Texas Finance Code
§ 152.252 — RELATIONSHIP BETWEEN MONEY TRANSMISSION LICENSEE AND AUTHORIZED DELEGATE
FI § 152.252Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. F. AUTHORIZED DELEGATES
Statute text
View on source(a)In this section, "remit" means to make a direct payment of money to a money transmission licensee or the licensee's representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.
(b)Before a money transmission licensee may conduct business through an authorized delegate or may allow a person to act as the licensee's authorized delegate, the licensee must:
(1)adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the licensee's authorized delegate complies with applicable state and federal law;
(2)enter into a written contract appointing an authorized delegate that complies with Subsection (d); and
(3)conduct a reasonable risk-based background investigation sufficient for the licensee to determine whether the authorized delegate has complied with and will likely comply with applicable state and federal law.
(c)An authorized delegate shall operate in full compliance with this chapter.
…
Legislative history
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.