Relating to the establishment of a registry for and requiring the registration of certain unmanned teller machines; imposing a fee; providing a civil penalty.
If enacted, HB350 will amend existing financial regulations within the state's Finance Code by adding provisions specifically for UTMs. This change could significantly affect financial institutions and businesses operating these machines, as they must ensure compliance with the new registration requirements. Additionally, operators may face civil penalties for violations, ranging from $50 to $500 per infraction, with potential for cumulative penalties depending on the duration of the infraction. Each violation, including the operation of an unregistered machine, will be treated as a separate offense, increasing the imperative for compliance.
House Bill 350 introduces regulations concerning unmanned teller machines (UTMs) in Texas. The bill establishes a formal registry for these machines, requiring operators to register their UTMs with the Texas Department of Banking before they can be operated. This measure is aimed at ensuring that UTMs are accessible, properly maintained, and adhere to safety standards. The bill outlines specific requirements for registration, including application procedures and necessary details such as the machine's location and operator information, promoting transparency and accountability among operators of unmanned tellers.
The sentiment surrounding the bill appears to be generally supportive among proponents who advocate for increased consumer protection and operational accountability for unmanned teller machines. They argue that the regulation will protect consumers from potential fraud or malfunction. However, there may be concerns from some operators regarding the additional regulatory burden and fees associated with compliance. The requirement of registration stickers for each machine adds another layer of oversight that some may view as cumbersome.
Notable points of contention may arise over the definition of which machines are exempt from registration, as the bill stipulates that machines owned by financial institutions or located out-of-state are not subject to these requirements. This could create potential disparities in the operational landscape between registered and unregistered machines, leading to calls for clarification on enforcement and compliance. The financial implications of the registration fees and civil penalties could also become a significant talking point during discussions among stakeholders in the banking and financial sectors.