Texas Finance Code
§ 152.151 — ACQUISITION OF CONTROL
FI § 152.151Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. D. ACQUISITION OF CONTROL AND CHANGE OF KEY INDIVIDUAL
Statute text
View on source(a)A person or group of persons acting in concert seeking to acquire control of a money services licensee must obtain written approval from the commissioner before acquiring control. An individual is not considered to acquire control of a money services licensee and is not subject to the acquisition of control provisions of this subchapter if that individual becomes a key individual in the ordinary course of business.
(b)A person or group of persons acting in concert seeking to acquire control of a money services licensee shall, in cooperation with the licensee, submit:
(1)an application in a form and medium prescribed by the commissioner; and
(2)a nonrefundable fee in the amount established by commission rule.
(c)On request, the commissioner may permit a money services licensee or the person or group of persons acting in concert to submit some or all information required by the commissioner under Subsection (b)(1) without using the NMLS.
(d)The application required by Subsection (b)(1) must include information required by Section 152.105 for any new key individual that has not previously completed the requirements of Section 152.105 for the money services licensee.
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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.