General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 524
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Ch. 196 58TH LEGISLATURE--REGULAR SESSION
or of the United States; provided, however, that nothing herein shall be
deemed to enlarge the powers of the foregoing persons;
(b) Incorporated telegraph companies insofar as they receive money
at any of their respective offices or agencies for immediate transmission by
telegraph; or
(c) Agents of a licensee, as provided in Section 11.
Qualifications
Sec. 5. To qualify for a license hereunder an applicant shall meet the
following requirements:
(a) The applicant shall have a net worth of at least Ten Thousand
Dollars ($10,000), computed according to generally accepted accounting
principles.
(b) The financial responsibility, financial condition, and business ex-
perience, and character and general fitness of the applicant shall be such
as reasonably to warrant the belief that applicant's business will be con-
ducted honestly, carefully and efficiently. To the extent deemed advisable
by the Commissioner, the Commissioner may investigate and consider
the qualifications of officers and directors of an applicant in determining
whether this qualification has been met.
Applications
Sec. 6. Each application for such a license shall be made in writing
and under oath to the Commissioner in such form as he may prescribe.
The application shall state the full name and business address of:
(a) The proprietor, if the applicant is an individual;
(b) Every member, if the applicant is a partnership or association,
except that if the applicant is a joint stock association having fifty (50)
or more members, the name and business address need be given only of
the association and each officer and director thereof;
(c) Every trustee and officer if the applicant is a trust; and
(d) The corporation and each officer and director thereof, if the ap-
plicant is a corporation.
Accompanying Fee, Statements and Bond
Sec. 7. Each application for a license shall be accompanied by:
(a) An investigation fee of Fifty Dollars ($50) which shall not be
subject to refund but which, if the license be granted, shall constitute
the license fee for the first license year or part thereof;
(b) Financial statements reasonably satisfactory to the Commissioner;
(c) A surety bond issued by a bonding company or insurance com-
pany authorized to do business in this state, in the principal sum of Twen-
ty-five Thousand Dollars ($25,000), and an additional principal sum of
Five Thousand Dollars ($5,000) for each location, in excess of one, at
which the applicant proposes to sell checks in this state, but in no event
shall the bond be required to be in excess of Two Hundred Fifty Thousand
Dollars ($250,000). If the bond accompanying the application be in a
principal sum of less than Two Hundred Fifty Thousand Dollars ($250,-
000), the application shall also be accompanied by. a list of the locations
at which the business is to be conducted. The bond shall be in form satis-
factory to the Commissioner and shall run to the state for the benefit of
any claimants against the applicant or his agents to secure the faithful
performance of the obligations of the applicant and his agents with re-
spect to the receipt, handling, transmission and payment of money in
connection with the sale of checks. The aggregate liability of the surety
in no event shall exceed the principal sum of the bond. Such claimants
524
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/860/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.