(a) Any party violating this chapter is liable to any other party suffering a loss due to such violation, for any actual damages sustained, plus reasonable attorneys’ fees. In addition, any party in violation of this chapter shall pay to the other party or parties suffering a loss an amount equal to one thousand dollars ($1,000), or double the amount of interest payable on the mortgage loan for the first sixty (60) days after the loan closing, whichever amount is greater.
Terms Used In Tennessee Code 47-32-107
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Loan closing: means that time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs. See Tennessee Code 47-32-102
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
(b) Any party may bring an action in chancery court for declaratory or injunctive relief to prevent any violations of this chapter.(c) In any private action commenced under this chapter, upon finding that the action is frivolous, without legal or factual merit, or brought for the purpose of harassment, the court may require the person instituting the action to indemnify the defendant for any damages incurred, including reasonable attorneys’ fees and costs.
