Tex. Finance Code § 152.061
This is the official text of Tex. Finance Code § 152.061, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 152.061. PRESUMPTION OF CONTROL.
Official statutory text
(a) A person is presumed to exercise a controlling influence over a money services licensee if the person holds the power to directly or indirectly vote not less than 10 percent of the outstanding voting shares or voting interests of a money services licensee or person in control of a money services licensee.
(b) The presumption under Subsection (a) may be rebutted by evidence that the person who is presumed to exercise a controlling influence under Subsection (a) is a passive investor.
(c) For purposes of determining the percentage of a money services licensee controlled by a person, the person's interest shall be aggregated with the interest of any person:
(1) related within the second degree of consanguinity or affinity, other than a person's grandparent or grandchild; or
(2) who shares the person's home.
(b) The presumption under Subsection (a) may be rebutted by evidence that the person who is presumed to exercise a controlling influence under Subsection (a) is a passive investor.
(c) For purposes of determining the percentage of a money services licensee controlled by a person, the person's interest shall be aggregated with the interest of any person:
(1) related within the second degree of consanguinity or affinity, other than a person's grandparent or grandchild; or
(2) who shares the person's home.
Status: in_force · Read it on the official government site
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