State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-278-regulation-of-currency-transmissions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL

INSTITUTIONS AND BUSINESSES

CHAPTER 278. REGULATION OF CURRENCY TRANSMISSIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 278.001. DEFINITIONS. In this chapter:

(1) "Currency" has the meaning assigned by Section 153.001.

(2) "Currency transmission business" means engaging in or

offering currency transmission as a service or for profit. The

term does not include:

(A) a federally insured financial institution, as defined by

Section 201.101, that is organized under the laws of this state,

another state, or the United States; or

(B) a title insurance company or title insurance agent, as

defined by Section 2501.003, Insurance Code.

(3) "Currency transmission" means receiving currency or an

instrument payable in currency in order to transmit the currency

or its equivalent by wire, computer modem, facsimile, physical

transport, or any other means or through the use of a financial

intermediary, the Federal Reserve System, or another funds

transfer network.

(4) "Fee" does not include revenue that a currency transmission

business generates in connection with a currency transmission in

the conversion of a currency of one government into the currency

of another government.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Amended by:

Acts 2005, 79th Leg., Ch.

728, Sec. 11.112, eff. September 1, 2005.

SUBCHAPTER B. CURRENCY TRANSMISSION DISCLOSURES

Sec. 278.051. DISCLOSURES WITH TRANSACTION. (a) Other than in

a telephonic transaction conducted on a telephone that is not

designated for use in currency transmission transactions by a

currency transmission business, at the time of a currency

transmission transaction to another country the currency

transmission business shall provide a receipt to the customer.

The receipt must:

(1) clearly state the amount of currency presented for

transmission and any fees charged by the currency transmission

business; and

(2) provide a toll-free telephone number or a local number that

a customer can access at no charge to receive information about a

currency transmission.

(b) If the rate of exchange for a currency transmission to be

paid in the currency of another country is fixed by the currency

transmission business for a transaction at the time the currency

transmission is initiated, the receipt must also disclose:

(1) the rate of exchange for that transaction;

(2) the amount to be paid in the foreign currency; and

(3) the period, if any, in which the payment must be made in

order to qualify for the fixed rate of exchange.

(c) If the rate of exchange for a currency transmission to be

paid in the currency of another country is not fixed at the time

the currency transmission is initiated, the receipt must also

disclose that the rate of exchange for the transaction will be

set at the time the recipient of the currency transmission

receives the funds in the foreign country.

(d) If the customer requests, the currency transmission business

must provide the required disclosures before completing the

transaction.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.052. CANCELLATION AND REFUND OF TRANSACTION. (a)

Except as provided by Subsection (c), on receiving the

transaction receipt required under Section 278.051, a customer

may cancel the currency transaction:

(1) before leaving the premises of the currency transmission

business; and

(2) not later than 30 minutes after the time at which the

currency transmission was initiated.

(b) If the customer cancels the transaction, the currency

transmission business shall immediately refund to the customer

the fees paid and currency to be transmitted.

(c) A customer may not cancel a transaction after the recipient

of the currency transmission has received the currency or its

equivalent.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.053. LANGUAGE OF DISCLOSURE. A currency transmission

business shall make the disclosures required by this chapter in

English and, if the currency transmission is to a country where

Spanish is widely spoken, in Spanish.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

SUBCHAPTER C. ENFORCEMENT

Sec. 278.101. CIVIL PENALTY. (a) A person who knowingly

violates this chapter is liable to the state for a civil penalty

in an amount not to exceed $1,000 for each violation. The

attorney general or the prosecuting attorney in the county in

which the violation occurs may bring:

(1) a suit to recover the civil penalty imposed under this

section; and

(2) an action in the name of the state to restrain or enjoin a

person from violating this chapter.

(b) The attorney general or the prosecuting attorney in the

county in which the violation occurs, as appropriate, is entitled

to recover reasonable expenses incurred in obtaining injunctive

relief, civil penalties, or both, under this section, including

reasonable attorney's fees, court costs, and investigatory costs.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-278-regulation-of-currency-transmissions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL

INSTITUTIONS AND BUSINESSES

CHAPTER 278. REGULATION OF CURRENCY TRANSMISSIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 278.001. DEFINITIONS. In this chapter:

(1) "Currency" has the meaning assigned by Section 153.001.

(2) "Currency transmission business" means engaging in or

offering currency transmission as a service or for profit. The

term does not include:

(A) a federally insured financial institution, as defined by

Section 201.101, that is organized under the laws of this state,

another state, or the United States; or

(B) a title insurance company or title insurance agent, as

defined by Section 2501.003, Insurance Code.

(3) "Currency transmission" means receiving currency or an

instrument payable in currency in order to transmit the currency

or its equivalent by wire, computer modem, facsimile, physical

transport, or any other means or through the use of a financial

intermediary, the Federal Reserve System, or another funds

transfer network.

(4) "Fee" does not include revenue that a currency transmission

business generates in connection with a currency transmission in

the conversion of a currency of one government into the currency

of another government.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Amended by:

Acts 2005, 79th Leg., Ch.

728, Sec. 11.112, eff. September 1, 2005.

SUBCHAPTER B. CURRENCY TRANSMISSION DISCLOSURES

Sec. 278.051. DISCLOSURES WITH TRANSACTION. (a) Other than in

a telephonic transaction conducted on a telephone that is not

designated for use in currency transmission transactions by a

currency transmission business, at the time of a currency

transmission transaction to another country the currency

transmission business shall provide a receipt to the customer.

The receipt must:

(1) clearly state the amount of currency presented for

transmission and any fees charged by the currency transmission

business; and

(2) provide a toll-free telephone number or a local number that

a customer can access at no charge to receive information about a

currency transmission.

(b) If the rate of exchange for a currency transmission to be

paid in the currency of another country is fixed by the currency

transmission business for a transaction at the time the currency

transmission is initiated, the receipt must also disclose:

(1) the rate of exchange for that transaction;

(2) the amount to be paid in the foreign currency; and

(3) the period, if any, in which the payment must be made in

order to qualify for the fixed rate of exchange.

(c) If the rate of exchange for a currency transmission to be

paid in the currency of another country is not fixed at the time

the currency transmission is initiated, the receipt must also

disclose that the rate of exchange for the transaction will be

set at the time the recipient of the currency transmission

receives the funds in the foreign country.

(d) If the customer requests, the currency transmission business

must provide the required disclosures before completing the

transaction.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.052. CANCELLATION AND REFUND OF TRANSACTION. (a)

Except as provided by Subsection (c), on receiving the

transaction receipt required under Section 278.051, a customer

may cancel the currency transaction:

(1) before leaving the premises of the currency transmission

business; and

(2) not later than 30 minutes after the time at which the

currency transmission was initiated.

(b) If the customer cancels the transaction, the currency

transmission business shall immediately refund to the customer

the fees paid and currency to be transmitted.

(c) A customer may not cancel a transaction after the recipient

of the currency transmission has received the currency or its

equivalent.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.053. LANGUAGE OF DISCLOSURE. A currency transmission

business shall make the disclosures required by this chapter in

English and, if the currency transmission is to a country where

Spanish is widely spoken, in Spanish.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

SUBCHAPTER C. ENFORCEMENT

Sec. 278.101. CIVIL PENALTY. (a) A person who knowingly

violates this chapter is liable to the state for a civil penalty

in an amount not to exceed $1,000 for each violation. The

attorney general or the prosecuting attorney in the county in

which the violation occurs may bring:

(1) a suit to recover the civil penalty imposed under this

section; and

(2) an action in the name of the state to restrain or enjoin a

person from violating this chapter.

(b) The attorney general or the prosecuting attorney in the

county in which the violation occurs, as appropriate, is entitled

to recover reasonable expenses incurred in obtaining injunctive

relief, civil penalties, or both, under this section, including

reasonable attorney's fees, court costs, and investigatory costs.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.


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State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-278-regulation-of-currency-transmissions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL

INSTITUTIONS AND BUSINESSES

CHAPTER 278. REGULATION OF CURRENCY TRANSMISSIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 278.001. DEFINITIONS. In this chapter:

(1) "Currency" has the meaning assigned by Section 153.001.

(2) "Currency transmission business" means engaging in or

offering currency transmission as a service or for profit. The

term does not include:

(A) a federally insured financial institution, as defined by

Section 201.101, that is organized under the laws of this state,

another state, or the United States; or

(B) a title insurance company or title insurance agent, as

defined by Section 2501.003, Insurance Code.

(3) "Currency transmission" means receiving currency or an

instrument payable in currency in order to transmit the currency

or its equivalent by wire, computer modem, facsimile, physical

transport, or any other means or through the use of a financial

intermediary, the Federal Reserve System, or another funds

transfer network.

(4) "Fee" does not include revenue that a currency transmission

business generates in connection with a currency transmission in

the conversion of a currency of one government into the currency

of another government.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Amended by:

Acts 2005, 79th Leg., Ch.

728, Sec. 11.112, eff. September 1, 2005.

SUBCHAPTER B. CURRENCY TRANSMISSION DISCLOSURES

Sec. 278.051. DISCLOSURES WITH TRANSACTION. (a) Other than in

a telephonic transaction conducted on a telephone that is not

designated for use in currency transmission transactions by a

currency transmission business, at the time of a currency

transmission transaction to another country the currency

transmission business shall provide a receipt to the customer.

The receipt must:

(1) clearly state the amount of currency presented for

transmission and any fees charged by the currency transmission

business; and

(2) provide a toll-free telephone number or a local number that

a customer can access at no charge to receive information about a

currency transmission.

(b) If the rate of exchange for a currency transmission to be

paid in the currency of another country is fixed by the currency

transmission business for a transaction at the time the currency

transmission is initiated, the receipt must also disclose:

(1) the rate of exchange for that transaction;

(2) the amount to be paid in the foreign currency; and

(3) the period, if any, in which the payment must be made in

order to qualify for the fixed rate of exchange.

(c) If the rate of exchange for a currency transmission to be

paid in the currency of another country is not fixed at the time

the currency transmission is initiated, the receipt must also

disclose that the rate of exchange for the transaction will be

set at the time the recipient of the currency transmission

receives the funds in the foreign country.

(d) If the customer requests, the currency transmission business

must provide the required disclosures before completing the

transaction.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.052. CANCELLATION AND REFUND OF TRANSACTION. (a)

Except as provided by Subsection (c), on receiving the

transaction receipt required under Section 278.051, a customer

may cancel the currency transaction:

(1) before leaving the premises of the currency transmission

business; and

(2) not later than 30 minutes after the time at which the

currency transmission was initiated.

(b) If the customer cancels the transaction, the currency

transmission business shall immediately refund to the customer

the fees paid and currency to be transmitted.

(c) A customer may not cancel a transaction after the recipient

of the currency transmission has received the currency or its

equivalent.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

Sec. 278.053. LANGUAGE OF DISCLOSURE. A currency transmission

business shall make the disclosures required by this chapter in

English and, if the currency transmission is to a country where

Spanish is widely spoken, in Spanish.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.

SUBCHAPTER C. ENFORCEMENT

Sec. 278.101. CIVIL PENALTY. (a) A person who knowingly

violates this chapter is liable to the state for a civil penalty

in an amount not to exceed $1,000 for each violation. The

attorney general or the prosecuting attorney in the county in

which the violation occurs may bring:

(1) a suit to recover the civil penalty imposed under this

section; and

(2) an action in the name of the state to restrain or enjoin a

person from violating this chapter.

(b) The attorney general or the prosecuting attorney in the

county in which the violation occurs, as appropriate, is entitled

to recover reasonable expenses incurred in obtaining injunctive

relief, civil penalties, or both, under this section, including

reasonable attorney's fees, court costs, and investigatory costs.

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1,

2003.


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