Texas Finance Code

§ 152.352 — SECURITY FOR MONEY TRANSMISSION LICENSEE

FI § 152.352Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. H. PRUDENTIAL STANDARDS

Statute text

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(a)A money transmission licensee shall at all times maintain security consisting of a surety bond in a form satisfactory to the commissioner. With the commissioner's approval, a money transmission licensee may maintain a deposit in lieu of a bond under this section.

(b)The amount of the required security for a money transmission licensee under this section is:

(1)for a licensee with a tangible net worth in an amount not greater than 10 percent of the licensee's total assets, the greater of:

(A)$100,000; or

(B)100 percent of the licensee's average daily money transmission liability in this state for the most recently completed three-month period, up to a maximum amount of $500,000; or

(2)for a licensee with a tangible net worth in an amount greater than 10 percent of the licensee's total assets, $100,000.

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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.