Is a person subject to sanctions under the Act for unintentional violations?
A person is not liable for a violation of this Act if the person shows that the violation was an unintentional and bona fide error even though the person maintained procedures reasonably adopted to avoid the error. However, an error in legal judgment is not a bona fide error under the Act. Additionally, a person is not liable for a violation under this Act if the person notifies the borrower and corrects the error within 60 days of the violation and prior to the institution of legal action by the Attorney General or a county Prosecuting Attorney.
