| (a) Does this section apply to me? This section applies
if you hold a money transmission or currency exchange license issued
under Finance Code, Chapter 152, or are an applicant for a new money
transmission or currency exchange license, as applicable. This section
also applies if you are a person other than a license holder or applicant
and are investigated under the authority of Finance Code, §152.056.
(b) Definitions. The following words and terms, when
used in this section, have the following meanings unless the context
clearly indicates otherwise.
(1) "Annual Assessment" means the fee assessed annually
to pay the costs incurred by the department to examine a license holder
and administer Finance Code, Chapter 152, including the annual license
fee required by Finance Code, §152.107(d)(1).
(2) "Examination" means the process, either by on-site
or off-site review, of evaluating the books and records of a license
holder under the authority of Finance Code, §152.057, relating
to its money services activities. For purposes of this section, the
term does not include an investigation conducted under the authority
of Finance Code, §§152.056 or 152.106.
(c) What provisions of Finance Code, Chapter 152, authorize
the fees, assessments, and reimbursements required under this section?
The fees, assessments, and reimbursements established by or required
under this section are authorized by one or more of the following
provisions of Finance Code, Chapter 152: §§152.052(b)(1),
152.056(e), 152.107(d)(1), 152.104(d), and 152.151(b)(2).
(d) What fees must I pay to obtain a new license?
(1) You must pay a $10,000 application fee to obtain
a new money transmission license or a $5,000 application fee to obtain
a currency exchange license. If your application is accepted for processing
pursuant to Finance Code, §152.106, your application fee will
be nonrefundable. You may also be required to pay the following additional
fees:
(A) If the commissioner determines that it is necessary
to conduct an on-site investigation of your business, you must pay
a non-refundable investigation fee at a rate of $75 per hour for each
department examiner required to conduct the investigation and all
associated travel expenses;
(B) If the commissioner determines that it is necessary
to employ a third-party screening service to assist with the investigation
of your license application, you must pay the department for the reasonable
costs for the third-party investigation; and
(C) If the commissioner determines it is necessary
to perform background checks using fingerprint identification records,
you must either submit payment for the costs of this service at the
time you file your application or pay the department upon request.
(2) The commissioner may reduce the fees required under
paragraph (1) of this subsection, if the commissioner determines that
a lesser amount than would otherwise be collected is necessary to
administer and enforce Finance Code, Chapter 152, and this chapter.
(e) What fees must I pay to maintain my money transmission
or currency exchange license? You must pay your annual assessment.
Subject to paragraph (3) of this subsection, the amount of your annual
assessment is determined based on the total annual dollar amount of
your Texas money transmission and or currency exchange transactions,
as applicable, as reflected on your most recent annual report filed
with the department under Finance Code, §152.107(d)(2).
(1) If you hold a currency exchange license, you must
pay the annual assessment specified in the following table:
Attached Graphic
(2) If you hold a money transmission license, you must
pay the annual assessment specified in the following table:
Attached Graphic
(3) If you are a new license holder and have not yet
filed your first annual report under Finance Code, §152.107(d)(2),
you must pay an examination fee of $75 per hour for each examiner
and all associated travel expenses for an examination.
(f) What fees must I pay in connection with a department
investigation?
(1) If the commissioner considers it necessary or appropriate
to investigate you or another person in order to administer and enforce
Finance Code, Chapter 152, as authorized under §152.056, you
or the investigated person must pay the department an investigation
fee calculated at a rate of $75.00 per employee hour for the investigation
and all associated travel expenses.
(2) If the commissioner determines that it is necessary
to employ a third-party screening service to assist with an investigation,
you must pay the department for the costs incurred for the third-party
investigation.
(3) If the commissioner determines it is necessary
to perform background checks using fingerprint identification records
in an investigation, you must pay the department the costs incurred
for this service.
(g) What fees must I pay in connection with a proposed
change of control of my money transmission or currency exchange business?
(1) You must pay a non-refundable $1,000 fee at the
time you file an application requesting approval of your proposed
change of control.
(2) You must pay a non-refundable $500 fee to obtain
the department's prior determination of whether a person would be
considered a person in control and whether a change of control application
must be filed. If the department determines that a change of control
application is required, the prior determination fee will be applied
to the fee required under paragraph (1) of this subsection.
(3) If the department's review of your change of control
application or prior determination request requires more than eight
employee hours, you must pay an additional review fee of $75 per employee
hour for every hour in excess of eight hours.
(4) The commissioner may reduce the filing fees described
in paragraph (1) or (2) of this subsection, if the commissioner determines
that a lesser amount than would otherwise be collected is necessary
to administer and enforce Finance Code, Chapter 152, and this chapter.
(h) What other fees must I pay?
(1) If the department does not receive your completed
annual report on or before the due date prescribed by the commissioner
under Finance Code, §152.107, you must pay a late fee of $100
per day for each business day after the due date that the department
does not receive your completed annual report.
(2) If more than one examination is required in the
same fiscal year because of your failure to comply with Finance Code,
Chapter 152, this chapter, or a department directive, you must pay
for the additional examination at a rate of $75 per hour for each
examiner required to conduct the additional examination and all associated
travel expenses. A fiscal year is the 12-month period from September
1st of one year to August 31st of the following year.
(3) If the department travels out-of-state to conduct
your examination, you must pay for all associated travel expenses.
(4) If the commissioner determines it is necessary
to conduct an on-site examination of your authorized delegate to ensure
your compliance with Finance Code, Chapter 152, you must pay an examination
fee of $75 per hour for each examiner and any associated travel expenses.
(i) How and when do I need to pay for the fees required
by this section?
(1) You must pay the license application fees required
under subsection (d)(1) and (2) of this section at the time you file
your application for a license.
(2) The department will bill you by written invoice
for any investigation and third-party screening service fees under
subsection (d)(1)(A), (B), or (C) of this section. You must pay the
fees within 10 days of receipt of the department's written invoice.
(3) Your annual assessment required under subsection
(e) of this section may be billed in quarterly or fewer installments
in such periodically adjusted amounts as reasonably necessary to pay
for the costs of examination and to administer Finance Code, Chapter
152. You must pay the annual assessment fee by ACH debit, or by another
method if directed to do so by the department. At least 15 days prior
to the scheduled ACH transfer, the department will send you a notice
specifying the amount of the payment due and the date the department
will initiate payment by ACH debit. The commissioner may decrease
your annual assessment if it is determined that a lesser amount than
would otherwise be collected is necessary to administer the Act.
(4) You must pay the investigation fee required under
subsection (f) of this section within 10 days of receipt of the department's
written invoice.
(5) You must pay the filing fees required by subsection
(g) of this section at the time you file your proposed change of control
or prior determination request. You must pay any required additional
fees within 10 days of receipt of the department's written invoice.
Cont'd... |
