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Texas Finance Code - FIN § 152.152. Streamlined Acquisition of Control

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The requirements of Section 152.151 do not apply to a person who has complied with and received approval to engage in money services under this chapter or was identified as a person in control in a previous application filed with and approved by the commissioner or by an MSB-accredited state under a multistate licensing process, provided that:

(1) the person has not:

(A) had a money services license revoked or suspended;  or

(B) controlled a money services licensee that has had a money services license revoked or suspended while the person was in control of the licensee in the previous five years;

(2) if the person is a money services licensee, the person:

(A) is well managed;  and

(B) if a rating for compliance has been given to the person by an MSB-accredited state, received a satisfactory rating in its most recent examination;

(3) in the case of a money transmission licensee, the person to be acquired is projected to meet the requirements of Sections 152.351, 152.352, 152.354, and 152.355, and if the person acquiring control is a money transmission licensee, that person acquiring control is also projected to meet the requirements of those sections, after the acquisition of control is completed;

(4) in the case of a currency exchange licensee, the person to be acquired is projected to meet the requirements of Sections 152.353 and 152.354, and if the person acquiring control is a currency exchange licensee, that person acquiring control is also projected to meet the requirements of those sections, after the acquisition of control is completed;

(5) the money services licensee to be acquired will not implement any material changes to the licensee's business plan as a result of the acquisition of control, and if the person acquiring control is a money services licensee, the acquiring licensee also will not implement any material changes to its business plan as a result of the acquisition of control;  and

(6) the person provides notice of the acquisition in cooperation with the money services licensee and attests to Subdivisions (1) through (5), as applicable, in a form and medium prescribed by the commissioner.

(b) If the notice under Subsection (a)(6) is not disapproved before the 31st day after the date on which the notice was determined to be complete, the notice is considered approved.

(c) Before filing an application for approval to acquire control of a money services licensee, a person may request in writing a determination from the commissioner as to whether the person would be considered a person in control of a money services licensee on consummation of a proposed transaction.  If the commissioner determines that the person would not be a person in control of a money services licensee, the proposed transaction is not subject to the requirements of Section 152.151.

(d) If a multistate licensing process includes a determination under Subsection (c) and an applicant participates in or is subject to the multistate licensing process:

(1) the commissioner may accept the control determination of a lead investigative state with sufficient staffing, expertise, and minimum standards for the purpose of Subsection (c);  or

(2) if this state is a lead investigative state, the commissioner may investigate the applicant under Subsection (c) and the time frames established by agreement through the multistate licensing process.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 152.152. Streamlined Acquisition of Control - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-152-152/

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