Under what law or laws does the Banking Department regulate money services businesses?
The Banking Department regulates money services businesses under Chapter 151 of the Texas Finance Code and the title of this regulation is the Money Services Act. In addition, Chapter 33 (formerly Chapters 4 and 29) of the Texas Administrative Code is also applicable to MSBs regulated by the Banking Department. To engage solely in currency exchange, you must obtain a Currency Exchange License. To engage in any of the other money services activities regulated by the Banking Department, including currency exchange, you must obtain a Money Transmission License.
