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Texas Finance Code - FIN § 371.306. Penalty for Certain Violations

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

(a) A pawnbroker who contracts for, charges, or collects a pawn service charge that is greater than the amount authorized by this chapter or otherwise violates this chapter:

(1) is liable for twice the amount of the pawn service charge contracted for; and

(2) shall return the goods pledged in connection with the pawn transaction on request of the pledgor and payment of the balance due.

(b) A pawnbroker who contracts for, charges, or collects a pawn service charge that is greater than twice the amount authorized by this chapter:

(1) is not entitled to collect any amount on the pawn transaction; and

(2) shall return the goods pledged in connection with the pawn transaction on request of the pledgor.

(c) Subsection (a) or (b) does not apply to a violation that results from an accidental and bona fide error, corrected upon discovery.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 371.306. Penalty for Certain Violations - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-371-306/

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