FINANCE CODE
CHAPTER 153. CURRENCY EXCHANGE, TRANSPORTATION, OR TRANSMISSION
SUBCHAPTER A. GENERAL PROVISIONS
§ 153.001. DEFINITIONS. In this chapter:
(1) "Commission" means the Finance Commission of
Texas.
(2) "Commissioner" means the banking commissioner of
Texas.
(3) "Currency" means a medium of exchange authorized
or adopted by a domestic or foreign government.
(4) "Currency exchange" means the conversion of the
currency of one government into the currency of another government.
(5) "Currency exchange, transportation, or
transmission business" means engaging in or offering currency
exchange, transportation, or transmission as a service or for
profit.
(6) "Currency transmission" means receiving currency
or an instrument payable in currency to transmit the currency or its
equivalent by wire, computer modem, facsimile, or other electronic
means or through the use of a financial institution, a financial
intermediary, the federal reserve system, or another funds transfer
network.
(7) "Currency transportation" means receiving
currency or an instrument payable in currency to physically
transport the currency or its equivalent from one location to
another by motor vehicle or other means of transportation or
through the use of the mail or a shipping, courier, or other
delivery service.
(8) "Department" means the Texas Department of
Banking.
(9) "Financial transaction requirement" means a
reporting or recordkeeping requirement of:
(A) 31 U.S.C. Section 5313;
(B) 31 C.F.R. Part 103;
(C) Chapter 271;
(D) this chapter; or
(E) a rule adopted under this chapter.
(10) "Instrument" has the meaning assigned by Section
3.104, Business & Commerce Code.
(11) "Principal" means a person who participates in
the affairs of a license holder or exercises supervisory duties,
including an owner, officer, director, partner, trustee, or agent
of the license holder.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 2, eff. Aug. 30, 1999.
§ 153.002. RULES. The commission shall adopt rules
necessary or desirable to implement this chapter, including rules
regarding requirements for or conditions applicable to:
(1) issuance, renewal, denial, suspension, and
revocation of a license;
(2) recordkeeping and reporting of a license holder;
and
(3) exemption from the licensing requirements of this
chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 3, eff. Aug. 30, 1999.
SUBCHAPTER B. LICENSES
§ 153.101. LICENSE REQUIRED. A person may not engage in
a currency exchange, transportation, or transmission business in
this state unless the person holds a license issued under this
chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.102. ELIGIBILITY FOR LICENSE. (a) Before
issuing a license under this subchapter, the commissioner must
determine that the financial condition, business experience, and
character and general fitness of an applicant are such that issuing
a license to the applicant is in the public interest.
(b) A person is not eligible for a license if, during the
preceding 10 years:
(1) the person or a principal of the person has been
convicted of:
(A) a felony or a crime involving moral turpitude
under the laws of this or another state or the United States;
(B) a crime under the laws of a foreign country
that involves moral turpitude or would be a felony if committed in
the United States; or
(C) an offense under a state or federal law
relating to currency exchange, transportation, or transmission or
to any state or federal monetary instrument reporting requirement;
or
(2) the person, a principal of the person, or the
spouse of the person or principal has been convicted of an offense
under a state or federal law relating to:
(A) drugs, drug trafficking, money laundering,
or immigration; or
(B) a reporting requirement of the Bank Secrecy
Act (12 U.S.C. Section 1951 et seq.).
(c) A person is not eligible for a license if at any time the
person or a principal of the person has been convicted of:
(1) a felony under Chapter 34, Penal Code, or a similar
provision involving the laundering of money that is the product of
or proceeds from criminal activity under the laws of another state
or the United States; or
(2) a felony violation of 31 U.S.C. Section 5313 or
5324 or a rule adopted under those sections.
(d) An applicant for a license must demonstrate that the
applicant:
(1) has not during the preceding three years failed to
file or evaded the obligation to file a currency transaction report
as required by 31 U.S.C. Section 5313;
(2) has not during the preceding three years accepted
currency for exchange, transportation, or transmission in which a
part of the currency was derived from an illegal transaction or
activity;
(3) will conduct the currency exchange,
transportation, or transmission business according to state and
federal law;
(4) warrants the trust of the community;
(5) has and will maintain a minimum net worth of
$25,000 or, if the applicant will engage in currency transmission
transactions at multiple locations in this state in accordance with
Section 153.105, a minimum net worth of $25,000 multiplied by the
number of locations, computed according to generally accepted
accounting principles, except that the applicant may not be
required to maintain a net worth of more than $1 million; and
(6) does not owe delinquent taxes, fines, or fees to
any local, state, or federal government or political subdivision of
the government.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 4, eff. Aug. 30, 1999.
§ 153.103. APPLICATION. (a) An applicant for a
license under this subchapter must submit an application to the
commissioner on a form prescribed by the commissioner.
(b) An applicant for a license or a renewal of a license must
agree in writing to comply with the currency reporting and
recordkeeping requirements of 31 U.S.C. Section 5313, 31 C.F.R.
Part 103, and other relevant federal law.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.104. FEES. (a) An application for a license must
be accompanied by a nonrefundable application fee and a license
fee.
(b) If the application is approved, the application fee is
the license fee for the first year of licensure.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.105. OPERATING IN MORE THAN ONE LOCATION. A
license holder may conduct currency exchange, transmission, or
transportation business at multiple locations in this state if each
location, whether the location is owned and operated directly by
the license holder or by a principal appointed by the license
holder, is separately licensed pursuant to an application submitted
in accordance with this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 5, eff. Aug. 30, 1999.
§ 153.106. INVESTIGATION. (a) Before approving an
application for a license, the department may investigate an
applicant or principal of the applicant at the applicant's expense.
(b) The department may require the applicant to make a
nonrefundable payment of the anticipated expenses for conducting
the investigation.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.107. GROUNDS FOR DENIAL OF LICENSE. (a) The
commissioner may deny the application for a license if the
applicant does not:
(1) cooperate with an investigation conducted under
Section 153.106(a); or
(2) make a payment required by Section 153.106(b).
(b) The commissioner may deny the application for a license
if the applicant:
(1) violates this chapter or a rule adopted under this
chapter;
(2) does not provide on request a complete set of
fingerprints and a recent photograph; or
(3) has a principal who fails to provide on request a
complete set of fingerprints and a recent photograph.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.108. LICENSE ISSUANCE; DISPLAY. (a) The
commissioner shall issue a license if the commissioner finds that
the applicant meets the requirements of this chapter and the rules
adopted under this chapter.
(b) A license holder shall prominently display the license
at the place of business for which the license is issued.
(c) Repealed by Acts 1999, 76th Leg., ch. 356, § 14, eff.
Aug. 30, 1999.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 14, eff. Aug. 30, 1999.
§ 153.109. BOND; LETTER OF CREDIT. (a) Except as
provided by Section 153.110, a license holder shall post:
(1) a bond with a qualified surety company doing
business in this state that is acceptable to the commissioner; or
(2) an irrevocable letter of credit issued by a
qualified financial institution that is acceptable to the
commissioner.
(b) The commissioner shall determine the amount of the bond
or letter of credit based on the dollar volume of the license
holder's currency exchange, transportation, or transmission
business and the number of locations from which the license holder
operates.
(c) The amount of the bond or letter of credit must be:
(1) at least $25,000 for a person conducting a
currency exchange business; and
(2) at least $300,000 for a person conducting a
currency transmission or currency transportation business.
(d) A bond or letter of credit must be conditioned that the
license holder will not violate this chapter or a rule adopted under
this chapter as long as the person holds the license.
(e) The beneficiary of the bond or letter of credit must be
the department.
(f) On application, the commissioner may, on a case-by-case
basis in the exercise of discretion, reduce the amount of the bond
or letter of credit required by Subsection (c) if the commissioner
finds that the amount of the reduced bond or letter of credit is
sufficient to protect the public interest. In making a
determination under this subsection, the commissioner shall
consider:
(1) the nature and type of business the license holder
conducts;
(2) the nature and degree of liquidity in assets held
by the license holder in a corporate capacity;
(3) the competence, character, general fitness, and
experience of management;
(4) the extent and adequacy of internal controls
maintained by the license holder;
(5) the presence or absence of annual unqualified
audits by an independent certified public accountant; and
(6) the existence and adequacy of other insurance
obtained or held by the license holder to protect its customers.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 6, eff. Aug. 30, 1999.
§ 153.110. DEPOSIT OF MONEY OR
SECURITIES. (a) Instead of posting a bond or letter of credit as
required by Section 153.109 and with the commission's prior written
approval, a license holder may deposit with the commissioner United
States currency or cash equivalent instruments or securities
acceptable to the commissioner.
(b) The amount of currency or the fair market value of the
instruments or securities must equal or exceed the amount required
for the bond or letter of credit.
(c) The commission may adopt rules to implement this
section.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 68, eff. Sept. 1, 2001.
§ 153.111. TERM OF LICENSE. A license expires on the
first anniversary of the date the commissioner issues the license.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.112. TRANSFER OR ASSIGNMENT. A license may not be
transferred or assigned.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.113. LICENSE RENEWAL. (a) To renew a license,
the license holder must submit to the commissioner an application
for renewal on a form prescribed by the commissioner and a renewal
fee.
(b) An applicant for renewal of a license must satisfy the
requirements of Section 153.102(d).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.114. SURRENDER OF LICENSE. A license holder shall
surrender a license to the commissioner if the license holder is
ineligible for a license under Section 153.102(b) or (c).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.115. GROUNDS FOR SUSPENSION OR REVOCATION OF
LICENSE. (a) The commissioner may suspend or revoke the license
of a license holder who:
(1) violates this chapter or a rule adopted under this
chapter;
(2) does not provide on request a complete set of
fingerprints and a recent photograph; or
(3) has a principal who fails to provide on request a
complete set of fingerprints and a recent photograph.
(b) The commissioner may suspend the license of a license
holder who is required by the commissioner to submit to an
examination until the examination is completed if the license
holder:
(1) refuses to be examined; or
(2) refuses to answer a question authorized by this
chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.116. PROCEDURES FOR DENIAL, REVOCATION, OR
SUSPENSION OF LICENSE. (a) An applicant or license holder is
entitled to notice and opportunity for hearing regarding the
denial, revocation, or suspension of a license.
(b) The order of the commissioner denying, revoking, or
suspending the license must state the grounds on which the action is
based.
(c) Notice of the hearing must:
(1) be sent by registered or certified mail to the
applicant or license holder at the address stated on the
application or license; and
(2) specify a date by which the applicant or license
holder must request the hearing, which may not be earlier than the
11th day after the date the notice is mailed.
(d) The order becomes final if a hearing is not requested by
the date specified in the notice.
(e) The order denying, revoking, or suspending the license
takes effect on the 21st day after the date on which the notice is
sent. The commissioner may make the order effective immediately if
the commissioner finds a threat of imminent harm to public health,
safety, or welfare.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.117. EXEMPTIONS FROM LICENSING
REQUIREMENT. (a) The following persons are not required to be
licensed under this chapter:
(1) a federally insured financial institution, as that
term is defined by Section 201.101, that is organized under the laws
of this state, another state, or the United States;
(2) a foreign bank branch or agency in the United
States established under the federal International Banking Act of
1978 (12 U.S.C. Section 3101 et seq.), as amended;
(3) a license holder under Chapter 152, except that
the license holder is required to comply with the other provisions
of this chapter to the extent the license holder engages in currency
exchange, transportation, or transmission transactions;
(4) a person registered as a securities dealer or
investment adviser under The Securities Act (Article 581-1 et seq.,
Vernon's Texas Civil Statutes);
(5) an attorney or title company that in connection
with a real property transaction receives and disburses only
domestic currency on behalf of a party to the transaction;
(6) a Federal Reserve bank;
(7) a clearinghouse exercising bank payment,
collection, and clearing functions; or
(8) another person that the commission may exempt by
rule if the commission finds that the licensing of the person is not
necessary or appropriate to achieve the objectives of this chapter.
(b) A retailer, wholesaler, or service provider who in the
ordinary course of business accepts currency of a foreign country
or government as payment for goods sold or services provided is
eligible for an exemption from licensing under this chapter. A
person requesting the exemption must:
(1) notify the commissioner in writing that the person
qualifies for and intends to take advantage of the exemption; and
(2) certify that the person's currency exchange
activities will be consistent with continued eligibility.
(c) In accordance with the examination provisions of this
chapter, the commissioner may examine a person to verify the
person's exempt status under Subsection (b).
(d) The retailer, wholesaler, or service provider is not
eligible for an exemption if:
(1) the value of the goods or services purchased in a
single transaction exceeds $10,000;
(2) the change given or made as a result of the
transaction exceeds $100;
(3) an attempt is made to structure a transaction in a
manner that evades the licensing requirements of this chapter or
avoids using a licensed currency exchange business;
(4) the person is engaged in the business of cashing
checks, drafts, or other monetary instruments for consideration and
is not otherwise exempt from licensing under this chapter; or
(5) the person would not be eligible for a license
under Section 153.102.
(e) A person engaged in the business of currency
transportation who is both a registered motor carrier under Chapter
643, Transportation Code, and a licensed armored car company or
courier company under Chapter 1702, Occupations Code, is not
required to be licensed under this chapter. This exemption does not
authorize the person to engage in the business of currency exchange
or transmission without a license issued under this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.39, eff. Sept. 1, 1999; Acts
1999, 76th Leg., ch. 344, § 2.022, eff. Sept. 1, 1999; Acts
1999, 76th Leg., ch. 356, § 7, eff. Aug. 30, 1999; Acts 2001,
77th Leg., ch. 867, § 69, eff. Sept. 1, 2001; Acts 2001, 77th
Leg., ch. 1091, § 4.02, eff. Sept. 1, 2001; Acts 2001, 77th
Leg., ch. 1420, § 6.102, 14.745, eff. Sept. 1, 2001.
SUBCHAPTER C. REGULATED CONDUCT
§ 153.201. FAILURE TO MAINTAIN PROPER RECORDS. For
purposes of evading a financial transaction requirement, a person
may not cause or attempt to cause a license holder to:
(1) fail to maintain a record or file a report required
by a law listed by Section 153.001(9); or
(2) maintain a record or file a report required by a
law listed by Section 153.001(9) that contains a material omission
or misstatement of fact.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.202. FRAUDULENTLY STRUCTURED
TRANSACTION. (a) For purposes of evading a financial transaction
requirement, a person may not fraudulently structure a transaction
with a license holder.
(b) For purposes of this chapter, a person fraudulently
structures a transaction if the person conducts or attempts to
conduct a transaction in any amount of currency with a license
holder having the purpose of evading a recordkeeping or reporting
requirement of a law listed by Section 153.001(9), including the
division of a single amount of currency into smaller amounts or the
conduct of a transaction or series of transactions in amounts equal
to or less than the reporting or recordkeeping threshold of a law
listed by that section.
(c) A transaction is not required to exceed a recordkeeping
or reporting threshold of a single license holder on a single day to
be a fraudulently structured transaction.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.203. DECEPTIVE NAME. Except as provided by the
Texas Business Corporation Act, a corporate license holder may not
use the same name as, or a name deceptively similar to, the name of a
domestic corporation existing under the laws of this state or a
foreign corporation authorized to transact business in this state.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.204. PROHIBITED ACTIONS. The commissioner may
take an action authorized under Section 153.407 if the commissioner
finds that a person:
(1) violated or refused to comply with this chapter, a
rule adopted under this chapter, or any other law or regulation
applicable to a currency exchange, transportation, or transmission
business;
(2) committed a fraudulent practice in conducting the
holder's business;
(3) refused to submit to an examination;
(4) conducted business in an unsafe or unauthorized
manner;
(5) violated a condition of the license; or
(6) violated a condition of an agreement with the
commissioner or the department.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 8, eff. Aug. 30, 1999.
§ 153.205. ADVERTISING REQUIREMENTS. (a) A license
holder who advertises the prices to be charged by the currency
exchange, transportation, or transmission business for services
that are governed by this chapter shall specifically state in the
advertisement any fee or commission to be charged to the consumer.
(b) The commission by rule may establish requirements
regarding content and the size and type of lettering used in an
advertisement for prices or rates.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 9, eff. Aug. 30, 1999; Acts
2001, 77th Leg., ch. 867, § 70, eff. Sept. 1, 2001.
SUBCHAPTER D. ADMINISTRATIVE PROVISIONS
§ 153.301. EXAMINATION. (a) The commissioner
periodically may examine the business records of a license holder
or any principal of the license holder at the license holder's
expense and may require a license holder with multiple locations in
this state licensed in accordance with Section 153.105 to make
business records for all licensed locations available for
examination at a specified licensed location.
(b) For purposes of carrying out this chapter, the
commissioner may:
(1) examine all records or objects the commissioner
determines are necessary to conduct a complete examination; and
(2) examine under oath any principal associated with
the license holder, including an officer, director, or employee of
the license holder.
(c) Expenses of an examination may be paid out of and
collected from the proceeds of a bond, letter of credit, or deposit
required under Section 153.109 or 153.110.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 10, eff. Aug. 30, 1999.
§ 153.302. INVESTIGATION OF VIOLATION. The
commissioner, with the assistance of the Department of Public
Safety of the State of Texas, may investigate a violation of this
chapter or a rule adopted under this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.303. FEES. (a) The commission shall set the
license application fees, license fees, license renewal fees, and
examination fees in amounts that are reasonable and necessary to
defray the cost of administering this chapter.
(b) A fee may be paid and collected from the proceeds of a
bond, letter of credit, or deposit required under Section 153.109
or 153.110.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 71, eff. Sept. 1, 2001.
§ 153.304. COOPERATIVE AGREEMENT. The commissioner
shall cooperate with a state or federal agency in discharging the
commissioner's responsibilities relating to the regulation of a
currency exchange, transportation, or transmission business. The
commissioner may:
(1) arrange for the exchange among government
officials of information concerning the regulation of a currency
exchange, transportation, or transmission business;
(2) cooperate with and coordinate training programs
concerning the regulation of a currency exchange, transportation,
or transmission business;
(3) assist a state or federal agency with
investigatory and other enforcement activities; and
(4) provide a state or federal agency with documents
and other information.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.305. CONFIDENTIAL INFORMATION. (a) Information
relating to the financial condition of a license holder, other than
published statements, obtained by the department from the license
holder and any file or record of the department relating to a
license holder are confidential and may not be disclosed by the
commissioner or an officer or employee of the department.
(b) The commissioner may release the information only if the
license holder consents to the release or the commissioner finds:
(1) a threat of immediate and irreparable harm to the
license holder's customers or potential customers or the public;
(2) that release of the information is required in
connection with an administrative hearing under this chapter; or
(3) that release of the information is reasonably
necessary to protect the public and is in the interest of justice.
(c) Information may be released under Subsection (b)(2)
only to the parties to the hearing. Information may be released
under Subsection (b)(3) only to an agency, department, or
instrumentality of this state, another state, the United States, or
a foreign country or to a law enforcement agency of a municipality
or political subdivision of this state or another state.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 11, eff. Aug. 30, 1999.
SUBCHAPTER E. ENFORCEMENT AND PENALTIES
§ 153.401. CRIMINAL PENALTY. (a) A person commits an
offense if the person knowingly:
(1) violates this chapter;
(2) makes a false, fictitious, or fraudulent
statement, representation, or entry in a record or report required
under:
(A) 31 U.S.C. Section 5313;
(B) 31 C.F.R. Part 103;
(C) Chapter 271;
(D) this chapter; or
(E) a rule adopted under this chapter; or
(3) fraudulently structures or attempts to
fraudulently structure a transaction in violation of Section
153.202.
(b) An offense under this section is a third-degree felony.
(c) It is a defense to prosecution under this section if the
alleged violation was committed by a peace officer, as defined by
Article 2.12, Code of Criminal Procedure, or a person acting on
request of a peace officer with the intent to facilitate a
legitimate law enforcement investigation conducted under the laws
of this state.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 12, eff. Aug. 30, 1999.
§ 153.402. ADMINISTRATIVE PENALTY. (a) The
commissioner may order a person to pay to the commissioner an
administrative penalty in an amount determined by the commissioner
if the commissioner finds after notice and hearing that the person
violated:
(1) this chapter;
(2) a rule adopted under this chapter; or
(3) an order of the commissioner issued under this
chapter.
(b) The amount of the penalty may not exceed $5,000 for each
violation or, in the case of a continuing violation, $5,000 for each
day that the violation continues.
(c) The penalty may be paid and collected from the proceeds
of a bond, letter of credit, or deposit required under Section
153.109 or 153.110.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.403. CRIMINAL REFERRAL. After considering the
results of an investigation conducted under Section 153.302, the
commissioner or a law enforcement agency may file a criminal
referral with the district attorney of Travis County or with the
prosecuting attorney of the county in which a violation is alleged
to have occurred.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.404. DECEPTIVE ACT OR PRACTICE. A person who
violates Section 153.203 or 153.205 or a rule adopted under those
sections commits a false, misleading, or deceptive act or practice
under Sections 17.46(a) and (b), Business & Commerce Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.405. INJUNCTION. The following persons may seek
an injunction prohibiting the operation of a currency exchange,
transportation, or transmission business if an investigation
discloses that a person is operating the business in violation of
this chapter or a rule adopted under this chapter:
(1) the prosecuting attorney of the county in which a
violation is alleged to have occurred;
(2) the attorney general; or
(3) the district attorney of Travis County.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.406. FORFEITURE. As provided by Chapter 59, Code
of Criminal Procedure, the state may seek the forfeiture of money or
other property related to the currency exchange, transportation, or
transmission business conducted by a person who knowingly operates
the business in violation of this chapter or a rule adopted under
this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.407. CEASE AND DESIST ORDERS; SEIZURE
ORDER. (a) The commissioner may serve a written order on any
person to cease and desist from a violation or practice and require
any affirmative action necessary to correct the conditions
resulting from the violation or practice if the commissioner
determines that a cease and desist order is necessary and in the
public's best interest. If the person is a license holder or a
principal of a license holder, the commissioner shall serve the
order on:
(1) the license holder;
(2) the board of directors of the license holder; and
(3) any offending principal.
(b) A cease and desist order takes effect on issuance if the
commissioner finds a threat of immediate and irreparable harm to
the license holder or the public. If the commissioner does not find
a threat of immediate and irreparable harm, the order must state an
effective date that is not before the 10th day after the date the
order is received.
(c) The order is final unless the license holder files a
notice of appeal with the commission not later than the 10th day
after the date the order is received. The license holder shall
certify to the commissioner in writing that its directors and each
person named in the order have read and understood the order.
(d) The commissioner may issue an order to seize the assets
and records that relate to a currency exchange, transmission, or
transportation business if the commissioner finds, by examination
or other credible evidence, that the currency exchange,
transmission, or transportation business has violated or refused to
comply with this chapter, a rule adopted under this chapter, or any
other law or regulation applicable to a currency exchange,
transportation, or transmission business.
(e) The actions authorized by this section are in addition
to and not in lieu of other actions the commissioner considers
appropriate under applicable law, including action under
Subchapter C, Chapter 35.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 356, § 13, eff. Aug. 30, 1999.
§ 153.408. APPEAL OF CEASE AND DESIST ORDER. (a) On
the timely filing of an appeal of a cease and desist order, the
presiding officer of the commission shall set a time and place for
hearing the appeal and give reasonable notice to the appellant.
(b) The order of the commissioner is affirmed and becomes
final and effective if the commission finds that:
(1) the appellant has committed one or more of the
violations or practices charged by the commissioner; and
(2) a cease and desist order is necessary and in the
public's best interest.
(c) The commission shall set aside the order of the
commissioner if the commission does not make the findings required
by Subsection (b).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.409. ENFORCEMENT OF CEASE AND DESIST
ORDER. (a) After a cease and desist order becomes final and
effective and at the commissioner's request, the attorney general
may sue a license holder to enjoin the violation of the order and
the violation or practice charged by the commissioner as grounds
for the order if the license holder, the board of directors of the
license holder, or a principal of the license holder fails or
refuses to comply with the order.
(b) The suit must be brought in a district court in Travis
County.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 153.410. ASSISTANCE IN ENFORCING CHAPTER. The
commissioner may request the assistance of the Department of Public
Safety of the State of Texas in enforcing this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
