Texas HB3805 grants the banking commissioner authority to remove or prohibit individuals from participating in money services businesses.

Texas HB3805 amends the Finance Code to enhance the banking commissioner's enforcement powers over money services businesses. The commissioner can remove or prohibit current or former key individuals or employees from participating in these businesses if they have been finally convicted of certain felonies. The commissioner can also serve a proposed removal or prohibition order on individuals who have committed or participated in specified actions. The order becomes effective immediately unless stayed or terminated by the commissioner.

Texas HB3805 grants the banking commissioner authority to remove or prohibit individuals from participating in money services businesses.

Texas HB3805 amends the Finance Code to enhance the banking commissioner's enforcement powers over money services businesses. The commissioner can remove or prohibit current or former key individuals or employees from participating in these businesses if they have been finally convicted of certain felonies. The commissioner can also serve a proposed removal or prohibition order on individuals who have committed or participated in specified actions. The order becomes effective immediately unless stayed or terminated by the commissioner.