Texas Finance Code 278.001 – Definitions
Terms Used In Texas Finance Code 278.001
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this chapter:
(1) “Currency” has the meaning assigned by § 152.003.
(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 § 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 § 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.