This fund is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated funds may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.
| Issue Date: | |
|---|---|
| Revised Date: | 2023-09-01 |
Legal Cites
- Finance Code sec. 152.352
Origin:
2005 by H.B. 2218 and S.B. 1605, 79th Leg., R.S.
Purpose
Applicant for a money transmission license must maintain security of: surety bond, irrevocable letter of credit or deposit, the greater of $300,000 or 1% of total yearly volume of transactions in this state, up to $2 million.
| Classification | Group 13: Local Trust [?] |
|---|---|
| Depository Interest | Retained in fund. |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated |
Administering Agencies
Note
Effective 9-1-09, Texas Department of Banking, Agency 451, became a semi-independent self directed agency. All funds held with the Texas Safekeeping Trust Company per H.B. 2774, 81st Leg., R.S.
S.B. 895, 88th Leg., R.S. repealed Finance Code Ch. 151 and replaced with Ch. 152. Previously under sec. 151.308.
USAS Values
| USAS Title | MONEY SRVICE BUSINESS SECURITY TRUST FD |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |