47-32-107 - Violations Liability Penalties Frivolous actions.
47-32-107. Violations Liability Penalties Frivolous actions.
(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.
(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.
[Acts 2005, ch. 273, § 8.]