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Senate Bill 1403 |
Senate Author: Campbell |
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Effective: 9-1-17 |
House Sponsor: Burrows |
Senate Bill 1403 amends the Finance Code to exclude from the licensing requirements of the Money Services Act a trust company organized under state law and a person engaged in the business of currency transportation who is both a registered motor carrier and a licensed armored car company or courier company under the Private Security Act and who only transports currency to a person from a financial institution after the currency has been withdrawn from an account belonging to the same person. The bill also removes the authority of the banking commissioner of Texas to exempt from those requirements a person who transmits money exclusively in connection with commercial contracts in interstate commerce or does not charge a fee to transmit money. The bill, among other provisions, revises provisions relating to the minimum net worth required of a money transmission license applicant, authorizes the commissioner to increase the amount of an applicant's security under certain conditions, and sets out provisions regarding commissioner-ordered cease and desist orders for unlicensed persons.