Tex. Fin. Code Section 152.353
Security for Currency Exchange Licensee

(a)

A currency exchange licensee shall at all times maintain security in the amount applicable to the licensee under this section. The security must satisfy the requirements of and is subject to Section 152.354 (Additional Security Requirements).

(b)

A currency exchange licensee shall maintain security in the amount of $2,500 if the licensee conducts business with persons located in this state exclusively at one or more physical locations through in-person, contemporaneous transactions.

(c)

Except as provided by Subsection (e), if Subsection (b) does not apply to a currency exchange licensee, the licensee shall maintain security in an amount not less than the greater of:

(1)

$2,500; or

(2)

an amount equal to one percent of the licensee’s total dollar volume of currency exchange business in this state for the preceding year.

(d)

For purposes of demonstrating prospective compliance with this section under Section 152.107 (Maintenance of License)(c), an applicant for a currency exchange license may use the applicant’s projected total dollar volume of currency exchange business in this state for the first year of licensure to determine the amount under Subsection (c)(2).

(e)

The maximum amount of security that may be required under this section is $1 million.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.

Source: Section 152.353 — Security for Currency Exchange Licensee, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­152.­htm#152.­353 (accessed Jun. 5, 2024).

152.001
Short Title 152.002
Purpose 152.003
Definitions 152.004
Exemptions 152.005
Authority to Require Demonstration of Exemption 152.006
Centralized Digital Currency Prohibited 152.051
Administration 152.052
Rules 152.053
Implementation 152.054
Commissioner’s General Authority 152.055
Confidentiality 152.056
Investigations 152.057
Supervision 152.058
Networked Supervision 152.059
Relationship to Federal Law 152.060
Consent to Service of Process 152.061
Presumption of Control 152.101
Money Transmission License Required 152.102
Currency Exchange License Required 152.103
Consistent State Licensing 152.104
Application for Money Services License 152.105
Information Requirements for Certain Individuals 152.106
Issuance of License 152.107
Maintenance of License 152.108
Surrender of License 152.109
Refund of Fee or Cost Paid by Money Services Licensee 152.151
Acquisition of Control 152.152
Streamlined Acquisition of Control 152.153
Notice and Information Requirements for Change of Key Individuals 152.201
Money Transmission Report 152.202
Currency Exchange Report 152.203
Financial Statements 152.204
Authorized Delegate Reporting 152.205
Reports of Certain Events 152.206
Bank Secrecy Act Reports 152.207
Records 152.251
Liability of Money Transmission Licensee 152.252
Relationship Between Money Transmission Licensee and Authorized Delegate 152.253
Disclosure Requirements 152.254
Unauthorized Activities 152.301
Timely Transmission 152.302
Refunds 152.303
Receipts 152.304
Disclosures for Payroll Processing Services 152.351
Net Worth of Money Transmission Licensee 152.352
Security for Money Transmission Licensee 152.353
Security for Currency Exchange Licensee 152.354
Additional Security Requirements 152.355
Maintenance of Permissible Investments by Money Transmission Licensee 152.356
Types of Permissible Investments 152.401
Injunctive Relief 152.402
Cease and Desist Orders for Unlicensed Persons 152.403
Suspension and Revocation of Money Services License 152.404
Suspension and Revocation of Authorized Delegate Designation 152.405
Cease and Desist Orders for Money Services Licensee or Authorized Delegate 152.406
Consent Orders 152.407
Administrative Penalty 152.408
Criminal Penalty 152.409
Notice, Hearing, and Other Procedures for Nonemergency Orders 152.410
Requirements and Notice and Hearing Procedures for Emergency Orders 152.451
Administrative Procedures
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 152.353’s source at texas​.gov