Texas Finance Code

§ 152.102 — CURRENCY EXCHANGE LICENSE REQUIRED

FI § 152.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. C. MONEY SERVICES LICENSES

Statute text

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(a)A person may not engage in the business of currency exchange or advertise, solicit, or hold itself out as providing currency exchange unless the person is licensed under this chapter.

(b)For the purposes of this chapter, a person engages in the business of currency exchange services if the person receives compensation or expects to receive compensation, directly or indirectly, for conducting currency exchange services.

(c)Subsection (a) does not apply to a person who:

(1)is a money transmission licensee;

(2)is an authorized delegate of a money transmission licensee acting within the scope of authority conferred by a written contract with the licensee;

(3)is exempt under Section 152.004 and does not engage in currency exchange services outside the scope of the applicable exemption; or

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Legislative history

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