| (a) Does this section apply to me?
(1) This section applies if you are a retailer, wholesaler,
or service provider and in the ordinary course of business:
(A) accept the currency of a foreign country or government
as payment for your goods or services;
(B) in connection with the transaction, make or give
change in the currency of a different foreign country or government;
and
(C) qualify for an exemption under Finance Code, §152.102(e).
(2) This section does not apply, and you do not conduct
currency exchange within the meaning of Finance Code, Chapter 152,
or need a currency exchange license under the Act, if you accept payment
for your goods or services in a foreign currency or a check denominated
in a foreign currency and any change you make or give in connection
with the transaction is in the same foreign currency as the payment
you receive.
(b) To request an exemption, you must submit a letter
to the commissioner that fully explains your business and is accompanied
by a statement, signed and sworn to before a notary, affirming that
none of the disqualifying conditions set out in Finance Code, §152.102(e)(1)
- (5), apply to you. For purposes of the subsection (e)(4) disqualification,
you are considered to be engaged in the "business of cashing checks,
drafts or other payment instruments" if, in the 12 month period immediately
preceding the filing of the application for exemption, you derived
more than 1.00% of your gross receipts, directly or indirectly, from
fees or other consideration you charged, earned, or imputed from cashing
checks, drafts or other monetary instruments.
(c) The commissioner may require you to provide additional
information or otherwise investigate or examine you to verify your
eligibility for the exemption.
(d) The commissioner may grant the exemption if the
commissioner determines that you are eligible and the exemption is
in the public interest.
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| Source Note: The provisions of this §33.7 adopted to be effective August 31, 2006, 31 TexReg 6643; amended to be effective May 12, 2022, 47 TexReg 2735; amended to be effective November 16, 2023, 48 TexReg 6584 |
