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Texas Finance Code - FIN § 152.203. Financial Statements

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

(a) A money services licensee shall, not later than the 90th day after the end of each fiscal year, or within an extended time prescribed by the commissioner, file with the commissioner:

(1) for a money transmission licensee, an audited unconsolidated financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles;

(2) for a currency exchange licensee, a financial statement, audited or unaudited, dated as of the last day of the licensee's fiscal year that ended in the immediately preceding calendar year, prepared in accordance with United States generally accepted accounting principles;  and

(3) any other information as the commissioner may reasonably require.

(b) A financial statement required by Subsection (a)(1) must be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the commissioner.

(c) An audited financial statement required by Subsection (a) must include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the commissioner.  If the certificate of opinion is qualified, the commissioner may order the money services licensee to take any action the commissioner finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 152.203. Financial Statements - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-152-203/

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