Texas Finance Code

§ 11.309 — RULES RELATING TO CHECK VERIFICATION ENTITIES

FI § 11.309Title 2. FINANCIAL REGULATORY AGENCIES · Ch. 11. FINANCE COMMISSION OF TEXAS · Art. D. POWERS AND DUTIES

Statute text

(a)In this section, "check verification entity" and "financial institution" have the meanings assigned by Section 523.052, Business & Commerce Code.

(b)The finance commission shall adopt rules:

(1)requiring a check verification entity to register with the banking commissioner:

(A)at the intervals the finance commission determines, but not less frequently than annually; and

(B)by providing to the banking commissioner the information that the finance commission determines is necessary to enable a financial institution or a check verification entity to comply with the requirements of Section 523.052, Business & Commerce Code;

(2)authorizing the banking commissioner to charge a check verification entity a reasonable annual fee, not to exceed $100, to register with the commissioner; and

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 10.001, eff. September 1, 2009.