Texas Finance Code

§ 349.403 — CLASS ACTION

FI § 349.403Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 349. PENALTIES AND LIABILITIES · Art. E. PROCEDURES FOR CIVIL ACTIONS

Statute text

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(a)In a class action that alleges one or more violations of this subtitle and is determined by the court to be maintainable as a class action, the class may recover the amount of actual damages proximately caused to the members of the class as a result of the violations.

(b)The court may assess as a penalty:

(1)for each obligor who is named as a class representative at the time that the action is determined to be maintainable as a class action, the amount that could be recovered by the person under this chapter; and

(2)for other class members, an amount set by the court under Subsection (c) and subject to Subsection (d).

(c)In determining the award amount, the court shall consider, in addition to other relevant factors:

(1)the amount of any actual damages awarded;

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Legislative history

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