88R8306 MLH-F
 
  By: Schatzline H.B. No. 5207
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the required preservation of certain records by a money
  services business.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 151.602(a), Finance Code, is amended to
  read as follows:
         (a)  A license holder must prepare, maintain, and preserve
  the following books, accounts, and other records for at least five
  years or another period as may be prescribed by rule of the
  commission:
               (1)  a record of each money transmission transaction or
  currency exchange transaction, as applicable;
               (2)  a general ledger posted in accordance with
  generally accepted accounting principles containing all asset,
  liability, capital, income, and expense accounts, unless directed
  otherwise by the commissioner;
               (3)  bank statements and bank reconciliation records;
               (4)  all records and reports required by applicable
  state and federal law, including the reporting and recordkeeping
  requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT,
  and Chapter 271, and other federal and state laws pertaining to
  money laundering, drug trafficking, or terrorist funding; [and]
               (5)  a record of the government-issued photo
  identification number of each person:
                     (A)  sending currency, as that term is defined by
  Section 151.301, through a money transmission transaction in an
  amount of $100 or more; or
                     (B)  receiving currency, as that term is defined
  by Section 151.301, through a money transmission transaction in an
  amount of $100 or more; and
               (6)  any other records required by commission rule or
  reasonably requested by the commissioner to determine compliance
  with this chapter.
         SECTION 2.  This Act takes effect September 1, 2023.