Texas § FI.152.057 - SUPERVISION

§ FI.152.057. SUPERVISION

SUPERVISION. (a) The commissioner may conduct an examination or investigation of a money services licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the Patriot Act. (b) The commissioner may: (1) conduct an examination on-site or off-site as the commissioner may reasonably require; (2) conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government; (3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm; and (4) summon and examine under oath a key individual or employee of a money services licensee or authorized delegate and require the person to produce records regarding a matter related to the condition and business of the licensee or authorized delegate. (c) If the commissioner accepts a report under Subsection (b)(3), the report is considered for all purposes an official report of the commissioner. (d) A money services licensee or authorized delegate shall provide, and the commissioner shall have full and complete access to, all records the commissioner may reasonably require to conduct a complete examination. Records must be provided at the location and in the format specified by the commissioner, provided the commissioner may use multistate record production standards and examination procedures when those standards will reasonably achieve the requirements of this section. (e) Unless otherwise directed by the commissioner, a money services licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or an authorized delegate of the licensee. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895 ), Sec. 1.01, eff. September 1, 2023.