Tex.
Fin. Code Section 152.104
Application for Money Services License
(a)
An applicant for a money services license shall apply in a form and medium prescribed by the commissioner. The application must contain:(1)
the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting the applicant’s business;(2)
a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10-year period preceding the submission of the application;(3)
a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this state;(4)
a list of the applicant’s proposed authorized delegates and the locations in this state where the applicant and the applicant’s authorized delegates propose to engage in money transmission, if applicable;(5)
a list of other states in which the applicant is licensed to engage in money services, and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state;(6)
information concerning any bankruptcy or receivership proceedings affecting the applicant or a person in control of the applicant;(7)
a sample form of contract for authorized delegates, if applicable;(8)
a sample form of payment instrument or stored value, if applicable;(9)
the name and address of any federally insured depository financial institution through which the applicant plans to conduct licensable activity; and(10)
any other information the commissioner reasonably requires with respect to the applicant.(b)
A form adopted by the commissioner under Subsection (a) must contain content as provided by commission rule or instruction or procedure of the commissioner and may be changed or updated by the commissioner in accordance with applicable law in order to carry out the purposes of this chapter and maintain consistency with NMLS licensing standards and practices.(c)
If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant shall also provide:(1)
the date of the applicant’s incorporation or formation and state or country of incorporation or formation;(2)
a certificate of good standing from the state or country in which the applicant is incorporated or formed, if applicable;(3)
a brief description of the structure or organization of the applicant, including any parent entity or subsidiary of the applicant, and whether any parent entity or subsidiary is publicly traded;(4)
the legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, of each key individual and person in control of the applicant in the 10-year period preceding the submission of the application;(5)
a list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the 10-year period preceding the submission of the application;(6)
if the application is for a money transmission license, a copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period preceding the submission of the application;(7)
if the application is for a currency exchange license, or if the application is for a money transmission license and the commissioner otherwise determines it to be acceptable, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner;(8)
a certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter;(9)
if the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under Section 13, Securities Exchange Act of 1934 (15 U.S.C. Section 78m);(10)
if the applicant is a wholly owned subsidiary of a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation’s most recent report filed under Section 13, Securities Exchange Act of 1934 (15 U.S.C. Section 78m);(11)
if the applicant is a corporation publicly traded outside the United States, a copy of documentation similar to the documentation required under Subdivision (10) filed with the regulator of the parent corporation’s domicile outside the United States;(12)
the name and address of the applicant’s registered agent in this state; and(13)
any other information the commissioner reasonably requires with respect to the applicant.(d)
At the time an application for a license under this section is submitted, an applicant must file with the department a nonrefundable application fee in the amount established by commission rule.(e)
The commissioner may waive one or more requirements of Subsections (a) and (c) or permit an applicant to submit other information in lieu of the information required by this section.
Source:
Section 152.104 — Application for Money Services License, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.152.htm#152.104 (accessed Jun. 5, 2024).
