Texas Finance Code

§ 152.404 — SUSPENSION AND REVOCATION OF AUTHORIZED DELEGATE DESIGNATION

FI § 152.404Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. I. ENFORCEMENT

Statute text

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(a)The commissioner may suspend or revoke the designation of an authorized delegate by a money transmission licensee if the commissioner has reason to believe that:

(1)the authorized delegate has violated this chapter, a rule adopted or order issued under this chapter, a written agreement entered into with the commissioner or the department, or any other state or federal law applicable to a money transmission business;

(2)the authorized delegate has refused to permit or has not cooperated with an examination or investigation under this chapter;

(3)the authorized delegate has engaged in fraud, knowing misrepresentation, deceit, gross negligence, or an unfair or deceptive act or practice in connection with the operation of the delegate's business on behalf of the money transmission licensee or any transaction subject to this chapter;

(4)the competence, experience, character, or general fitness of the authorized delegate, or a key individual of or person in control of the authorized delegate, indicates that it is not in the public interest to permit the authorized delegate to provide money transmission;

(5)the authorized delegate has engaged in an unsafe or unsound act or practice or conducted business in an unsafe and unsound manner;

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Legislative history

Acts 2025, 89th Leg., R.S., Ch. 642 (H.B. 3833), Sec. 11, eff. September 1, 2025.