SECTIONS 1787.3-1787.4 - California Statutes

CIVIL CODE

SECTION 1787.3-1787.4

1787.3. (a) Any creditor who fails to comply with any requirement
of Section 1787.2 shall be liable for any actual damages sustained by
an applicant as a result of such failure.
(b) Any creditor, other than a government or governmental
subdivision or agency, who fails to comply with any requirement
imposed under this title shall be liable to the aggrieved applicant
for punitive damages in an amount not greater than ten thousand
dollars ($10,000), in addition to any actual damages provided in
subdivision (a), except that in the case of a class action the total
recovery under this subdivision shall not exceed the lesser of five
hundred thousand dollars ($500,000) or 1 percent of the net worth of
the creditor. In determining the amount of such damages in any
action, the court shall consider, among other relevant factors, the
amount of any actual damages awarded, the frequency and persistence
of failures of compliance by the creditor, the resources of the
creditor, the number of persons adversely affected, and the extent to
which the creditor's failure of compliance was intentional.
(c) In the case of any action brought by an aggrieved applicant
under subdivision (a) or (b), the costs of the action, together with
a reasonable attorney's fee as determined by the court, shall be
added to any damages awarded by the court.
(d) No provision of this title imposing liability shall apply to
any act done or omitted in good faith in conformity with any official
rule, regulation, or interpretation thereby by the Board of
Governors of the Federal Reserve System or in conformity with any
interpretation or approval by an official or employee of the Federal
Reserve System duly authorized by the board to issue such
interpretations or approvals under such procedures as the board may
prescribe therefor, notwithstanding that after such act or omission
has occurred, such rule, regulation, interpretation, or approval is
amended, rescinded, or determined by judicial or other authority to
be invalid for any reason.
(e) Actions alleging a failure to comply with any requirement of
Section 1787.2 shall be brought within two years from the date of the
occurrence of the violation.

1787.4. Any waiver of the provisions of this title is contrary to
public policy, and is void and unenforceable.