Enrolled Bill Summary

House Bill 2320 amends the Finance Code to make a number of changes to the licensing and regulation of currency exchange, transmission, and transportation businesses. The act subjects operators of ATM machines and other electronic terminals to such regulation, expands definitions of "currency exchange" and "currency transmission" to include businesses that offer services and instruments payable in currency, allows the Finance Commission of Texas more flexibility in adopting rules relating to licensing, allows the banking commissioner to reduce the amount of a bond or letter of credit a licensee is required to post and to regulate the content of advertising by licensees, and exempts certain financial institutions and other businesses from licensing. The act deletes a provision that previously allowed a single license for an operator who conducts business at 10 or more locations and authorizes the commissioner to require license holders with multiple locations to make business records for all licensed locations available for examination at a specified location.

House Bill 2320 also makes changes to the commissioner's enforcement authority. The act authorizes the release of certain confidential business information to foreign countries or law enforcement agencies, establishes a defense to prosecution for a violation committed by a peace officer in the course of a legitimate investigation, and expands the commissioner's enforcement authority concerning cease and desist orders and the seizure of assets of a business found to be in violation of Finance Code provisions.