Tex.
Fin. Code Section 152.107
Maintenance of License
(a)
If a money services licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a money services license, the commissioner may suspend or revoke the licensee’s license in accordance with the procedures established by this chapter or other applicable state law governing suspension or revocation.(b)
An applicant for a money transmission license must demonstrate that it meets or will meet the requirements in Sections 152.351 (Net Worth of Money Transmission Licensee), 152.352 (Security for Money Transmission Licensee), 152.354 (Additional Security Requirements), and 152.355 (Maintenance of Permissible Investments by Money Transmission Licensee). A money transmission licensee must at all times continue to meet the requirements of those sections.(c)
An applicant for a currency exchange license must demonstrate that it meets or will meet the requirements in Sections 152.353 (Security for Currency Exchange Licensee), 152.354 (Additional Security Requirements), and 152.355 (Maintenance of Permissible Investments by Money Transmission Licensee). A currency exchange licensee must at all times continue to meet the requirements of those sections.(d)
In addition to complying with the requirements of Subsection (a) and, as applicable, Subsection (b) or (c), a money services licensee must annually:(1)
pay a license fee in an amount established by commission rule; and(2)
submit a report under oath in the form and medium prescribed by the commissioner that contains the following information:(A)
if the licensee is a money transmission licensee, an audited, unconsolidated financial statement dated as of the last day of the money transmission licensee’s fiscal year that ended in the immediately preceding calendar year;(B)
if the licensee is a currency exchange licensee, a financial statement, audited or unaudited, dated as of the last day of the currency exchange licensee’s fiscal year that ended in the immediately preceding calendar year; and(C)
documentation and certification, or any other information the commissioner reasonably requires to determine:(i)
the security, net worth, permissible investments, and other requirements the money services licensee must satisfy; and(ii)
whether the money services licensee continues to meet the qualifications and requirements for licensure.(e)
If the department does not receive a money services licensee’s annual license fee and complete annual report under Subsection (d) on or before the due date prescribed by the commissioner under this section, the commissioner shall notify the money services licensee in writing that the money services licensee must:(1)
submit the report and pay the license fee not later than the 45th day after the due date prescribed by the commissioner; and(2)
pay a late fee, in an amount established by commission rule and not subject to appeal, for each business day after the due date specified by the commissioner that the commissioner does not receive the completed report and license fee.(f)
If the money services licensee fails to submit the completed annual report and pay the annual license fee and any late fee due within the time prescribed by Subsection (e), the license expires, and the money services licensee must cease and desist from engaging in the business of money services as of that date. The expiration of a license under this section is not subject to appeal.(g)
On timely receipt of a money services licensee’s complete annual report, annual license fee, and any late fee due, the department shall review the report and, if necessary, investigate the business and records of the money services licensee. On completion of the review and investigation, if any, the commissioner may:(1)
impose conditions on the license the commissioner considers reasonably necessary or appropriate; or(2)
suspend or revoke the license on the basis of a ground specified in Section 152.403 (Suspension and Revocation of Money Services License).(h)
On written application and for good cause shown, the commissioner may extend the due date for filing the annual license fee and annual report required under this section.(i)
The holder, principal, or person in control of the holder of a license issued under this chapter that has expired or that the holder has surrendered under Section 152.108 (Surrender of License) that wishes to conduct activities for which a license is required under this chapter must file a new license application under Section 152.104 (Application for Money Services License) and satisfy all requirements for licensure that apply at the time the new application is filed.
Source:
Section 152.107 — Maintenance of License, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.152.htm#152.107 (accessed May 18, 2024).
