(a) Does this section apply to me? This section applies if you hold a money transmission or currency exchange license issued under Finance Code, Chapter 152, or are an applicant for a new money transmission or currency exchange license, as applicable. This section also applies if you are a person other than a license holder or applicant and are investigated under the authority of Finance Code, §152.056.
(b) Definitions. The following words and terms, when used in this section, have the following meanings unless the context clearly indicates otherwise.
  (1) "Annual Assessment" means the fee assessed annually to pay the costs incurred by the department to examine a license holder and administer Finance Code, Chapter 152, including the annual license fee required by Finance Code, §152.107(d)(1).
  (2) "Examination" means the process, either by on-site or off-site review, of evaluating the books and records of a license holder under the authority of Finance Code, §152.057, relating to its money services activities. For purposes of this section, the term does not include an investigation conducted under the authority of Finance Code, §§152.056 or 152.106.
(c) What provisions of Finance Code, Chapter 152, authorize the fees, assessments, and reimbursements required under this section? The fees, assessments, and reimbursements established by or required under this section are authorized by one or more of the following provisions of Finance Code, Chapter 152: §§152.052(b)(1), 152.056(e), 152.107(d)(1), 152.104(d), and 152.151(b)(2).
(d) What fees must I pay to obtain a new license?
  (1) You must pay a $10,000 application fee to obtain a new money transmission license or a $5,000 application fee to obtain a currency exchange license. If your application is accepted for processing pursuant to Finance Code, §152.106, your application fee will be nonrefundable. You may also be required to pay the following additional fees:
    (A) If the commissioner determines that it is necessary to conduct an on-site investigation of your business, you must pay a non-refundable investigation fee at a rate of $75 per hour for each department examiner required to conduct the investigation and all associated travel expenses;
    (B) If the commissioner determines that it is necessary to employ a third-party screening service to assist with the investigation of your license application, you must pay the department for the reasonable costs for the third-party investigation; and
    (C) If the commissioner determines it is necessary to perform background checks using fingerprint identification records, you must either submit payment for the costs of this service at the time you file your application or pay the department upon request.
  (2) The commissioner may reduce the fees required under paragraph (1) of this subsection, if the commissioner determines that a lesser amount than would otherwise be collected is necessary to administer and enforce Finance Code, Chapter 152, and this chapter.
(e) What fees must I pay to maintain my money transmission or currency exchange license? You must pay your annual assessment. Subject to paragraph (3) of this subsection, the amount of your annual assessment is determined based on the total annual dollar amount of your Texas money transmission and or currency exchange transactions, as applicable, as reflected on your most recent annual report filed with the department under Finance Code, §152.107(d)(2).
  (1) If you hold a currency exchange license, you must pay the annual assessment specified in the following table:
Attached Graphic
  (2) If you hold a money transmission license, you must pay the annual assessment specified in the following table:
Attached Graphic
  (3) If you are a new license holder and have not yet filed your first annual report under Finance Code, §152.107(d)(2), you must pay an examination fee of $75 per hour for each examiner and all associated travel expenses for an examination.
(f) What fees must I pay in connection with a department investigation?
  (1) If the commissioner considers it necessary or appropriate to investigate you or another person in order to administer and enforce Finance Code, Chapter 152, as authorized under §152.056, you or the investigated person must pay the department an investigation fee calculated at a rate of $75.00 per employee hour for the investigation and all associated travel expenses.
  (2) If the commissioner determines that it is necessary to employ a third-party screening service to assist with an investigation, you must pay the department for the costs incurred for the third-party investigation.
  (3) If the commissioner determines it is necessary to perform background checks using fingerprint identification records in an investigation, you must pay the department the costs incurred for this service.
(g) What fees must I pay in connection with a proposed change of control of my money transmission or currency exchange business?
  (1) You must pay a non-refundable $1,000 fee at the time you file an application requesting approval of your proposed change of control.
  (2) You must pay a non-refundable $500 fee to obtain the department's prior determination of whether a person would be considered a person in control and whether a change of control application must be filed. If the department determines that a change of control application is required, the prior determination fee will be applied to the fee required under paragraph (1) of this subsection.
  (3) If the department's review of your change of control application or prior determination request requires more than eight employee hours, you must pay an additional review fee of $75 per employee hour for every hour in excess of eight hours.
  (4) The commissioner may reduce the filing fees described in paragraph (1) or (2) of this subsection, if the commissioner determines that a lesser amount than would otherwise be collected is necessary to administer and enforce Finance Code, Chapter 152, and this chapter.
(h) What other fees must I pay?
  (1) If the department does not receive your completed annual report on or before the due date prescribed by the commissioner under Finance Code, §152.107, you must pay a late fee of $100 per day for each business day after the due date that the department does not receive your completed annual report.
  (2) If more than one examination is required in the same fiscal year because of your failure to comply with Finance Code, Chapter 152, this chapter, or a department directive, you must pay for the additional examination at a rate of $75 per hour for each examiner required to conduct the additional examination and all associated travel expenses. A fiscal year is the 12-month period from September 1st of one year to August 31st of the following year.
  (3) If the department travels out-of-state to conduct your examination, you must pay for all associated travel expenses.
  (4) If the commissioner determines it is necessary to conduct an on-site examination of your authorized delegate to ensure your compliance with Finance Code, Chapter 152, you must pay an examination fee of $75 per hour for each examiner and any associated travel expenses.
(i) How and when do I need to pay for the fees required by this section?
  (1) You must pay the license application fees required under subsection (d)(1) and (2) of this section at the time you file your application for a license.
  (2) The department will bill you by written invoice for any investigation and third-party screening service fees under subsection (d)(1)(A), (B), or (C) of this section. You must pay the fees within 10 days of receipt of the department's written invoice.
  (3) Your annual assessment required under subsection (e) of this section may be billed in quarterly or fewer installments in such periodically adjusted amounts as reasonably necessary to pay for the costs of examination and to administer Finance Code, Chapter 152. You must pay the annual assessment fee by ACH debit, or by another method if directed to do so by the department. At least 15 days prior to the scheduled ACH transfer, the department will send you a notice specifying the amount of the payment due and the date the department will initiate payment by ACH debit. The commissioner may decrease your annual assessment if it is determined that a lesser amount than would otherwise be collected is necessary to administer the Act.
  (4) You must pay the investigation fee required under subsection (f) of this section within 10 days of receipt of the department's written invoice.
  (5) You must pay the filing fees required by subsection (g) of this section at the time you file your proposed change of control or prior determination request. You must pay any required additional fees within 10 days of receipt of the department's written invoice.
Cont'd...