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Can you summarize 7 TXAC 33.23?
MONEY SERVICES BUSINESSES > What Additional Provisions Apply to Permissible Investments?
Short Summary
This section of the Texas Administrative Code applies to money transmission license holders under Finance Code, Chapter 151. It provides guidelines for calculating and reporting average outstanding money transmission obligations, defines ‘past due or doubtful of collection,’ and clarifies the permissible investments for license holders. License holders are required to maintain records of their outstanding money transmission transactions and make them available to the department upon request. The section also includes specific provisions for automated clearinghouse (ACH) receivables, credit card receivables, and debit card receivables as permissible investments. Overall, this section aims to ensure compliance and transparency in the management of permissible investments for money transmission license holders in Texas.
Whom does it apply to?
Money transmission license holders
What does it govern?
Permissible investments for money transmission license holders under Finance Code, Chapter 151
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Texas