Texas Finance Code

§ 349.201 — CORRECTION RESULTING IN NO LIABILITY

FI § 349.201Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 349. PENALTIES AND LIABILITIES · Art. C. LIMITING LIABILITY BY CORRECTING VIOLATION

Statute text

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(a)A person is not liable to an obligor for a violation of this subtitle if:

(1)not later than the 60th day after the date on which the person actually discovered the violation, the person corrects the violation as to that obligor by:

(A)performing the required act; or

(B)refunding the amount in excess of the amount authorized by law; and

(2)the person gives to the obligor written notice of the violation as provided by Section 349.204 before the obligor:

(A)gives written notice of that violation; or

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.