Ask Reggi Your Question Now
Can you summarize 7 TXAC 33.4?
MONEY SERVICES BUSINESSES > Payment Processors
Short Summary
This document governs the regulation of payment processors in Texas. It applies to payment processors and consumer-facing entities. The document provides exemptions for payment processors acting as intermediaries between a consumer-facing entity and the consumer’s designated recipient, as well as payment processors receiving funds on behalf of a consumer-facing entity that sells goods or services other than money services or accepts charitable donations. No penalties are mentioned in the document.
Whom does it apply to?
Payment processors, consumer-facing entities
What does it govern?
Payment processors
What are exemptions?
Payment processors acting as intermediaries between a consumer-facing entity and the consumer's designated recipient, payment processors receiving funds on behalf of a consumer-facing entity that sells goods or services other than money services or accepts charitable donations
What are the Penalties?
No penalties mentioned.
Jurisdiction
Texas