Texas Finance Code

§ 152.061 — PRESUMPTION OF CONTROL

FI § 152.061Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. B. ADMINISTRATIVE PROVISIONS

Statute text

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(a)A person is presumed to exercise a controlling influence over a money services licensee if the person holds the power to directly or indirectly vote not less than 10 percent of the outstanding voting shares or voting interests of a money services licensee or person in control of a money services licensee.

(b)The presumption under Subsection (a) may be rebutted by evidence that the person who is presumed to exercise a controlling influence under Subsection (a) is a passive investor.

(c)For purposes of determining the percentage of a money services licensee controlled by a person, the person's interest shall be aggregated with the interest of any person:

(1)related within the second degree of consanguinity or affinity, other than a person's grandparent or grandchild; or

(2)who shares the person's home.

Legislative history

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