Texas Finance Code
§ 152.411 — REMOVAL OR PROHIBITION ORDER
FI § 152.411Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. I. ENFORCEMENT
Statute text
View on source(a)The commissioner may remove or prohibit a current or former key individual or employee of a money services licensee from office or employment in, or prohibit a control person or other person participating in the affairs of a money services licensee from further participation in a money services licensee or any other entity chartered, registered, permitted, or licensed by the commissioner if the commissioner determines from examination or other credible evidence that:
(1)the person:
(A)intentionally committed or participated in the commission of an act described by Section 152.408;
(B)intentionally committed, participated in the commission of, or caused a money services licensee to commit, an act described by Section 152.403;
(C)violated a final cease and desist order issued by a state or federal regulatory agency against the person or an entity in which the person is or was a key individual, employee, or control person; or
(D)made, or caused to be made, false entries in the records of a money services licensee;
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Legislative history
Added by Acts 2025, 89th Leg., R.S., Ch. 447 (H.B. 3805), Sec. 1, eff. June 20, 2025.