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TX SB512
Bill
Status
6/20/2025
Primary Sponsor
Lois Kolkhorst
Click for details
AI Summary
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Money transmission licensees are prohibited from including provisions in their terms of service agreements that allow for monetary fines or penalties against customers for violating the agreement
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Licensees may still close customer accounts for terms of service violations, provided they refund the account balance to the customer in a readily available manner
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Violating licensees face a civil penalty equal to three times the amount of any fine or penalty they impose on customers
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The Texas Attorney General may bring legal action to recover civil penalties and may also recover attorney's fees and costs
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Takes effect September 1, 2025, and applies only to terms of service agreements entered into after that date
Legislative Description
Relating to prohibiting the imposition of a monetary fine or penalty for a violation of a money services business's terms of service agreement; providing a civil penalty.
Business & Commerce
Last Action
Effective on 9/1/25
6/20/2025