Texas Finance Code 152.205 – Reports of Certain Events
(a) A money services licensee shall file a report with the commissioner not later than the first business day after the licensee has reason to know of:
(1) the filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. Sections 101-1532) for bankruptcy or reorganization;
(2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee’s dissolution or reorganization, or the making of a general assignment for the benefit of the licensee’s creditors; or
(3) the commencement of a proceeding to revoke or suspend the licensee’s license in a state or country in which the licensee engages in or is licensed to engage in money services business.
(b) A money services licensee shall file a report with the commissioner not later than the third business day after the licensee has reason to know of the occurrence of a felony charge or conviction of:
(1) the licensee or a key individual;
(2) a person in control of the licensee; or
(3) an authorized delegate.
Terms Used In Texas Finance Code 152.205
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Conviction: A judgement of guilt against a criminal defendant.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005