Tex. Fin. Code Section 152.405
Cease and Desist Orders for Money Services Licensee or Authorized Delegate

(a)

The commissioner may issue an order to cease and desist if the commissioner finds that:

(1)

an action, violation, or condition listed in Section 152.403 (Suspension and Revocation of Money Services License) or 152.404 (Suspension and Revocation of Authorized Delegate Designation) exists with respect to a money services licensee or authorized delegate; and

(2)

a cease and desist order is necessary to protect the interests of the money services licensee, the purchasers of the licensee’s money services, or the public.

(b)

A cease and desist order may require a money services licensee or authorized delegate to cease and desist from the action or violation or to take affirmative action to correct any condition resulting from or contributing to the action or violation, and the requirements of the order may apply to a principal or responsible person of the licensee or authorized delegate.

(c)

The cease and desist order is subject to Section 152.409 (Notice, Hearing, and Other Procedures for Nonemergency Orders), unless the order is issued as an emergency order. The commissioner may issue an emergency cease and desist order in accordance with Section 152.410 (Requirements and Notice and Hearing Procedures for Emergency Orders) if the commissioner finds that the factors identified in Section 152.410 (Requirements and Notice and Hearing Procedures for Emergency Orders)(b) exist.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.

Source: Section 152.405 — Cease and Desist Orders for Money Services Licensee or Authorized Delegate, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­152.­htm#152.­405 (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

§ 152.405’s source at texas​.gov