Tex. Fin. Code § 349.003 · Subchapter A. CIVIL PENALTIES
LIABILITY FOR FAILURE TO PERFORM OR FOR PERFORMANCE OF PROHIBITED ACT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.349.htm
- Text hash
- sha256 81229977545f541aa4b117faca81f1ca14cc162cae22b47b354105cd67357dfd
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 8 provisions
Provisions in this library whose text cites Tex. Fin. Code § 349.003. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 347.501CREDITOR'S LIABILITY RELATED TO DEPOSIT.Printed as Section 349.003
- Tex. Fin. Code § 347.502LIABILITY FOR CHARGE EXCEEDING AMOUNT AUTHORIZED.Printed as Section 349.003
- Tex. Fin. Code § 347.503CREDITOR'S LIABILITY FOR ERROR IN PAY-OFF QUOTATION.Printed as Section 349.003
- Tex. Fin. Code § 348.404SELLER'S ACTION FOR INCENTIVE PROGRAM OR TO PAY FOR BUYER'S MOTOR VEHICLE.Printed as Section 349.003
- Tex. Fin. Code § 349.101NO LIABILITY IF VIOLATION UNINTENTIONAL AND FROM BONA FIDE ERROR OR IF IN CONFORMITY WITH OTHER LAW.Printed as Section 349.001, 349.002, or 349.003
- Tex. Fin. Code § 349.102LIABILITY FOR MULTIPLE VIOLATIONS IN ONE TRANSACTION.Printed as Sections 349.001 and 349.003
- Tex. Fin. Code § 349.202CORRECTION OF VIOLATION OF FAILURE TO ACT OR PERFORMING PROHIBITED ACT RESULTING IN LIMITED LIABILITY.Printed as Section 349.003
- Tex. Fin. Code § 349.404LIABILITY UNDER SUBCHAPTER IN LIEU OF LIABILITY UNDER CONSUMER CREDIT PROTECTION ACT.Printed as Section 349.001, 349.002, or 349.003
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.