Tex. Finance Code § 349.201
This is the official text of Tex. Finance Code § 349.201, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 349.201. CORRECTION RESULTING IN NO LIABILITY.
Official statutory text
(a) A person is not liable to an obligor for a violation of this subtitle if:
(1) not later than the 60th day after the date on which the person actually discovered the violation, the person corrects the violation as to that obligor by:
(A) performing the required act; or
(B) refunding the amount in excess of the amount authorized by law; and
(2) the person gives to the obligor written notice of the violation as provided by Section 349.204 before the obligor:
(A) gives written notice of that violation; or
(B) files an action alleging that violation.
(b) For purposes of Subsection (a), "actually discovered" refers to the time of the discovery of the violation in fact and not to the time when an ordinarily prudent person, through reasonable diligence, could or should have discovered or known as a matter of law or fact of the violation. Actual discovery of a violation in one transaction may constitute actual discovery of the same violation in other transactions if the violation actually discovered is of such a nature that it would necessarily be repeated and would be clearly apparent in the other transactions without the necessity of examining all of the other transactions.
(1) not later than the 60th day after the date on which the person actually discovered the violation, the person corrects the violation as to that obligor by:
(A) performing the required act; or
(B) refunding the amount in excess of the amount authorized by law; and
(2) the person gives to the obligor written notice of the violation as provided by Section 349.204 before the obligor:
(A) gives written notice of that violation; or
(B) files an action alleging that violation.
(b) For purposes of Subsection (a), "actually discovered" refers to the time of the discovery of the violation in fact and not to the time when an ordinarily prudent person, through reasonable diligence, could or should have discovered or known as a matter of law or fact of the violation. Actual discovery of a violation in one transaction may constitute actual discovery of the same violation in other transactions if the violation actually discovered is of such a nature that it would necessarily be repeated and would be clearly apparent in the other transactions without the necessity of examining all of the other transactions.
Status: in_force · Read it on the official government site
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