Texas Finance Code

§ 152.003 — DEFINITIONS

FI § 152.003Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. A. GENERAL PROVISIONS

Statute text

View on source

In this chapter:

(1)"Acting in concert" means knowingly acting together with a common goal of jointly acquiring control of a money services licensee whether or not under an express agreement.

(2)"Authorized delegate" means a person designated by a money transmission licensee to engage in money transmission services on behalf of the licensee.

(3)"Average daily money transmission liability" means the amount of a money services licensee's outstanding money transmission obligations in this state at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time. For purposes of calculating average daily money transmission liability under this chapter as required by a money services licensee, the given period of time shall be:

(A)the calendar quarters;

(B)a period described by this chapter; or

…

Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.