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A BILL TO BE ENTITLED
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AN ACT
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relating to the liability of a lender in relation to certain |
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high-cost home loans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 343, Finance Code, is |
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amended by adding Section 343.207 to read as follows: |
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Sec. 343.207. LIABILITY OF LENDER FOR VIOLATION OF |
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SUBCHAPTER. A lender who violates this subchapter is liable to a |
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borrower for: |
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(1) actual damages arising from the violation; |
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(2) injunctive relief in relation to the violation; |
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and |
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(3) reasonable attorney's fees incurred by the |
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borrower in seeking the damages, injunctive relief, or both. |
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SECTION 2. This Act applies: |
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(1) only to a violation of Subchapter C, Chapter 343, |
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Finance Code, as amended by this Act, that occurs on or after the |
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effective date of this Act; and |
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(2) without regard to whether the loan to which the |
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violation relates was made before, on, or after the effective date |
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of this Act. |
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SECTION 3. This Act takes effect September 1, 2010. |