Sec. 349.003. LIABILITY FOR FAILURE TO PERFORM OR FOR PERFORMANCE OF PROHIBITED ACT. (a) Except as provided by this subtitle, a person who fails to perform a requirement specifically imposed on the person by this subtitle or who commits an act prohibited by this subtitle is liable to the obligor for an amount that does not exceed an amount computed under one, but not both, of the following:
(1) three times the actual economic loss to the obligor that results from the violation; or
(2) if the violation was material and the violation induced the obligor to enter into a transaction that the obligor would not have entered if the violation had not occurred, twice the interest or time price differential contracted for, charged, or received, not to exceed:
(A) $2,000 in a transaction in which the amount financed does not exceed $5,000; or
(B) $4,000 in a transaction in which the amount financed exceeds $5,000.
(b) A person who is liable under Subsection (a) is also liable for reasonable attorney's fees set by the court.
(c) In a judicial proceeding under Subsection (a)(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.
Structure Texas Statutes
Title 4 - Regulation of Interest, Loans, and Financed Transactions
Subtitle B - Loans and Financed Transactions
Chapter 349 - Penalties and Liabilities
Section 349.001. Liability for Contracting For, Charging, or Receiving Excessive Amount
Section 349.002. Liability for Charges Exceeding Twice Amount Authorized
Section 349.003. Liability for Failure to Perform or for Performance of Prohibited Act