(a) The commissioner may impose a penalty not to exceed $50 for failure to register as required by § 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 § 347.451(d).

Terms Used In Texas Finance Code 347.505

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Creditor: means a:
    (A) person who extends credit or arranges for the extension of credit in a credit transaction; or
    (B) retailer or broker, as defined by § 1201. See Texas Finance Code 347.002

(c) The penalties provided by this section are the exclusive penalties for a violation of § 347.451.
(d) The fact that a creditor was not registered as required by § 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.

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