TX HB5480

Prohibits companies with over $20 billion in annual digital advertising revenue from simultaneously owning a digital advertising exchange along with a buy-side brokerage, sell-side brokerage, or being a seller of digital ad space, effectively requiring structural separation of these businesses

Imposes fiduciary-like duties on buy-side and sell-side brokerages with over $5 billion in digital advertising revenue, requiring them to act in customers' best interests and seek the most favorable transaction terms

Requires brokerages to provide detailed transparency information to customers upon written request, including bid data, pricing, routing practices, compensation sources, and data collection practices, with records retained for at least 90 days

Establishes enforcement mechanisms including attorney general authority to bring actions for injunctive relief and actual damages, plus a private right of action allowing harmed customers to recover up to $1 million per month of violation or actual damages with attorney's fees

Mandates that companies subject to divestiture requirements file terms with the attorney general for approval within 180 days of meeting the revenue threshold, with divestitures evaluated to ensure they do not harm competition in Texas markets