Sec. 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.
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.