Skip to main content
Find a Lawyer

Texas Finance Code - FIN § 152.352. Security for Money Transmission Licensee

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

(a) A money transmission licensee shall at all times maintain security consisting of a surety bond in a form satisfactory to the commissioner.  With the commissioner's approval, a money transmission licensee may maintain a deposit in lieu of a bond under this section.

(b) The amount of the required security for a money transmission licensee under this section is:

(1) for a licensee with a tangible net worth in an amount not greater than 10 percent of the licensee's total assets, the greater of:

(A) $100,000;  or

(B) 100 percent of the licensee's average daily money transmission liability in this state for the most recently completed three-month period, up to a maximum amount of $500,000;  or

(2) for a licensee with a tangible net worth in an amount greater than 10 percent of the licensee's total assets, $100,000.

(c) A money transmission licensee that maintains a bond in the maximum amount provided for under Subsection (b) may not be required to calculate the licensee's average daily money transmission liability in this state for purposes of this section.

(d) A money transmission licensee may exceed the maximum required bond amount under Section 152.356(a)(5).

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Texas Finance Code - FIN § 152.352. Security for Money Transmission Licensee - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-152-352/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard