Penalty Amount; Penalties Not Exclusive

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.