| 1 | 1 | | 88R8306 MLH-F |
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| 2 | 2 | | By: Parker S.B. No. 766 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the required preservation of certain records by a money |
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| 8 | 8 | | services business. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 151.602(a), Finance Code, is amended to |
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| 11 | 11 | | read as follows: |
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| 12 | 12 | | (a) A license holder must prepare, maintain, and preserve |
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| 13 | 13 | | the following books, accounts, and other records for at least five |
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| 14 | 14 | | years or another period as may be prescribed by rule of the |
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| 15 | 15 | | commission: |
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| 16 | 16 | | (1) a record of each money transmission transaction or |
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| 17 | 17 | | currency exchange transaction, as applicable; |
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| 18 | 18 | | (2) a general ledger posted in accordance with |
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| 19 | 19 | | generally accepted accounting principles containing all asset, |
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| 20 | 20 | | liability, capital, income, and expense accounts, unless directed |
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| 21 | 21 | | otherwise by the commissioner; |
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| 22 | 22 | | (3) bank statements and bank reconciliation records; |
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| 23 | 23 | | (4) all records and reports required by applicable |
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| 24 | 24 | | state and federal law, including the reporting and recordkeeping |
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| 25 | 25 | | requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT, |
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| 26 | 26 | | and Chapter 271, and other federal and state laws pertaining to |
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| 27 | 27 | | money laundering, drug trafficking, or terrorist funding; [and] |
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| 28 | 28 | | (5) a record of the government-issued photo |
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| 29 | 29 | | identification number of each person: |
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| 30 | 30 | | (A) sending currency, as that term is defined by |
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| 31 | 31 | | Section 151.301, through a money transmission transaction in an |
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| 32 | 32 | | amount of $100 or more; or |
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| 33 | 33 | | (B) receiving currency, as that term is defined |
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| 34 | 34 | | by Section 151.301, through a money transmission transaction in an |
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| 35 | 35 | | amount of $100 or more; and |
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| 36 | 36 | | (6) any other records required by commission rule or |
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| 37 | 37 | | reasonably requested by the commissioner to determine compliance |
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| 38 | 38 | | with this chapter. |
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| 39 | 39 | | SECTION 2. This Act takes effect September 1, 2023. |
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