Texas Finance Code
§ 152.106 — ISSUANCE OF LICENSE
FI § 152.106Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. C. MONEY SERVICES LICENSES
Statute text
View on source(a)An application for a license under this chapter that appears to include all the items and address all of the matters that are required under Sections 152.104 and 152.105 is considered complete and the commissioner shall promptly notify the applicant in writing of the date on which the application is determined to be complete.
(b)The commissioner shall approve or deny the application not later than the 120th day after the date the application is determined to be complete under Subsection (a). If the application is not approved or denied within 120 days after the completion date, the application is approved and the license takes effect on the first business day after expiration of the 120-day period. The commissioner may extend the application approval period for good cause.
(c)A determination by the commissioner under Subsection (a) that an application is complete and is accepted for processing is not an assessment of the substance of the application or of the sufficiency of the information provided, and means only that the application, on its face, appears to include all of the items, including the national criminal history background check response from the Federal Bureau of Investigation under Section 152.105, and address all of the matters that are required under Sections 152.104 and 152.105.
(d)When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay.
(e)The commissioner shall issue a license to an applicant under this section if the commissioner finds that:
(1)the applicant has complied with Sections 152.104 and 152.105; and
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Legislative history
Acts 2025, 89th Leg., R.S., Ch. 642 (H.B. 3833), Sec. 2, eff. September 1, 2025.