Alan Abergel is an attorney licensed by both the State Bar of Texas and the State Bar of California.
THE LAW OFFICES OF ALAN ABERGEL, P.C. (“LOAA“) also provides California Money Transmitter License services.
Texas Finance Code, Chapter 151 (Chapter 151), generally requires a person or business to have a license to engage in the money services business in Texas. There are two types of Money Services Business licenses and separate applications for each type. A person or business that engages in the money transmission business must have a money transmission license. Money transmission includes 1) issuing or selling prepaid access cards and instruments such as checks, money orders and traveler’s checks; 2) receiving money for transmission; 3) providing third-party bill paying services; 4) transporting currency; or 5) currency exchange.
The Department regulates money services businesses under Chapter 151 of the Texas Finance Code and the title of this regulation is the Money Services Act. In addition, Chapter 33 (formerly Chapters 4 and 29) of the Texas Administrative Code is also applicable to MSBs regulated by the Department.
To engage solely in currency exchange, you must obtain a Currency Exchange License. To engage in any of the other money services activities regulated by the Banking Department, including currency exchange, you must obtain a Money Transmission License.
The Department regulates the following money services activities conducted by “money services businesses” or “MSBs”, if they are being offered in Texas (regardless of whether the business has a physical presence in Texas):
- Currency Exchange
- Money Transmission (includes “in-person” and “internet” transactions)
- Currency Transportation
- Money Orders
- Travelers Checks
- Third-Party Bill Paying
- Gift Cards (in open systems)
- Stored Value Products (not issued by insured financial institutions).
Some of the services LOAA provides are:
- Assistance in obtaining a money transmitter license from the Texas Department of Banking.
- Assistance in obtaining a currency exchange license from the Texas Department of Banking.
- Advice about laws and regulations that govern money transmission in Texas.
- Representation of acquisition of control applicants.
- Legal opinions concerning whether or not a money transmitter license is required for certain business models.
- Assistance with FinCEN‘s MSB registration and filing of required reports.
- Corporation or LLC formation and drafting of organizational and corporate documents.
- Drafting or revising of money transmission industry agreements, documents, disclosures, AML/BSA policies, OFAC policies, and other required regulatory legal documents.
- Mergers and acquisitions of money transmission businesses.
- Legal compliance and licensing for Bitcoin and virtual currency businesses.
- Assistance with legal issues concerning securities law compliance for money transmitters raising capital from investors.
- Texas DOB enforcement defense.
- FINCEN enforcement defense.
- Assistance in obtaining money transmitter licenses in all 50 states of the USA.