| (a) Does this section apply to me? This section applies
if you seek a new money transmission or currency exchange license
under Finance Code, Chapter 151. The time tables and deadlines established
in this section also apply to a request for approval of a proposed
change of control of a money services business licensed under Finance
Code, Chapter 151.
(b) What must I do to apply for a license? To apply
for a new money transmission or currency exchange license, you must:
(1) submit an application on the form prescribed by
the department; and
(2) fully complete the application form and provide
the information and documentation as specified in the application
and the department's instructions.
(c) What does the application process generally involve?
The banking commissioner will review your application and, as authorized
by Finance Code, Chapter 151, investigate you, your principals including
officers, directors and shareholders of a publicly traded parent if
the principal has 25% or more ownership of the applicant, and all
related facts to determine if you possess the qualifications and satisfy
the requirements for the license for which you apply. At any time
during the review and investigation process, the commissioner may
require such information as the commissioner considers necessary to
evaluate your application, including an opinion of counsel or an opinion,
review or compilation prepared by a certified public accountant. It
is your responsibility to provide or cause to be provided all the
information the commissioner requires.
(d) What is required for the department to begin processing
my application?
(1) Your application must provide and be accompanied
by the following at the time you submit the application to the department:
(A) your signature or the signature of your duly authorized
officer, as applicable, sworn to before a notary, affirming that the
information in the application and accompanying documentation is true;
(B) an application fee, in the amount established by
commission rule, in the form of a check payable to the Texas Department
of Banking or through the Nationwide Multistate Licensing System and
Registry;
(C) all required search firm reports; and
(D) if you are applying for a money transmission license:
(i) security in the amount of at least $300,000 that
complies with Finance Code, §151.308, and an undertaking to increase
the amount of the security if additional security is required under
that section; and
(ii) an audited financial statement demonstrating that
you satisfy the minimum net worth requirement established by Finance
Code, §151.307(a), and that, if the license is issued, you are
likely to maintain the required minimum; or
(E) if you are applying for a currency exchange license:
(i) security in the amount of $2,500 that complies
with Finance Code, §151.308; and
(ii) a financial statement demonstrating your solvency.
(2) The department may refuse to process and may return
to you an application submitted without all the items identified in
paragraph (1) of this subsection. If you submit your application fee,
but fail to include one or more of the other items identified in paragraph
(1) of this subsection, the department will return the application
and refund the fee or, if you submit the missing items within 10 days
of the department receiving your application, apply the fee to your
application. If the missing items are not received within 10 days
of the department receiving your application, the department will
return the application and refund the fee.
(e) When will the department tell me if my application
is complete and accepted for filing? On or before the 15th day after
the date the department receives your application, and if the application
is not returned as provided for in subsection (d)(2) of this section,
the department will notify you in writing that:
(1) your application is incomplete and the additional
information specified in the notice is required before the department
will accept your application for filing; or
(2) your application is complete and accepted for filing.
(f) When must I provide the additional information
the department requires to consider my application complete and to
accept it for filing?
(1) Subject to paragraph (2) of this subsection, the
department must receive all information required to consider your
application complete and to accept it for filing on or before the
61st day after the date the department receives your initial application.
(2) Upon a finding of good and sufficient cause, the
banking commissioner shall grant an applicant additional time to complete
the application. Extensions will be communicated to the applicant
before the expiration of the filing period.
(3) After reviewing the information you provide in
response to the department's initial request for additional information,
the department may determine that still more information is required
to consider your application complete and to accept it for filing.
The department will notify you in writing if further information is
required and specify the date by which the department must receive
the information.
(4) After the department receives any information you
provide in response to the department's initial request for additional
information under subsection (e)(1) of this section, the application
fee will not be refunded if you withdraw your application.
(g) What happens if I do not provide the required information?
(1) The banking commissioner may determine that your
application is abandoned, without prejudice to your right to file
a new application, if the department does not receive the information
required in the application and department's instructions or the additional
information required by the department within the time specified in
subsection (f) of this section or as otherwise requested by the commissioner
in writing to you.
(2) The banking commissioner will notify you in writing
if your application is considered abandoned. The commissioner's determination
is effective the date the department mails you the notice and may
not be appealed. The department will not refund the fee you paid in
connection with the abandoned application.
(h) After the department accepts my application for
filing, when will I know if the application is approved? On or before
the 45th day after the date the department accepts your application
for filing, the banking commissioner will approve or deny your application
and advise you in writing of the decision.
(i) May I appeal the denial of my application? Yes.
If the banking commissioner denies your application, you may appeal
the denial in accordance with Finance Code, §151.205(b).
(j) What if the department does not comply with the
application processing times? If the department fails to comply with
the application processing times specified in subsection (e) or (h)
of this section, you may file a complaint under §33.15 of this
title (relating to Failure to Comply with Application Processing Times).
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| Source Note: The provisions of this §33.13 adopted to be effective May 18, 2006, 31 TexReg 3869; amended to be effective July 8, 2010, 35 TexReg 5805; amended to be effective September 8, 2011, 36 TexReg 5669; amended to be effective September 4, 2014, 39 TexReg 6825; amended to be effective March 10, 2016, 41 TexReg 1672; amended to be effective January 4, 2018, 42 TexReg 7581; amended to be effective November 7, 2019, 44 TexReg 6522; amended to be effective March 11, 2021, 46 TexReg 1465 |
