Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 2 - TEXAS DEPARTMENT OF BANKING
Chapter 33 - MONEY SERVICES BUSINESSES
Section 33.53 - Exemption for Debt Management Service Providers
Current through Reg. 49, No. 12; March 22, 2024
(a) For purposes of this section, the terms "debt management service" and "provider" have the meanings assigned by Texas Finance Code § RSA 394.202.
(b) A debt management service provider who, in the course of conducting its debt management services, receives money from consumers for distribution to the consumer's creditors need not obtain a money transmission license if that provider:
(c) Any debt management service provider who receives money from consumers and who is exempted from registration by the Office of Consumer Credit Commissioner for any reason, including under Finance Code § RSA 394.203 (c)(5), must contact the Department of Banking to seek a determination as to whether a money transmission license is required.
(d) Any debt management service provider exempted from money transmission licensing under subsection (b) of this section must immediately contact the Department of Banking in the event that any of the conditions listed in subsection (b) of this section change.