By Thompson                                           H.B. No. 3084
       74R8077 CLG-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the regulation of currency exchange or currency
    1-3  transmission businesses.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 5, Article 350, Revised Statutes, is
    1-6  amended to read as follows:
    1-7        Sec. 5.  Fees.  The commissioner by rule shall set the
    1-8  license application fees, license fees, license renewal fees, <and>
    1-9  examination fees, and investigation fees in amounts reasonable and
   1-10  necessary to defray the cost of administering this article.
   1-11        SECTION 2.  Section 8(c), Article 350, Revised Statutes, is
   1-12  amended to read as follows:
   1-13        (c)  A person is not eligible for a license or must surrender
   1-14  an existing license if, during the previous 10 years, the person or
   1-15  a principal of the person, if a business:
   1-16              (1)  has been convicted of a felony or a crime
   1-17  involving moral turpitude under the laws of this state, any other
   1-18  state, or the United States;
   1-19              (2)  has been convicted of a crime under the laws of
   1-20  another country that involves moral turpitude or would be a felony
   1-21  if committed in the United States; or
   1-22              (3)  owes delinquent taxes, fines, or fees to any
   1-23  local, state, or federal taxing or governmental entity.
   1-24        SECTION 3.  Section 8, Article 350, Revised Statutes, is
    2-1  amended by adding Subsection (e) to read as follows:
    2-2        (e)  Before approving an application for a license under this
    2-3  article, the commissioner may conduct a background investigation of
    2-4  an applicant or a principal of the applicant if the commissioner
    2-5  determines a background investigation of the applicant or principal
    2-6  is necessary to protect the public interest.  The commissioner
    2-7  shall charge and collect from the applicant a nonrefundable fee to
    2-8  conduct an investigation under this subsection.  If the applicant
    2-9  fails to pay a fee required by this subsection or the applicant or
   2-10  principal of the applicant fails to cooperate with an investigation
   2-11  conducted under this subsection, the commissioner may deny the
   2-12  application.
   2-13        SECTION 4.  Article 4, Chapter I, The Texas Banking Code
   2-14  (Article 342-104, Vernon's Texas Civil Statutes), is amended by
   2-15  amending Section 4 and adding Section 2A to read as follows:
   2-16        2A.  One member of the Finance Commission shall be a currency
   2-17  exchange executive.  For purposes of this article, a currency
   2-18  exchange executive is a person who:
   2-19              (i)  has had five (5) years or more executive
   2-20  experience in the seven (7) years preceding the person's
   2-21  appointment in the currency exchange or currency transmission
   2-22  business and has served as an officer or director or principal for
   2-23  at least five (5) years; and
   2-24              (ii)  at the time of the person's appointment, is a
   2-25  principal in a currency exchange license under Article 350, Revised
   2-26  Statutes.
   2-27        4.  The members of the Finance Commission who are not banking
    3-1  executives, <or> savings executives, or currency exchange
    3-2  executives shall be selected by the Governor on the basis of
    3-3  recognized business ability.  Those members may not be banking
    3-4  executives, savings executives, or controlling shareholders in a
    3-5  bank, savings and loan association, or savings bank.  At least one
    3-6  of those members must be a certified public accountant.
    3-7        SECTION 5.  This Act takes effect September 1, 1995.
    3-8        SECTION 6.  The importance of this legislation and the
    3-9  crowded condition of the calendars in both houses create an
   3-10  emergency and an imperative public necessity that the
   3-11  constitutional rule requiring bills to be read on three several
   3-12  days in each house be suspended, and this rule is hereby suspended.