Texas G & S Investments, Inc.; On May 18, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Texas G & S Investments, Inc. According to the Petition, "Petitioner's business ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that The Florida Office of Financial Regulation has received the petition for declaratory statement from Texas G & S Investments, Inc. The petition seeks the agency's opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

On May 18, 2017, the Florida Office of Financial Regulation (Consumer Finance) received a Petition for Declaratory Statement from Texas G & S Investments, Inc. According to the Petition, "Petitioner's business operations are primarily in Texas, where it is a licensed money transmitter and currency exchanger, with thirteen retail locations in the Rio Grande Valley offering various services. In addition, from its corporate office in McAllen, Texas, Petitioner provides services to its corporate clients wishing to conduct business-to-business transactions with parties in Mexico. To initiate an international money transfer to Mexico, a corporate client must contact Petitioner by phone or email to inquire about current exchange rates. Petitioner does not provide for automated transactions, such as through a website. Upon receiving such an inquiry, Petitioner offers a rate for exchanging dollars to pesos. If the offered rate is acceptable to the client, Petitioner then exchanges its own dollars - in the amount specified by the client - for pesos and transfers those pesos to the Mexican bank account of a recipient designated by the client. Such actions are initiated and handled in Texas. Petitioner then collects reimbursement from its client via electronic transfer for the funds Petitioner exchanged and transferred. Petitioner does not advertise any of its services in Florida, nor does it intentionally perform any direct marketing in Florida." The Petition seeks a declaratory statement as to whether the Petitioner is exempt from licensure under Chapter 560, Florida Statutes.

A copy of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail]

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail]