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Can you summarize Tex. Fin. Chapter 278?
MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES > REGULATION OF CURRENCY TRANSMISSIONS
Short Summary
This legal document governs the regulation of currency transmissions in Texas. It applies to currency transmission businesses, which are defined as engaging in or offering currency transmission as a service or for profit. However, the term does not include federally insured financial institutions or title insurance companies or agents. Currency transmission is defined as receiving currency or an instrument payable in currency in order to transmit it by various means or through the use of financial intermediaries, the Federal Reserve System, or other funds transfer networks. The document also clarifies that fees generated in connection with currency transmission for the conversion of one government’s currency into another government’s currency are not included in the definition of ‘fee’. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Currency transmission businesses
What does it govern?
Regulation of currency transmissions
What are exemptions?
Federally insured financial institutions, title insurance companies or agents
What are the Penalties?
No penalties specified
Jurisdiction
Texas