Consumer Credit Regulation: 7.7.12 Correction of Error As a Defense
In the absence of a statute so providing, creditors cannot rebut usurious intent or otherwise avoid usury statutes simply by rebating excessive charges that the debtor has already paid696 or by unilaterally reducing the interest rate to a non-usurious rate.697 However, allowing a creditor a period of time to avoid liability by correcting an error is a common feature of usury statutes.698 Texas gives a lender a statu