: Texas Register

Texas Register

TITLE 7	BANKING AND SECURITIES
PART 2	TEXAS DEPARTMENT OF BANKING
CHAPTER 33	MONEY SERVICES BUSINESSES
RULE §33.7	How Do I Obtain an Exemption from Licensing Because I Exchange Currency in Connection with Retail, Wholesale or Service Transactions?
ISSUE	03/04/2022
ACTION	Proposed

Preamble

Texas Admin Code Rule

(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)(No change.)

(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 subsection (d)(4) of this section regarding disqualification [~~the subsection (d)(4) disqualification~~], you are considered to be engaged in the "business of cashing checks, drafts or other payment [~~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.

The agency certifies that legal counsel has reviewed the proposal and found it to be within the state agency's legal authority to adopt.

Filed with the Office of the Secretary of State on February 18, 2022

TRD-202200604

Catherine Reyer

General Counsel

Texas Department of Banking

Earliest possible date of adoption: April 3, 2022

For further information, please call: (512) 475-1301

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