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The pace of legislative activity from this year’s current session can make it hard to stay abreast of new laws. The Consumer Finance ABstract’s “Consumer Finance State Roundup” is.
The new law also requires greater transparency for digital asset customers at least quarterly, and annual proof-of-reserves attestation to the Texas Department of Banking within 90 days of the end of the fiscal year and when applying for a new money transmission license
Texas Governor Abbott has signed landmark legislation to ensure that digital asset service providers with Texas customers maintain adequate reserves and do not commingle customer funds.