Sec. 2257.110. PENALTY AMOUNT; PENALTIES NOT EXCLUSIVE. (a) The comptroller by rule shall adopt a formula for determining the amount of a penalty under this subchapter. For each violation and for each day of a continuing violation, a penalty must be at least $100 per day and not more than $1,000 per day. The penalty must be based on factors that include:
(1) the aggregate average weekly deposit amounts during the state fiscal year of the institution's deposits of public funds;
(2) the number of violations by the institution during the state fiscal year;
(3) the number of days of a continuing violation; and
(4) the average asset base of the institution as reported on the institution's year-end report of condition.
(b) The penalties provided by Sections 2257.107-2257.109 are in addition to those provided by Subchapter D or other law.
Added by Acts 2009, 81st Leg., R.S., Ch. 486 (S.B. 638), Sec. 1, eff. September 1, 2009.
Structure Texas Statutes
Subtitle F - State and Local Contracts and Fund Management
Chapter 2257 - Collateral for Public Funds
Subchapter F. Pooled Collateral to Secure
Section 2257.102. Pooled Collateral Program
Section 2257.103. Participation in Pooled Collateral Program
Section 2257.104. Collateral Required; Custodian Trustee
Section 2257.105. Monitoring Collateral
Section 2257.106. Annual Assessment
Section 2257.107. Penalty for Reporting Violation
Section 2257.108. Notice of Collateral Violation; Administrative Penalty
Section 2257.109. Penalty for Failure to Pay Assessment
Section 2257.110. Penalty Amount; Penalties Not Exclusive
Section 2257.111. Penalty Proceeding Contested Case
Section 2257.112. Suit to Collect Penalty