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Can you summarize Tex. Fin. Section 151.602?
EXAMINATIONS, REPORTS, AND RECORDS > RECORDS.
Short Summary
This section of the Texas Statutes, specifically the Finance Code, falls under the regulation of money services businesses. It pertains to the preparation, maintenance, and preservation of records by license holders and authorized delegates. The required records include a record of each money transmission transaction or currency exchange transaction, a general ledger, bank statements and reconciliation records, records and reports required by applicable state and federal law, and any other records reasonably requested by the commissioner. The records must be maintained for at least five years or as prescribed by commission rules. The records may be maintained in photographic, electronic, or other similar form and can be kept at the license holder’s principal place of business or another location as requested by the commissioner. The records are subject to inspection by the commissioner, and they must be in English and denominated in United States dollars. The section was added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218) and has been subsequently amended by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483) and Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458).
Whom does it apply to?
License holders and authorized delegates
What does it govern?
Records
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Texas