Unless a verified parent provides otherwise under Section 509.102, a digital service provider that enters into an agreement with a known minor for access to a digital service:
(1) shall:
(A) limit collection of the known minor's personal identifying information to information reasonably necessary to provide the digital service; and
(B) limit use of the known minor's personal identifying information to the purpose for which the information was collected; and
(2) may not:
(A) allow the known minor to make purchases or engage in other financial transactions through the digital service;
(B) share, disclose, or sell the known minor's personal identifying information;
(C) use the digital service to collect the known minor's precise geolocation data; or
(D) use the digital service to display targeted advertising to the known minor.