Section 152.106 - Issuance Of License(a) An application for a license under this chapter that appears to include all the items and address all of the matters that are required under Sections 152.104 and 152.105 is considered complete and the commissioner shall promptly notify the applicant in writing of the date on which the application is determined to be complete. (b) The commissioner shall approve or deny the application not later than the 120th day after the date the application is determined to be complete under Subsection (a). If the application is not approved or denied within 120 days after the completion date, the application is approved and the license takes effect on the first business day after expiration of the 120-day period. The commissioner may extend the application approval period for good cause. (c) A determination by the commissioner under Subsection (a) that an application is complete and is accepted for processing is not an assessment of the substance of the application or of the sufficiency of the information provided, and means only that the application, on its face, appears to include all of the items, including the national criminal history background check response from the Federal Bureau of Investigation under Section 152.105(b), and address all of the matters that are required under Sections 152.104 and 152.105. (d) When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. (e) The commissioner shall issue a license to an applicant under this section if the commissioner finds that: (1) the applicant has complied with Sections 152.104 and 152.105; and (2) it is in the interest of the public to permit the applicant to engage in money transmission services, currency exchange services, or both, considering: (A) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and (B) the experience, competence, character, and general fitness of the key individuals and persons in control of the applicant. (f) If an applicant participates in or is subject to a multistate licensing process: (1) the commissioner may accept the investigation results of a lead investigative state for the purpose of Subsection (d) if the lead investigative state has sufficient staffing, expertise, and minimum standards; or (2) if this state is a lead investigative state, the commissioner may investigate the applicant under Subsection (d) and the time frames established by agreement through the multistate licensing process, provided that the time frame complies with the period in Subsection (b). (g) If the commissioner finds that the applicant fails to meet the qualifications or satisfy the requirements for the license for which application is made, the commissioner shall inform the applicant in writing that the application is denied and state the reasons for the denial. The applicant may appeal the denial by filing a written request for a hearing with the commissioner not later than the 30th day after the date the notice is mailed. A hearing on the denial must be held not later than the 45th day after the date the commissioner receives the written request unless the administrative law judge extends the period for good cause or the parties agree to a later hearing date. The hearing is considered a contested case hearing and is subject to Section 152.451. (h) Except as provided by Subsection (b), the license takes effect on the day the application is approved. Added by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 277,Sec. 1.01, eff. 9/1/2023.