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(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, §151.502(d). (2)This section does not apply, and you do not conduct currency exchange within the meaning of Finance Code, Chapter 151, 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, §151.502(d)(1) - (5), apply to you. For purposes of the subsection (d)(4) disqualification, you are considered to be engaged in the "business of cashing checks, drafts or other monetary 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.
This agency hereby certifies that the adoption
has been reviewed by
legal counsel and found to be a valid exercise of the
agency's legal authority.
Filed with the Office of
the Secretary of State on August 11, 2006
TRD-200604256 Sarah J. Shirley
General Counsel
Texas Department of Banking
Effective date: August 31, 2006
Proposal publication date: June 23, 2006
For further information, please call: (512) 475-1300
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