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Texas Finance Code - FIN § 349.203. Correction of Violation of Charging Excessive Amounts Resulting in Limited Liability

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

(a) This section applies only to a violation of this subtitle to which Section 349.001 applies and that results from:

(1) contracting for, charging, or receiving interest or time price differential that exceeds the amount authorized by law if the excess is directly and solely attributable to and computed on the amount of a charge other than the interest or time price differential;  or

(2) contracting for, charging, or receiving a charge, other than interest or time price differential, that exceeds the amount authorized by law.

(b) If, after the 60-day period described by Section 349.201(a)(1) but before the time an obligor gives written notice of the violation or files an action alleging the violation, the violation is corrected as to the obligor by refunding the amount of the excess and giving to the obligor written notice of the violation as provided by Section 349.204, the liability of any person to that obligor is limited for each transaction to an amount that does not exceed:

(1) the time price differential or interest contracted for, charged, or received, not to exceed $2,000;  and

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

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 349.203. Correction of Violation of Charging Excessive Amounts Resulting in Limited Liability - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-349-203/

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