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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 subsection (d)(4) of this section
regarding 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.
The agency certifies that legal
counsel has reviewed the adoption and found it to be a valid exercise
of the agency's legal authority.
Filed with the Office
of the Secretary of State on April 22, 2022
TRD-202201567 Catherine Reyer
General Counsel
Texas Department of Banking
Effective
date: May 12, 2022
Proposal publication date: March 4, 2022
For further information, please call: (512) 475-1301
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