Texas § FI.152.353 - SECURITY FOR CURRENCY EXCHANGE LICENSEE
Full text of Texas The Texas Constitution § FI.152.353 — SECURITY FOR CURRENCY EXCHANGE LICENSEE, with citation guidance and answers to common questions.
§ FI.152.353. SECURITY FOR CURRENCY EXCHANGE LICENSEE
SECURITY FOR CURRENCY EXCHANGE LICENSEE. (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. 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.
Frequently Asked Questions About Texas § FI.152.353
What does The Texas Constitution § FI.152.353 cover?
Section FI.152.353 ("SECURITY FOR CURRENCY EXCHANGE LICENSEE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.152.353?
A common citation format is "The Texas Constitution § FI.152.353" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.152.353 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.