Ask Reggi Your Question Now
Can you summarize Tex. Fin. Chapter 151?
OTHER FINANCIAL BUSINESSES > REGULATION OF MONEY SERVICES BUSINESSES
Short Summary
The provided legal document content pertains to the regulation of money services businesses under the Texas Finance Code. It covers general provisions that apply to applicants for or holders of money services licenses, including money transmission licenses and currency exchange licenses. The section provides definitions for various terms and outlines exemptions from licensing requirements. The documents also address the administration and enforcement of the chapter on regulation of money services businesses, including the authority of the department and the commission, cooperation with other agencies, and consent to service of process. Additionally, the documents outline the qualifications and provisions for obtaining a money services license, including the application process, investigation of license applications, issuance of licenses, and surrender of licenses. The regulation of money transmission and currency exchange businesses is also covered, including the requirements for obtaining a license, permissible investments, and the conduct of license holders and authorized delegates. The documents further address examinations, reports, and records for license holders and authorized delegates, as well as enforcement measures, administrative procedures, and judicial review. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Applicants for or holders of money services licenses, including money transmission licenses and currency exchange licenses
What does it govern?
Regulation of money services businesses
What are exemptions?
Exemptions from licensing requirements include the United States and its instrumentalities, states and their agencies, federally insured financial institutions, foreign bank branches or agencies, and more.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Texas