2021 Texas Statutes
Finance Code
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 151 - Regulation of Money Services Businesses
Subchapter D. Money Transmission License
Section 151.302. License Required
Sec. 151.302. LICENSE REQUIRED.
(a) A person may not engage in the business of money transmission in this state or advertise, solicit, or represent that the person engages in the business of money transmission in this state unless the person:
(1) is licensed under this subchapter;
(2) is an authorized delegate of a person licensed under this subchapter, appointed by the license holder in accordance with Section 151.402;
(3) is excluded from licensure under Section 151.003; or
(4) has been granted an exemption under Subsection (c).
(b) For 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) On application and a finding that the exemption is in the public interest, the commissioner may exempt a person that:
(1) incidentally engages in the money transmission business only to the extent reasonable and necessary to accomplish a primary business objective unrelated to the money transmission business;
(2) does not advertise or offer money transmission services 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.
(d) A license holder may engage in the money transmission business at one or more locations in this state owned, directly or indirectly by the license holder, or through one or more authorized delegates, or both, under a single license granted to the license holder.
Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 75 (S.B. 899), Sec. 2, eff. September 1, 2015.
Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 7, eff. June 19, 2015.
Acts 2017, 85th Leg., R.S., Ch. 428 (S.B. 1403), Sec. 5, eff. September 1, 2017.
Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 6, eff. May 24, 2019.
