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Can you summarize Tex. Fin. Section 151.102?
ADMINISTRATIVE PROVISIONS > RULES.
Short Summary
This section of the Texas Statutes, under the Finance Code, pertains to the rules for the administration and enforcement of the chapter on regulation of money services businesses. The commission is granted the authority to adopt rules necessary to implement and clarify this chapter, preserve and protect the safety and soundness of money services businesses, protect the interests of purchasers of money services and the public, and protect against financial crimes such as drug trafficking, terrorist funding, money laundering, structuring, or related offenses. The commission is also authorized to recover the costs associated with maintaining and operating the department and administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs. The presence or absence of a specific reference to a rule regarding a particular subject does not limit the general rulemaking authority granted to the commission. This section was added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, and became effective on September 1, 2005.
Whom does it apply to?
The commission
What does it govern?
Rules for the administration and enforcement of the chapter on regulation of money services businesses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Texas