§1562. Private actions; recovery of damages and attorney fees; correction of contract; holder defined

A. Any person who suffers any ascertainable loss of money or movable property, corporeal or incorporeal, as a result of fraud, dishonesty or the violation of the provisions of this Chapter may bring an action individually but not in a representative capacity to recover actual damages. If the court finds that such a violation was committed, the court may award the actual damages sustained. In the event that damages are awarded under this Section, the court shall award to the person bringing such action reasonable attorney fees and costs. Upon a finding by the court that an action under this Section was groundless and brought in bad faith or for purposes of harassment, the court may award to the defendant reasonable attorney fees and costs.

B. Notwithstanding the provisions of this Chapter, any failure to comply with any provision of this Chapter may be corrected within thirty days after the execution of the contract by the buyer, and, if so corrected, neither the seller nor the holder shall be subject to any penalty under this Title, provided that any correction which increases any monthly payment, the number of payments, or the total amount due, must be concurred in, in writing, by the buyer. "Holder" includes the seller who acquires the contract, or, if the contract is purchased by a financing agency or other assignee, the financing agency or other assignee.

C. This Section shall not be deemed to prohibit the enforcement by any person of any right provided by this or any other law.

Added by Acts 1979, No. 533, §1.