Texas Finance Code 341.402 – Penalties for Prohibited Discrimination
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(a) A person who violates § 341.401 is liable to the aggrieved individual for:
(1) the actual damages caused by the violation;
(2) punitive damages not to exceed $10,000 in an action brought by the aggrieved individual; and
(3) court costs.
(b) The liability of a person under this section is instead of and not in addition to that person’s liability under the Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.). If the same act or omission violates § 341.401 and applicable federal law, the person aggrieved by that conduct may bring a legal action to recover monetary damages either under this section or under that federal law, but not both.
Terms Used In Texas Finance Code 341.402
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) In addition to the other liabilities prescribed by this section, a person holding a license issued under this subtitle who violates § 341.401 is subject to revocation or suspension of the license or the assessment of civil penalties by the commissioner.