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.