152.151[1/2] – ACQUISITION OF CONTROL. (a) A person or group
Texas Finance Code § 152.151[1/2]
Summary
This law requires individuals or groups seeking to gain control of a money services licensee to obtain prior written approval from the commissioner. It clarifies that individuals who become key individuals in the normal course of business do not need such approval.
Approval required for control acquisition of money services licensees.
Groups acting in concert must also seek approval.
Key individuals in normal business operations are exempt.
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In simple terms: Learn about Texas's ACQUISITION OF CONTROL. (a) A person or group 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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