Texas Finance Code 152.061 – Presumption of Control
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(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.
Terms Used In Texas Finance Code 152.061
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(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.