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A BILL TO BE ENTITLED
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AN ACT
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relating to the required preservation of certain records by a money |
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services business. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 151.602(a), Finance Code, is amended to |
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read as follows: |
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(a) A license holder must prepare, maintain, and preserve |
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the following books, accounts, and other records for at least five |
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years or another period as may be prescribed by rule of the |
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commission: |
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(1) a record of each money transmission transaction or |
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currency exchange transaction, as applicable; |
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(2) a general ledger posted in accordance with |
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generally accepted accounting principles containing all asset, |
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liability, capital, income, and expense accounts, unless directed |
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otherwise by the commissioner; |
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(3) bank statements and bank reconciliation records; |
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(4) all records and reports required by applicable |
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state and federal law, including the reporting and recordkeeping |
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requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT, |
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and Chapter 271, and other federal and state laws pertaining to |
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money laundering, drug trafficking, or terrorist funding; [and] |
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(5) a record of the government-issued photo |
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identification number of each person: |
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(A) sending currency, as that term is defined by |
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Section 151.301, through a money transmission transaction in an |
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amount of $100 or more; or |
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(B) receiving currency, as that term is defined |
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by Section 151.301, through a money transmission transaction in an |
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amount of $100 or more; and |
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(6) any other records required by commission rule or |
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reasonably requested by the commissioner to determine compliance |
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with this chapter. |
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SECTION 2. This Act takes effect September 1, 2023. |