Texas § FI.349.202 - CORRECTION OF VIOLATION OF FAILURE TO ACT OR PERFORMING PROHIBITED ACT RESULTING

§ FI.349.202. CORRECTION OF VIOLATION OF FAILURE TO ACT OR PERFORMING PROHIBITED ACT RESULTING

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 applies is limited as provided by this section if, after the 60-day period described by Section 349.201 (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 . (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.