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TITLE 7BANKING AND SECURITIES
PART 2TEXAS DEPARTMENT OF BANKING
CHAPTER 33MONEY SERVICES BUSINESSES
RULE §33.13How Do I Obtain a New License and What are the Deadlines Associated with Applications?

(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).


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

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