Texas Finance Code
§ 349.003 — LIABILITY FOR FAILURE TO PERFORM OR FOR PERFORMANCE OF PROHIBITED ACT
FI § 349.003Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 349. PENALTIES AND LIABILITIES · Art. A. CIVIL PENALTIES
Statute text
View on source(a)Except as provided by this subtitle, a person who fails to perform a requirement specifically imposed on the person by this subtitle or who commits an act prohibited by this subtitle is liable to the obligor for an amount that does not exceed an amount computed under one, but not both, of the following:
(1)three times the actual economic loss to the obligor that results from the violation; or
(2)if the violation was material and the violation induced the obligor to enter into a transaction that the obligor would not have entered if the violation had not occurred, twice the interest or time price differential contracted for, charged, or received, not to exceed:
(A)$2,000 in a transaction in which the amount financed does not exceed $5,000; or
(B)$4,000 in a transaction in which the amount financed exceeds $5,000.
(b)A person who is liable under Subsection (a) is also liable for reasonable attorney's fees set by the court.
…
Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.