Tex. Fin. Code § 152.353 · Subchapter H. PRUDENTIAL STANDARDS
SECURITY FOR CURRENCY EXCHANGE LICENSEE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A currency exchange licensee shall at all times maintain security in the amount applicable to the licensee under this section consisting of a surety bond in a form satisfactory to the commissioner. The security must satisfy the requirements of and is subject to Section 152.354. With the commissioner's approval, a currency exchange licensee may maintain a deposit in lieu of a bond under this section.
(b) A currency exchange licensee shall maintain security in the amount of $2,500 if the licensee conducts business with persons located in this state exclusively at one or more physical locations through in-person, contemporaneous transactions.
(c) Except as provided by Subsection (e), if Subsection (b) does not apply to a currency exchange licensee, the licensee shall maintain security in an amount not less than the greater of:
(1) $2,500; or
(2) an amount equal to one percent of the licensee's total dollar volume of currency exchange business in this state for the preceding year.
(d) For purposes of demonstrating prospective compliance with this section under Section 152.107(c), an applicant for a currency exchange license may use the applicant's projected total dollar volume of currency exchange business in this state for the first year of licensure to determine the amount under Subsection (c)(2).
(e) The maximum amount of security that may be required under this section is $1 million.
Notes and commentary — not statutory text
History
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.
Amended by:
Acts 2025, 89th Leg., R.S., Ch. 642 (H.B. 3833), Sec. 7, eff. September 1, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.152.htm
- Text hash
- sha256 3f6933c249cce52dc3515c7fae6a5dddcfdeac2be36e87ad3ea3b59f78e462e0
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 4 provisions
Provisions in this library whose text cites Tex. Fin. Code § 152.353. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 152.107MAINTENANCE OF LICENSE.Printed as Sections 152.353 and 152.354
- Tex. Fin. Code § 152.108SURRENDER OF LICENSE.Printed as Section 152.352 or 152.353
- Tex. Fin. Code § 152.152STREAMLINED ACQUISITION OF CONTROL.Printed as Sections 152.353 and 152.354
- Tex. Fin. Code § 152.354ADDITIONAL SECURITY REQUIREMENTS.Printed as Section 152.352 or 152.353
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.