Texas SB512 prohibits money transmission licensees from imposing fines or penalties for terms of service violations, with civil penalties for.

Texas SB512 amends the Finance Code to prohibit money transmission licensees from including provisions in their terms of service agreements that allow for monetary fines or penalties for violating those terms. The bill allows licensees to close customer accounts for violations but prohibits financial penalties. Violators face civil penalties of three times the amount of any imposed fine or penalty, with the attorney general empowered to recover these penalties and associated costs.

Texas SB512 prohibits money transmission licensees from imposing fines or penalties for terms of service violations, with civil penalties for.

Texas SB512 amends the Finance Code to prohibit money transmission licensees from including provisions in their terms of service agreements that allow for monetary fines or penalties for violating those terms. The bill allows licensees to close customer accounts for violations but prohibits financial penalties. Violators face civil penalties of three times the amount of any imposed fine or penalty, with the attorney general empowered to recover these penalties and associated costs.