By: Montford S.B. No. 1211
73R2472 CAE-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the regulation of currency exchange and transmission
1-3 businesses.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 10(a), Article 350, Revised Statutes, is
1-6 amended to read as follows:
1-7 (a) A person who is licensed under this article shall post a
1-8 bond with a qualified surety company doing business in this state
1-9 that is acceptable to the commissioner <for each license the person
1-10 holds> in an amount determined by the commissioner. The
1-11 commissioner shall determine the amount of the bond based on the
1-12 dollar volume of the licensee's currency exchange or transmission
1-13 business and the number of locations from which the person
1-14 operates, but the bond must be at least $25,000.
1-15 SECTION 2. Section 13(a), Article 350, Revised Statutes, is
1-16 amended to read as follows:
1-17 (a) The commissioner shall cooperate with federal and state
1-18 agencies in discharging the commissioner's responsibilities
1-19 relating to the regulation of currency exchange or transmission
1-20 businesses. The commissioner may:
1-21 (1) arrange for the exchange of information among
1-22 government officials concerning the regulation of a currency
1-23 exchange or transmission business; <and>
1-24 (2) cooperate in and coordinate training programs
2-1 concerning the regulation of currency exchange or transmission
2-2 businesses; and
2-3 (3) assist state and federal agencies in their
2-4 enforcement and investigatory activities and supply those agencies
2-5 with documentation and information.
2-6 SECTION 3. Section 16, Article 350, Revised Statutes, is
2-7 amended to read as follows:
2-8 Sec. 16. INJUNCTION. The prosecuting attorney of the county
2-9 in which a violation is alleged to have occurred, the attorney
2-10 general, or the district attorney of Travis County may seek an
2-11 injunction prohibiting the further operation of a currency exchange
2-12 or transmission business if an investigation discloses that a
2-13 person is operating a currency exchange or transmission business
2-14 without a license or in violation of this article or rules adopted
2-15 under this article.
2-16 SECTION 4. Section 20, Article 350, Revised Statutes, is
2-17 amended to read as follows:
2-18 Sec. 20. Confidential Information. All information obtained
2-19 by the Banking Department from a licensee relating to the financial
2-20 condition of a licensee, whether obtained through examination or
2-21 otherwise, except published statements, and all files and records
2-22 of the Banking Department relating to a licensee are confidential
2-23 and may not be disclosed by the commissioner or an officer or
2-24 employee of the Banking Department. The commissioner may release
2-25 information if:
2-26 (1) the commissioner finds that immediate and
2-27 irreparable harm is threatened to the licensee's customers or
3-1 potential customers or the general public;
3-2 (2) the licensee consents before the release;
3-3 (3) the commissioner finds that release of the
3-4 information is required in connection with an administrative <a>
3-5 hearing under this article <before the Finance Commission>, in
3-6 which event information may be released to the parties of that
3-7 hearing <distributed to the Finance Commission>; or
3-8 (4) the commissioner finds that the release is
3-9 reasonably necessary for the protection of the public and in the
3-10 interest of justice, in which event information may be distributed
3-11 to representatives of an agency, department, or instrumentality of
3-12 this state, any other state, or the federal government<, provided
3-13 the representatives state in writing under oath that they will
3-14 maintain the confidentiality of the information>.
3-15 SECTION 5. Section 8(e), Article 350, Revised Statutes, is
3-16 repealed.
3-17 SECTION 6. The importance of this legislation and the
3-18 crowded condition of the calendars in both houses create an
3-19 emergency and an imperative public necessity that the
3-20 constitutional rule requiring bills to be read on three several
3-21 days in each house be suspended, and this rule is hereby suspended,
3-22 and that this Act take effect and be in force from and after its
3-23 passage, and it is so enacted.