Tex. Fin. Code Section 349.202
Correction of Violation of Failure to Act or Performing Prohibited Act Resulting in Limited Liability

(a)

Liability to an obligor for a violation of this subtitle to which Section 349.003 (Liability for Failure to Perform or for Performance of Prohibited Act) applies is limited as provided by this section if, after the 60-day period described by Section 349.201 (Correction Resulting in No Liability)(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 (Giving Written Notice).

(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:

(A)

the violation was material; and

(B)

the violation induced the obligor to enter into a transaction that the obligor would not have entered if the violation had not occurred.

(c)

A person who is liable under Subsection (b) is also liable for reasonable attorney’s fees set by the court.

(d)

In a judicial proceeding under Subsection (b)(2), the court determines whether the violation is material and the finder of fact determines whether the violation induced the obligor to enter into the transaction.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 349.202 — Correction of Violation of Failure to Act or Performing Prohibited Act Resulting in Limited Liability, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­349.­htm#349.­202 (accessed May 25, 2024).

349.001
Liability for Contracting For, Charging, or Receiving Excessive Amount 349.002
Liability for Charges Exceeding Twice Amount Authorized 349.003
Liability for Failure to Perform or for Performance of Prohibited Act 349.004
Liability Related to Criminal Offense 349.005
Liability for Violating Injunction 349.101
No Liability if Violation Unintentional and from Bona Fide Error or if in Conformity with Other Law 349.102
Liability for Multiple Violations in One Transaction 349.103
Limitation on Multiple Recovery of Penalties 349.201
Correction Resulting in No Liability 349.202
Correction of Violation of Failure to Act or Performing Prohibited Act Resulting in Limited Liability 349.203
Correction of Violation of Charging Excessive Amounts Resulting in Limited Liability 349.204
Giving Written Notice 349.205
Correction Exception Available to All Similarly Situated 349.301
Payment of Fees 349.302
Late Filing Fee for Registering or Renewal of Registration 349.303
Late Filing Fee for Obtaining or Renewing License 349.304
Effect of Compliance with Subchapter for Registrant or License Holder 349.305
Effect of Compliance with Subchapter on Person Other than Registrant or License Holder 349.401
Venue 349.402
Limitation Period 349.403
Class Action 349.404
Liability Under Subchapter in Lieu of Liability Under Consumer Credit Protection Act 349.501
Offense of Charges Exceeding Twice Amount Authorized 349.502
Offense of Engaging in Lending Business Without Proper Authority 349.503
Certain Proceedings in Connection with Sale-leaseback Transaction
Green check means up to date. Up to date

Accessed:
May 25, 2024

§ 349.202’s source at texas​.gov