Art. 505 in the Laws of the Grand Lodge of Texas lays out "Certain Other Masonic Disciplinary Violations" (what we used to call Masonic Offense). Subsection No.21 deals with wearing a Masonic emblem.
21. Being a suspended or expelled Mason, knowingly wear,display or use a Masonic badge, button, label or emblem
during the time of his suspension.
Subsection No. 25 deals with a Master Mason proficiency
25. Willfully, or without an excuse found by the Lodge to be
satisfactory, neglect or refuse to present himself and be
examined as to his proficiency in the Masters’ Degree
within ninety (90) days after being raised.
What makes you a Master Mason? The obligation. By that logic, you can wear the MM ring immediately after being raised as a Master Mason. However, you have to earn the right to continue to wear it. You have the proficiency with a 90 day deadline hanging over you. Art. 439 defines the Examination in the Master's Degree as being proficient in the ENTIRE TRIAL LECTURE, which to me translates as "both Questions and Answers." There is also the Additional Lodge Light work ahead of you, which booklet should have been given you shortly after being raised, although some Lodges wait until after the Proficiency is turned in.
Art. 439. (476). Examination in Master’s Degree.
1. Within ninety days after he is raised, a Brother shall have
heard the fourth portion of The Lodge System of Candidate
Information, shall have received all four booklets which comprise
the System, be certified as having completed a Grand
Lodge approved course on Masonic Information (Additional
Lodge Light, A.L.L. program) under the supervision of the
Committee on Masonic Education and Service, and shall have
been examined in open Lodge and voted as proficient in the
entire trial lecture of the Master’s Degree. (Revised 1996) It shall
be the duty of the officers of the Lodge to see that this is done.
Any Brother who, after receiving the Master’s Degree, willfully
neglects or refuses to present himself and be examined as to his
proficiency in such degree, within ninety days thereafter, unless
further time is granted him by the Lodge shall be subject to automatic
suspension as provided hereinafter; absence from the State,
natural infirmities or unavoidable accident alone excusing him.
Art. 439 lays it out bluntly that if you go beyond the 90 days "willfully refusing" to return your proficiency, you can be suspended. At which point, you can no longer wear the emblem until you are no longer a suspended or expelled Mason.
Finally, Art. 439 states that you cannot petition an appendant body (York, SCottish, Shrine) until AFTER you have been approved as being proficient in the MM degree.