Certain control persons and key individuals of money services licensees/applicants must give the commissioner fingerprints, personal history, and sometimes an investigative background report.
Sec. 152.105. INFORMATION REQUIREMENTS FOR CERTAIN INDIVIDUALS. (a) An individual who is in control of a money services licensee or applicant, who seeks to acquire control of a money services licensee, or who is a key individual of a money services licensee or applicant shall provide to the commissioner the individual's: (1) fingerprints for submission to the Federal Bureau of Investigation and the commissioner for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the 10-year period preceding the submission of the application; and (2) personal history and experience, in a form and medium prescribed by the commissioner, that contains the following information: (A) if the individual has a social security number, an independent credit report for the individual from a consumer reporting agency; (B) information related to any criminal convictions or pending charges against the individual; and (C) information related to any regulatory or administrative action and any civil litigation against the individual involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract. (c) If an individual to whom this section applies has resided outside of the United States at any time in the preceding 10 years, the individual shall also provide an investigative background report prepared by an independent search firm that at a minimum: (1) demonstrates that the search firm: (A) has sufficient knowledge and resources and employs accepted and reasonable methodologies to conduct the research of the background report; and (B) is not affiliated with and does not have an interest with the individual being researched; and (2) is written in the English language and contains the following information: (A) if available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish a report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; (B) criminal records information for the past 10 years, including felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; (C) employment history; (D) media history, including an electronic search of national and local publications, wire services, and business applications; and (E) financial services-related regulatory history, including money transmission services, securities, banking, insurance, and mortgage-related industries. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023. Amended by: Acts 2025, 89th Leg., R.S., Ch. 642 (H.B. 3833), Sec. 1, eff. September 1, 2025.