H.B. No. 3805 amends the Finance Code by introducing new sections that enhance the enforcement powers of the banking commissioner concerning money services businesses. The bill allows the commissioner to issue removal or prohibition orders against current or former key individuals or employees of money services licensees if they are found to have committed specific acts, such as violating regulatory orders or making false entries in records. The commissioner can serve a proposed order, which becomes final if the individual does not request a hearing. Additionally, the bill establishes that individuals convicted of certain felony offenses related to money services can also be removed or prohibited from participation in these businesses.

Furthermore, the bill provides a mechanism for individuals subject to a removal or prohibition order to apply for release from the order after ten years. The application must be made under oath and may be approved or denied at the commissioner's discretion, with the decision being final and not subject to appeal. This legislation aims to strengthen regulatory oversight and protect the integrity of money services businesses in Texas.

Statutes affected:
Introduced: ()
House Committee Report: ()
Engrossed: ()
Senate Committee Report: ()
Enrolled: ()