This law establishes a presumption that individuals holding at least 10% of voting shares in a money services licensee have controlling influence. It applies to those involved with money services businesses in Texas. The presumption can be challenged with contrary evidence.
Presumes control for 10% or more voting shares.
Applies to money services licensees in Texas.
Control presumption can be rebutted with evidence.
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In simple terms: Learn about Texas's PRESUMPTION OF CONTROL. (a) A person is law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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