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Texas Finance Code - FIN § 152.205. Reports of Certain Events

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

(a) A money services licensee shall file a report with the commissioner not later than the first business day after the licensee has reason to know of:

(1) the filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. Sections 101-1532) for bankruptcy or reorganization;

(2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or the making of a general assignment for the benefit of the licensee's creditors;  or

(3) the commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in or is licensed to engage in money services business.

(b) A money services licensee shall file a report with the commissioner not later than the third business day after the licensee has reason to know of the occurrence of a felony charge or conviction of:

(1) the licensee or a key individual;

(2) a person in control of the licensee;  or

(3) an authorized delegate.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 152.205. Reports of Certain Events - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-152-205/

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