Texas Finance Code

§ 349.202 — CORRECTION OF VIOLATION OF FAILURE TO ACT OR PERFORMING PROHIBITED ACT RESULTING IN LIMITED LIABILITY

FI § 349.202Title 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)Liability to an obligor for a violation of this subtitle to which Section 349.003 applies is limited as provided by this section if, after the 60-day period described by Section 349.201(a)(1) but before the time the obligor gives written notice of that violation or files an action alleging that violation, the violation is corrected as to that obligor by:

(1)the performance of the required act; and

(2)giving to the obligor written notice of the violation as provided by Section 349.204.

(b)The liability of any person for the violation to the obligor as described by Subsection (a) is limited for each transaction to an amount that does not exceed one, but not both, of the following:

(1)the actual economic loss suffered by the obligor as a result of the violation; or

(2)the time price differential or interest contracted for, charged, or received, not to exceed $2,000, if:

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Legislative history

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