SECTION 35.11. Who must register with the banking commissioner?

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An entity is a check verification entity and must register with the banking commissioner if it:
(1) is a consumer reporting agency as defined in the Fair Credit Reporting Act (15 U.S.C. Section 1681 et seq.);
(2) contracts with businesses in this state to recommend acceptance or rejection of checks or similar sight orders received by the businesses; and
(3) compiles and maintains files on consumers on a nationwide basis regarding the consumers' check-writing history for those businesses with which it contracts.

Source Note: The provisions of this §35.11 adopted to be effective January 3, 2008, 32 TexReg 9940

                    
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