Sec. 347.505. PENALTY FOR FAILURE TO REGISTER. (a) The commissioner may impose a penalty not to exceed $50 for failure to register as required by Section 347.451(a).
(b) The commissioner may impose a penalty not to exceed $250 for failure to renew an existing registration and submit the appropriate fee before the expiration of the period described by Section 347.451(d).
(c) The penalties provided by this section are the exclusive penalties for a violation of Section 347.451.
(d) The fact that a creditor was not registered as required by Section 347.451 when a contract was executed does not:
(1) render a contract invalid or unenforceable if the contract is otherwise enforceable; or
(2) subject the creditor to liability under any other law, including common law, other than the liability established by this section.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Section: Previous 347.401 347.402 347.403 347.404 347.451 347.4515 347.452 347.453 347.454 347.455 347.501 347.502 347.503 347.504 347.505Last modified: September 28, 2016