, or incapacity to function.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter H. Liquidating Agent › Section 126.353. Conflict of Interest

Sec. 126.353.  CONFLICT OF INTEREST.  (a)  The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner's prior written approval.
(b)  A liquidating agent may not obtain from the liquidation compensation or profit for:
(1)  direct or indirect personal benefit;
(2)  the benefit of a family member of or a person associated with the liquidating agent;  or
(3)  the benefit of a business enterprise with which the liquidating agent is associated, other than the credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter H. Liquidating Agent › Section 126.354. Compensation

Sec. 126.354.  COMPENSATION.  (a)  A liquidating agent is entitled to receive reasonable compensation during the liquidation.
(b)  The compensation is considered an incidental expense of the liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter I. Completion of Liquidation › Section 126.401. Certificate of Liquidation and Distribution

Sec. 126.401.  CERTIFICATE OF LIQUIDATION AND DISTRIBUTION.  The commissioner shall prescribe the form of a certificate to be completed by the liquidating agent attesting that distribution has been made and liquidation is complete.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter I. Completion of Liquidation › Section 126.402. Cancellation of Certificate of Incorporation

Sec. 126.402.  CANCELLATION OF CERTIFICATE OF INCORPORATION.  The commissioner, on receipt and approval of the certificate executed under Section 126.401, shall cancel the credit union's certificate of incorporation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter I. Completion of Liquidation › Section 126.403. Winding Up of Credit Union Business

Sec. 126.403.  WINDING UP OF CREDIT UNION BUSINESS.  During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner, may act on the credit union's behalf to:
(1)  pay, satisfy, or discharge an existing liability or obligation;
(2)  collect and distribute assets;  and
(3)  act as required to adjust and wind up the credit union's business and affairs, including suing or being sued in the credit union's corporate name.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.451. Board Resolution

Sec. 126.451.  BOARD RESOLUTION.  Unless the commissioner has issued a liquidation order, the board may adopt a resolution recommending voluntary dissolution of the credit union and directing submission of the question of liquidation to the members of the credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.452. Notification to Commissioner of Proposed Liquidation

Sec. 126.452.  NOTIFICATION TO COMMISSIONER OF PROPOSED LIQUIDATION.  Not later than the fifth day after the date on which the board's resolution recommending voluntary dissolution is adopted, the board's presiding officer shall notify the commissioner in writing of the reasons for the proposed liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.453. Notice of Meeting to Liquidate

Sec. 126.453.  NOTICE OF MEETING TO LIQUIDATE.  Notice of the special meeting to consider voluntary liquidation shall be mailed by first-class mail to each member of the credit union and the commissioner not later than the 10th day before the date of the meeting.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.454. Credit Union Operations Before and After Vote

Sec. 126.454.  CREDIT UNION OPERATIONS BEFORE AND AFTER VOTE.  Immediately after notice under Section 126.453 is mailed, the commissioner may restrict control or give direction with respect to the continued business of the credit union pending consideration of voluntary liquidation by the members.  During that period, no member shall withdraw an aggregate amount in excess of the share insurance covered by the credit union.  No new extensions of credit shall be funded during the period between the board of directors' adoption of the resolution recommending voluntary liquidation and the membership meeting called to consider voluntary liquidation, except for the issuance of loans fully secured by a pledge of shares and the funding of outstanding loan commitments approved before adoption of the resolution.  If the vote to dissolve and liquidate the credit union is affirmative, the credit union may conduct only business incidental to liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 52, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.455. Vote on Voluntary Liquidation

Sec. 126.455.  VOTE ON VOLUNTARY LIQUIDATION.  At a special meeting called to consider the proposed liquidation, a majority of the credit union members voting, but not less than a quorum, may vote to dissolve and liquidate the credit union.  Those members casting votes by mail or at the meeting constitute a quorum for the transaction of business at the special meeting, notwithstanding a bylaw provision to the contrary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 53, eff. Sept. 1, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244), Sec. 24, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.456. Notice to Commissioner of Affirmative Vote to Liquidate

Sec. 126.456.  NOTICE TO COMMISSIONER OF AFFIRMATIVE VOTE TO LIQUIDATE.  (a)  The board's presiding officer or president and the secretary shall notify the commissioner of the intention to liquidate not later than the fifth day after the affirmative vote to dissolve and liquidate.
(b)  The person notifying the commissioner must include a list of the names and addresses of the credit union's officers and directors with the notice.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.457. Appointment of Liquidating Agent

Sec. 126.457.  APPOINTMENT OF LIQUIDATING AGENT.  (a)  If the members approve the liquidation, the board shall appoint a liquidating agent to:
(1)  conserve and collect the credit union's assets;
(2)  wind up the credit union's affairs;
(3)  discharge the credit union's debts;
(4)  distribute the credit union's assets;  and
(5)  take any other action necessary and incidental to liquidating the credit union.
(b)  The National Credit Union Administration or other insuring organization has the right of first refusal to be appointed as liquidating agent of any credit union that it insures.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 533, Sec. 54, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 126 - Credit Union Supervision and Regulation › Subchapter J. Voluntary Liquidation › Section 126.458. Application of Law to Credit Union in Voluntary Liquidation

Sec. 126.458.  APPLICATION OF LAW TO CREDIT UNION IN VOLUNTARY LIQUIDATION.  A credit union in the process of voluntary dissolution and liquidation remains subject to this subtitle and Chapter 15, including provisions for examination by the commissioner, and the credit union shall furnish reports as required by the commissioner.
Added by Acts 2003, 78th Leg., ch. 533, Sec. 55, eff. Sept. 1, 2003.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 149 - Miscellaneous Provisions Relating to Credit Unions › Section 149.001. Applicability of Chapters 3 and 4, Business & Commerce Code

Sec. 149.001.  APPLICABILITY OF CHAPTERS 3 AND 4, BUSINESS & COMMERCE CODE.  (a)  Chapters 3 and 4, Business & Commerce Code, determine the rights, responsibilities, and liabilities of a person regarding an item drawn on, transferred to, or presented, remitted, collected, settled, negotiated, or otherwise handled by a credit union as if the credit union were a bank, unless otherwise provided by written agreement of the parties.
(b)  In this section:
(1)  "Credit union" means a credit union authorized to do business in this state under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.).
(2)  "Item":
(A)  means an instrument, whether or not negotiable, for the payment of money;  and
(B)  does not include money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle D - Credit Unions › Chapter 149 - Miscellaneous Provisions Relating to Credit Unions › Section 149.002. Exemption From Securities Laws

Sec. 149.002.  EXEMPTION FROM SECURITIES LAWS.  (a)  Except as required by this subtitle, a credit union authorized to do business under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.) and an officer, employee, or agent of the credit union engaged in selling, issuing, or offering a security issued by a state or federal credit union are exempt from a law of this state to the extent the law provides for supervision, registration, or regulation in connection with selling, issuing, or offering a security.
(b)  The sale, issuance, or offering of a security issued by a state or federal credit union is legal without any action or approval by any official, other than the credit union commissioner, who is authorized to license, regulate, or supervise the sale, issuance, or offering of securities.
(c)  In this section, "security" has the meaning assigned by Section 4001.068, Government Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.14, eff. January 1, 2022.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter A. General Provisions › Section 152.001. Short Title

Sec. 152.001.  SHORT TITLE.  This chapter may be cited as the Money Services Modernization Act.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter A. General Provisions › Section 152.002. Purpose; Construction of Chapter

Sec. 152.002.  PURPOSE; CONSTRUCTION OF CHAPTER.  (a)  The purposes of this chapter are to:
(1)  protect the interests of purchasers of money services and the public;
(2)  preserve and protect the safety and soundness of money services businesses; and
(3)  protect against drug trafficking, terrorist funding, money laundering, structuring, or related financial crimes.
(b)  In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact laws substantially similar to this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter A. General Provisions › Section 152.005. Authority to Require Demonstration of Exemption

Sec. 152.005.  AUTHORITY TO REQUIRE DEMONSTRATION OF EXEMPTION.  The commissioner may require a person claiming to be exempt from licensing under Section 152.004 to provide information and documentation to the commissioner demonstrating that the person qualifies for the exemption claimed.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter A. General Provisions › Section 152.006. Centralized Digital Currency Prohibited

Sec. 152.006.  CENTRALIZED DIGITAL CURRENCY PROHIBITED.  This chapter does not authorize the creation of any centralized bank digital currency or any other action that prohibits or limits the use of paper currency.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.051. Administration

Sec. 152.051.  ADMINISTRATION.  The department shall administer this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.052. Rules; Fees

Sec. 152.052.  RULES; FEES.  (a)  The commission may adopt rules to administer and enforce this chapter, including rules necessary or appropriate to implement and clarify this chapter.
(b)  The commission may by rule impose and collect proportionate and equitable fees and costs for notices, applications, examinations, investigations, and other actions required to:
(1)  recover the cost of:
(A)  maintaining and operating the department; and
(B)  administering and enforcing this chapter and other applicable law; and
(2)  achieve the purposes of this chapter.
(c)  The presence or absence of a specific reference in this chapter to a rule regarding a particular subject is not intended to and does not limit the general rulemaking authority granted to the commission by this section.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.053. Implementation

Sec. 152.053.  IMPLEMENTATION.  The commissioner may, subject to Sections 152.055(a) and (b):
(1)  enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures and sharing resources, records, or related information obtained under this chapter;
(2)  use, hire, contract for, or employ analytical systems, methods, or software to examine or investigate a person subject to this chapter;
(3)  accept from other state or federal government agencies or officials licensing, examination, or investigation reports made by the other state or federal government agencies or officials; and
(4)  accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or money services licensee and incorporate the audit report in a report of examination or investigation.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.054. Commissioner's General Authority

Sec. 152.054.  COMMISSIONER'S GENERAL AUTHORITY.  (a)  A power granted to the commissioner under this chapter is in addition to and does not limit another power granted under this chapter or other law.  The commissioner's exercise of authority under another law does not preclude the commissioner from exercising a power under this chapter.
(b)  The commissioner may impose on an authority, approval, exemption, license, or order issued or granted under this chapter any condition the commissioner considers reasonably necessary or appropriate to carry out and achieve the purposes of this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.055. Confidentiality

Sec. 152.055.  CONFIDENTIALITY.  (a)  Except as provided by Subsection (b), the following are confidential and not subject to disclosure under Chapter 552, Government Code:
(1)  all information or reports obtained by the commissioner from an applicant, money services licensee, or authorized delegate;
(2)  all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of the commissioner; and
(3)  financial statements, balance sheets, or authorized delegate information.
(b)  The commissioner may disclose information not otherwise subject to disclosure under Subsection (a):
(1)  to representatives of state or federal agencies who affirm in a record that the representatives will maintain the confidentiality of the information; or
(2)  when the commissioner finds that the disclosure is reasonably necessary for the protection and interest of the public in accordance with Chapter 552, Government Code.
(c)  This section does not prohibit the commissioner from disclosing to the public a list of all money services licensees or the aggregated financial or transactional data concerning those licensees.
(d)  The following information for each money services licensee contained in the records of the department is not confidential and may be made available to the public in its entirety on the department's Internet website or in the NMLS, or as responsive on receipt by the department of a written request:
(1)  the name, business address, telephone number, and unique identifier of the licensee;
(2)  the business address of the licensee's registered agent for service;
(3)  the name, business address, and telephone number of each authorized delegate for the licensee, if applicable;
(4)  the terms of or a copy of any bond filed by the licensee, provided that confidential information under Subsection (a), including prices and fees for the bond, is redacted;
(5)  copies of any nonconfidential final orders of the department relating to a violation of this chapter or a regulation implementing this chapter; and
(6)  notice of the imposition of an administrative fine or penalty under this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.056. Investigations

Sec. 152.056.  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 enforce this chapter.
(b)  For purposes of an investigation, examination, or other proceeding under this chapter, the commissioner may:
(1)  administer oaths or cause oaths to be administered;
(2)  subpoena witnesses;
(3)  compel the attendance of witnesses;
(4)  take evidence; and
(5)  require the production of any document that the commissioner determines to be relevant to the inquiry.
(c)  If a person refuses to obey a subpoena, a district court of Travis County, on application by the commissioner, may issue an order requiring the person to appear before the commissioner and produce documents or give evidence regarding the matter under investigation.
(d)  The commissioner may employ a person or request the attorney general, the Department of Public Safety, or any other state, federal, or local law enforcement agency to assist in enforcing this chapter.
(e)  The commissioner may recover the reasonable costs incurred in connection with an investigation conducted under this chapter from the person that is the subject of the investigation.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.057. Supervision

Sec. 152.057.  SUPERVISION.  (a)  The commissioner may conduct an examination or investigation of a money services licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the Patriot Act.
(b)  The commissioner may:
(1)  conduct an examination on-site or off-site as the commissioner may reasonably require;
(2)  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;
(3)  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; and
(4)  summon and examine under oath a key individual or employee of a money services licensee or authorized delegate and require the person to produce records regarding a matter related to the condition and business of the licensee or authorized delegate.
(c)  If the commissioner accepts a report under Subsection (b)(3), the report is considered for all purposes an official report of the commissioner.
(d)  A money services licensee or authorized delegate shall provide, and the commissioner shall have full and complete access to, all records the commissioner may reasonably require to conduct a complete examination.  Records must be provided at the location and in the format specified by the commissioner, provided the commissioner may use multistate record production standards and examination procedures when those standards will reasonably achieve the requirements of this section.
(e)  Unless otherwise directed by the commissioner, a money services licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or an authorized delegate of the licensee.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.058. Networked Supervision

Sec. 152.058.  NETWORKED SUPERVISION.  (a)  To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the commissioner may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors of those entities for all money services licensees that hold licenses in this state and other states.
(b)  If the commissioner participates in multistate supervision, the commissioner shall:
(1)  cooperate, coordinate, and share information with other state and federal regulators in accordance with Section 152.055(b);
(2)  enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations made up of state or federal governmental agencies; and
(3)  cooperate, coordinate, and share information with organizations made up of state or federal governmental agencies, if the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with Section 152.055.
(c)  The commissioner may not waive, and nothing in this section constitutes a waiver of, the commissioner's authority to conduct an examination or investigation or otherwise take independent action authorized by this chapter or a rule adopted or order issued under this chapter to enforce compliance with applicable state or federal law.
(d)  A joint examination or investigation, or acceptance of an examination or investigation report, does not waive an examination assessment provided for in this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.059. Relationship to Federal Law

Sec. 152.059.  RELATIONSHIP TO FEDERAL LAW.  (a)  If state money transmission jurisdiction is conditioned in federal law, any inconsistency between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.
(b)  In the event of any inconsistency between this chapter and federal law that governs under Subsection (a), the commissioner may provide interpretive guidance that:
(1)  identifies the inconsistency; and
(2)  prescribes the appropriate means of compliance with federal law.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.060. Consent to Service of Process

Sec. 152.060.  CONSENT TO SERVICE OF PROCESS.  A money services licensee, an authorized delegate, or a person who knowingly engages in activities that are regulated and require a license under this chapter, with or without filing an application for a license or holding a license under this chapter, is considered to have consented to the jurisdiction of the courts of this state for all actions arising under this chapter.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter B. Administrative Provisions › Section 152.061. Presumption of Control

Sec. 152.061.  PRESUMPTION OF CONTROL.  (a)  A person is presumed to exercise a controlling influence over a money services licensee if the person holds the power to directly or indirectly vote not less than 10 percent of the outstanding voting shares or voting interests of a money services licensee or person in control of a money services licensee.
(b)  The presumption under Subsection (a) may be rebutted by evidence that the person who is presumed to exercise a controlling influence under Subsection (a) is a passive investor.
(c)  For purposes of determining the percentage of a money services licensee controlled by a person, the person's interest shall be aggregated with the interest of any person:
(1)  related within the second degree of consanguinity or affinity, other than a person's grandparent or grandchild; or
(2)  who shares the person's home.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter C. Money Services Licenses › Section 152.101. Money Transmission License Required

Sec. 152.101.  MONEY TRANSMISSION LICENSE REQUIRED.  (a)  A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as engaging in the business of money transmission unless the person is licensed under this chapter.
(b)  For the purposes of this chapter, a person engages in the business of money transmission if the person receives compensation or expects to receive compensation, directly or indirectly, for conducting money transmission.
(c)  Subsection (a) does not apply to a person who:
(1)  is an authorized delegate of a money transmission licensee acting within the scope of authority conferred by a written contract with the licensee;
(2)  is exempt under Section 152.004 and does not engage in money transmission outside the scope of the applicable exemption; or
(3)  has been granted an exemption under Subsection (e).
(d)  A license issued under Section 152.106 is not transferable or assignable.
(e)  On receiving an application and finding that the exemption is in the public interest, the commissioner may exempt a person who:
(1)  incidentally engages in the business of money transmission only to the extent reasonable and necessary to accomplish a primary business objective unrelated to the business of money transmission;
(2)  does not advertise or offer money transmission to the public except to the extent reasonable and necessary to fairly advertise or offer the person's primary business services; and
(3)  transmits money without a fee as an inducement for customer participation in the person's primary business.
(f)  In accordance with the investigation provisions of this chapter, the commissioner may examine a person to verify the person's exempt status under Subsection (e).
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter C. Money Services Licenses › Section 152.102. Currency Exchange License Required

Sec. 152.102.  CURRENCY EXCHANGE 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 is licensed under this chapter.
(b)  For the purposes of this chapter, a person engages in the business of currency exchange services if the person receives compensation or expects to receive compensation, directly or indirectly, for conducting currency exchange services.
(c)  Subsection (a) does not apply to a person who:
(1)  is a money transmission licensee;
(2)  is an authorized delegate of a money transmission licensee acting within the scope of authority conferred by a written contract with the licensee;
(3)  is exempt under Section 152.004 and does not engage in currency exchange services outside the scope of the applicable exemption; or
(4)  has been granted an exemption under Subsection (e).
(d)  A license issued under Section 152.106 is not transferable or assignable.
(e)  On receiving an application and 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, unless:
(1)  the value of the goods or services purchased in a single transaction with the retailer, wholesaler, or service provider exceeds $10,000;
(2)  the change given or made as a result of the transaction with the retailer, wholesaler, or service provider exceeds $100;
(3)  the person attempts to structure the transaction in a manner that evades the licensing requirements of this chapter or avoids using a money services licensee 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.
(f)  In accordance with the investigation provisions of this chapter, the commissioner may examine a person to verify the person's exempt status under Subsection (e).
(g)  A currency exchange licensee may engage in the business of currency exchange services at one or more locations in this state directly or indirectly owned by the licensee under a single license.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle E - Other Financial Businesses › Chapter 152 - Regulation of Money Services Businesses › Subchapter C. Money Services Licenses › Section 152.103. Consistent State Licensing

Sec. 152.103.  CONSISTENT STATE LICENSING.  (a)  The commissioner may require that a person submit through the NMLS in the form and manner prescribed by the commissioner and acceptable to the registry any information or document or payment of a fee required to be submitted under this chapter or rules adopted under this chapter.
(b)  The commissioner may use the NMLS as a channeling agent for obtaining information required for licensing purposes under this chapter or rules adopted under this chapter, including:
(1)  criminal history record information from the Federal Bureau of Investigation, the United States Department of Justice, or any other agency or entity at the commissioner's discretion;
(2)  information related to any administrative, civil, or criminal findings by a governmental jurisdiction; and
(3)  information requested by the commissioner under Section 152.104(a)(10) or (c)(13).
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.