Texas § FI.152.153 - NOTICE AND INFORMATION REQUIREMENTS FOR CHANGE OF KEY INDIVIDUALS

§ FI.152.153. NOTICE AND INFORMATION REQUIREMENTS FOR CHANGE OF KEY INDIVIDUALS

NOTICE AND INFORMATION REQUIREMENTS FOR CHANGE OF KEY INDIVIDUALS. (a) A money services licensee adding or replacing a key individual shall provide: (1) notice in a manner prescribed by the commissioner not later than the 15th day after the effective date of the key individual's appointment; and (2) information as required by Section 152.105 not later than the 45th day after that effective date. (b) Not later than the 90th day after the date on which notice provided under Subsection (a) is determined to be complete, the commissioner may issue a notice of disapproval of a key individual if it would not be in the best interests of the public or the customers of the money services licensee to permit the individual to be a key individual of the licensee, considering the competence, experience, character, or integrity of the individual. (c) A notice of disapproval shall be sent to the money services licensee and the disapproved individual and must contain a statement of the basis for disapproval. A money services licensee may appeal a notice of disapproval by filing a written request for a hearing with the commissioner not later than the 30th day after the date the notice is mailed. A hearing on the denial must be held not later than the 45th day after the date the commissioner receives the written request unless the administrative law judge extends the period for good cause or the parties agree to a later hearing date. The hearing is considered a contested case hearing and is subject to Section 152.451 . (d) If the notice provided under Subsection (a) is not disapproved before the 91st day after the date on which the notice is determined to be complete, the key individual is considered approved. (e) If a multistate licensing process includes a key individual notice review and disapproval process under this section and the money services licensee participates in or is subject to the multistate licensing process: (1) the commissioner may accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purposes of this section; or (2) if this state is a lead investigative state, the commissioner may investigate the applicant in the same manner as for a determination under Subsection (b) and in accordance with the time frames established by agreement through the multistate licensing process. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895 ), Sec. 1.01, eff. September 1, 2023. SUBCHAPTER E. REPORTING AND RECORDS