Shown verbatim: the complete text as captured from the official page posted by the Texas Legislature, fetched 2026-08-29. Where this bill amends existing law, language marked for deletion in the official page appears here in brackets. This is the enrolled version. The official bill page.
S.B. No. 512 AN ACT 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. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. The heading to Subchapter G, Chapter 152, Finance Code, is amended to read as follows: SUBCHAPTER G. GENERAL DUTIES AND RESTRICTIONS FOR [TIMELY TRANSMISSION, REFUNDS, AND DISCLOSURES BY] MONEY TRANSMISSION LICENSEE SECTION 2. Subchapter G, Chapter 152, Finance Code, is amended by adding Section 152.305 to read as follows: Sec. 152.305. PROHIBITION ON IMPOSITION OF FINE OR PENALTY FOR TERMS OF SERVICE VIOLATION. (a) A money transmission licensee may not include in the licensee's terms of service agreement a provision allowing or providing for a monetary fine or penalty for violating any provision of the terms of service agreement. (b) This section may not be construed to prevent a money transmission licensee from closing a customer account as a result of a customer's violation of the licensee's terms of service agreement, provided that the money transmission licensee refunds the balance of the account to the customer in a manner that makes the funds readily available to the customer. (c) In addition to any other relief provided for a violation of this chapter, a money transmission licensee that violates this section is liable to this state for a civil penalty in an amount equal to three times the amount of the fine or penalty imposed by the licensee. (d) The attorney general may bring an action in the name of the state to recover the civil penalty under Subsection (c). The attorney general may recover attorney's fees and costs incurred in bringing an action under Subsection (c). SECTION 3. This Act applies only to a terms of service agreement entered into after the effective date of this Act. A terms of service agreement entered into before the effective date of this Act is governed by the law as it existed immediately before the effective date of this Act, and the former law is continued in effect for that purpose. SECTION 4. This Act takes effect September 1, 2025. ______________________________ ______________________________ President of the Senate Speaker of the House I hereby certify that S.B. No. 512 passed the Senate on April 28, 2025, by the following vote: Yeas 30, Nays 0, one present not voting; and that the Senate concurred in House amendment on May 30, 2025, by the following vote: Yeas 30, Nays 0, one present not voting. ______________________________ Secretary of the Senate I hereby certify that S.B. No. 512 passed the House, with amendment, on May 27, 2025, by the following vote: Yeas 140, Nays 0, two present not voting. ______________________________ Chief Clerk of the House Approved: ______________________________ Date ______________________________ Governor
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