(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).
[§151.502(d).]
(2)This section does not apply, and you do not conduct
currency exchange within the meaning of Finance Code, Chapter 152 [
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, §152.102(e)(1)
- (5), [§151.502(d)(1) - (5),] apply to you.
For purposes of the subsection (e)(4) [(d)(4)
of this section] 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) - (d)(No change.)
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 August 18, 2023
TRD-202303048 Marcus Adams
Acting General Counsel
Texas Department of Banking
Earliest possible date of adoption: October 1, 2023
For further information, please call: (512) 475-1382
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