§ 2502 - License required
§ 2502. License required
(a) A person shall not engage in money transmission without:
(1) obtaining a license under subchapter 2 of this chapter; or
(2) being an authorized delegate of a person licensed under subchapter 2 of this chapter.
(b) A person shall not engage in check cashing or currency exchange without:
(1) obtaining a license under subchapter 3 of this chapter;
(2) obtaining a license for money transmission under subchapter 2 of this chapter; or
(3) being an authorized delegate of a person licensed under subchapter 2 of this chapter.
(c) A person not licensed under this chapter or not an authorized delegate of a licensee is engaged in providing money services if the person advertises those services, solicits to provide those services, or holds itself out as providing those services.
(d) A license is not transferable or assignable.
(e) A licensee shall file with the commissioner any name proposed to be used in connection with a money service business or location pursuant to this chapter. The commissioner shall not approve a proposed name if the commissioner determines that the name may be misleading or likely to confuse the public, or deceptively similar to any name in use in this state. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002.)