(a) A person who violates Section 341.401 is liable to the aggrieved individual for:
(1) the actual damages caused by the violation;
(2) punitive damages not to exceed $10,000 in an action brought by the aggrieved individual; and
(3) court costs.
(b) The liability of a person under this section is instead of and not in addition to that person's liability under the Equal Credit Opportunity Act (15 U.S.C. Section 1691 et seq.). If the same act or omission violates Section 341.401 and applicable federal law, the person aggrieved by that conduct may bring a legal action to recover monetary damages either under this section or under that federal law, but not both.
(c) In addition to the other liabilities prescribed by this section, a person holding a license issued under this subtitle who violates Section 341.401 is subject to revocation or suspension of the license or the assessment of civil penalties by the commissioner.