Texas Finance Code 349.402 – Limitation Period
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(a) Except as provided by Subsection (b), an action under this chapter must be brought before the later of:
(1) the fourth anniversary of the date of the loan or retail installment transaction with respect to which the violation occurred; or
(2) the second anniversary of the date on which the violation occurred.
(b) An action under this chapter with respect to an open-end credit transaction must be brought before the second anniversary of the date on which the violation occurred.
Terms Used In Texas Finance Code 349.402
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC