Sec. 151.002. DEFINITIONS. (a) This section defines general terms that apply to an applicant for or holder of a money services license issued under this chapter, regardless of whether the license is a money transmission license or a currency exchange license. Additional terms that apply specifically to money transmission are defined in Section 151.301. Additional terms that apply specifically to currency exchange are defined in Section 151.501.

(b) In this chapter:

(1) "Applicant" means a person that files an application for a license under this chapter.

(2) "Authorized delegate" means a person a license holder appoints under Section 151.402 to conduct money transmission on behalf of the license holder.

(3) "Bank Secrecy Act" means the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), and its implementing regulations.

(4) "Commission" means the Finance Commission of Texas.

(5) "Commissioner" means the Banking Commissioner of Texas or a person designated by the banking commissioner and acting under the banking commissioner's direction and authority.

(6) "Control" means ownership of, or the power to directly or indirectly vote, 25 percent or more of the outstanding voting interests of a license holder or applicant, and includes an individual whose ownership is through one or more legal entities.

(7) "Currency exchange" has the meaning assigned by Section 151.501.

(8) "Currency exchange license" means a license issued under Subchapter F.

(9) "Department" means the Texas Department of Banking.

(9-a) Repealed by Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 23, eff. May 24, 2019.

(9-b) Repealed by Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 23, eff. May 24, 2019.

(9-c) Repealed by Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 23, eff. May 24, 2019.

(10) "Executive officer" means a president, a presiding officer of the executive committee, a treasurer or chief financial officer, or any other individual who performs similar functions.

(11) "License holder" means a person that holds a money transmission license or a currency exchange license.

(12) "Location" means a place at which activity regulated by this chapter occurs.

(13) "Material litigation" means any litigation that, according to generally accepted accounting principles, is considered significant to an applicant's or license holder's financial health and would be required to be referenced in that entity's audited financial statements, report to shareholders, or similar documents.

(14) "Money services" means money transmission or currency exchange services.

(15) "Money transmission" has the meaning assigned by Section 151.301.

(16) "Money transmission license" means a license issued under Subchapter D.

(17) "Person" means an individual or legal entity.

(18) "Principal" means:

(A) with respect to a sole proprietorship, an owner; or

(B) with respect to a legal entity other than a sole proprietorship, an executive officer, director, general partner, trustee, or manager, as applicable.

(19) "Record" means information that is:

(A) inscribed on a tangible medium; or

(B) stored in an electronic or other medium and retrievable in perceivable form.

(20) "Responsible individual" means an individual who has direct control over or significant management policy and decision-making authority with respect to a license holder's ongoing, daily money services operations in this state.

(20-a) "Tangible net worth" means the total value of all assets, minus any liabilities and intangible assets.

(21) "USA PATRIOT ACT" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (Pub. L. No. 107-56, 115 Stat. 272).

Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.

Amended by:

Acts 2013, 83rd Leg., R.S., Ch. 988 (H.B. 2134), Sec. 1, eff. September 1, 2013.

Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 2, eff. June 19, 2015.

Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 3, eff. June 19, 2015.

Acts 2017, 85th Leg., R.S., Ch. 428 (S.B. 1403), Sec. 1, eff. September 1, 2017.

Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 1, eff. May 24, 2019.

Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 2, eff. May 24, 2019.

Acts 2019, 86th Leg., R.S., Ch. 198 (H.B. 2458), Sec. 23(1), eff. May 24, 2019.