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Texas Finance Code - FIN § 349.001. Liability for Contracting For, Charging, or Receiving Excessive Amount

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A person who violates this subtitle by contracting for, charging, or receiving interest or time price differential greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:

(1) twice the amount of the interest or time price differential contracted for, charged, or received;  and

(2) reasonable attorney's fees set by the court.

(b) A person who violates this subtitle by contracting for, charging, or receiving a charge, other than interest or time price differential, greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:

(1) the greater of:

(A) three times the amount computed by subtracting the amount of the charge authorized by this subtitle from the amount of the charge contracted for, charged, or received;  or

(B) $2,000 or 20 percent of the amount of the principal balance, whichever is less;  and

(2) reasonable attorney's fees set by the court.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 349.001. Liability for Contracting For, Charging, or Receiving Excessive Amount - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-349-001/

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