Relating to the prevention, identification, investigation, and enforcement of payment card fraud; providing a civil penalty.
If passed, SB964 would amend several existing laws within the Texas Business & Commerce Code and transfer relevant enforcement powers to the Texas Commission of Licensing and Regulation. This legislative action is set to enhance the capabilities of the state in addressing payment card fraud by improving the systems that allow for the reporting and investigation of skimmers found at fuel dispensing stations. The bill aims to create a more coordinated effort among various stakeholders, including law enforcement agencies, financial institutions, and the Department of Licensing and Regulation.
Senate Bill 964 focuses on the prevention, identification, investigation, and enforcement of payment card fraud, particularly targeting skimming devices that can unlawfully intercept electronic communications at motor fuel metering devices. The bill aims to amend the Business & Commerce Code, enabling more robust measures against the fraudulent use of payment cards. It provides mechanisms for reporting suspected skimming incidents and establishes penalties for violations related to the bill's enforcement provisions.
The general sentiment surrounding SB964 appears to be supportive, particularly among lawmakers concerned with consumer protection and the integrity of financial transactions. Stakeholders in the financial services and retail industries are expected to back the bill, seeing it as a necessary step to mitigate fraud risks. However, there may be some apprehension regarding the additional regulatory implications and economic burdens for small retailers who might need to invest in countermeasures against skimming devices.
Notable points of contention may arise regarding the responsibilities placed on merchants to report skimmers and cooperate with inspections. Potential pushback could come from business owners who argue that stringent regulations and associated civil penalties might be overly burdensome, particularly for smaller establishments. The discussions would likely highlight a tension between enhancing security measures and maintaining an accessible business environment.