Tex.
Fin. Code Section 152.101
Money Transmission License Required
(a)
A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as engaging in the business of money transmission unless the person is licensed under this chapter.(b)
For the purposes of this chapter, a person engages in the business of money transmission if the person receives compensation or expects to receive compensation, directly or indirectly, for conducting money transmission.(c)
Subsection (a) does not apply to a person who:(1)
is an authorized delegate of a money transmission licensee acting within the scope of authority conferred by a written contract with the licensee;(2)
is exempt under Section 152.004 (Exemptions) and does not engage in money transmission outside the scope of the applicable exemption; or(3)
has been granted an exemption under Subsection (e).(d)
A license issued under Section 152.106 (Issuance of License) is not transferable or assignable.(e)
On receiving an application and finding that the exemption is in the public interest, the commissioner may exempt a person who:(1)
incidentally engages in the business of money transmission only to the extent reasonable and necessary to accomplish a primary business objective unrelated to the business of money transmission;(2)
does not advertise or offer money transmission to the public except to the extent reasonable and necessary to fairly advertise or offer the person’s primary business services; and(3)
transmits money without a fee as an inducement for customer participation in the person’s primary business.(f)
In accordance with the investigation provisions of this chapter, the commissioner may examine a person to verify the person’s exempt status under Subsection (e).
Source:
Section 152.101 — Money Transmission License Required, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.152.htm#152.101 (accessed Jun. 5, 2024).
