OPINION
Opinion By
In this appeal from a summary judgment, Roy Threlkeld contends the trial court erred in enforcing a promissory note and ordering him to pay the interest allegedly due. Threlkeld contends the original interest rate on the note was usurious and that the lender, Gregory Urech, knew the note was usurious at the time the note was executed. Threlkeld further argues that Urech’s attempt to correct the usurious rate of interest was both untimely and ineffective. After reviewing the record and applicable law, we conclude the trial court did not err in granting summary judgment in favor of Urech. We affirm the trial court’s judgment.
I.
On October 7, 2002, Roy Threlkeld and Gregory Urech signed a promissory note made payable to Urech in the amount of $200,000. The parties agreed that interest would accrue on the unpaid balance at the rate of 100% per annum. Threlkeld also agreed to make a lump sum payment of the balance and interest owed “365 days after receipt of the initial investment.”
Although Threlkeld made sporadic payments under the note, he never paid the full amount owed. After Threlkeld defaulted, Urech contacted an attorney to discuss his legal rights of recovery. On December 17, 2003, based on his attorney’s advice, Urech sent a “correction letter” under section 305.103 of the Texas Finance Code informing Threlkeld that the note, as executed, violated Texas usury law. Urech also informed Threlkeld that the letter was intended to correct the violation and “the stated interest rate of 100% per annum in the Note [was] reduced, from the inception of the loan until payment [was] finally made, to the maximum lawful rate of interest not to exceed 18% per annum.”
On October 5, 2007, Urech filed suit to recover the amounts he alleged were still due under the note. Threlkeld answered and sent Urech a letter under chapter 302 of the Texas Finance Code stating his position that the 18% interest rate specified in the purported correction letter was usurious. Threlkeld advised Urech he had 61 days to modify the note again. Urech refused to modify the note any further, and Threlkeld filed a counterclaim for usury.
Urech moved for summary judgment contending the undisputed evidence showed that Threlkeld was in default on the note and the unpaid principal and interest amounted to $114,703. In support *87 of his motion, Urech submitted an affidavit along with copies of the note and the correction letter. Urech also asserted that the 18% interest rate charged pursuant to the correction letter was not usurious as a matter of law.
Threlkeld responded that Urech was not entitled to summary judgment because (1) the correction letter was not sent timely and (2) the maximum amount of allowable interest that could be applied to the note was 10%, not 18%. Threlkeld argued Urech knew at the time the note was signed that the stated interest rate was usurious and, therefore, the correction letter was not sent within 60 days after Urech discovered the usury violation as required by section 305.103 of the Texas Finance Code. In support of his argument, Threlkeld filed an affidavit stating “both plaintiff, Gregory Urech, and I knew at the time the loan was entered into that it was usurious.”
Urech then filed a reply brief in support of his motion. In his reply, Urech argued that Threlkeld’s assertion as to Urech’s knowledge of usury was pure speculation. Urech also filed a supplemental affidavit stating “at the time I entered into the Note and lent the sum of $200,000, I did not know that the interest provided under the Note (as originally drafted) was usurious. I am not an attorney and at the time I entered into the Note, I was only 23 years of age.” Urech also stated that Threlkeld “himself proposed the payment and interest terms contained in the Note.” Finally, Urech testified that “after Threl-keld defaulted under the Note ... I contacted an attorney to advise me of my legal rights to recover against Threlkeld. Only upon consultation with legal counsel did I become aware that the interest provided under the Note, as originally drafted, was usurious. Based on the advice of counsel, I reduced the interest to be charged as set forth in the Correction letter. I delivered the Correction Letter personally to Threlkeld fifty-three days after the date I first contacted legal counsel.”
Threlkeld responded with his own supplemental affidavit stating, in part, “Gregory Urech knew at the time the loan was made that it was usurious because it was a risky loan and, therefore, I agreed to a higher rate.” Urech moved to strike the affidavit as untimely and objected to the statement about his alleged knowledge of usury law. Urech contended the assertion as to his knowledge was unsubstantiated and conclusory. The motion to strike the affidavit in its entirety was denied, but the trial court sustained Urech’s objection to the individual statement about his knowledge. The trial court then granted Urech’s motion for summary judgment and awarded him $12,000 in unpaid principal and $102,898 in unpaid interest along with pre- and post-judgment interest and attorney’s fees. This appeal ensued.
II.
In three issues, Threlkeld generally contends the trial court erred in granting summary judgment and enforcing the note because Urech failed to show that the interest rate in the note was properly corrected as a matter of law. Threlkeld first argues that there is a genuine issue of material fact about when Urech knew the 100% interest rate originally agreed to in the note violated Texas usury law. It is undisputed that a 100% interest rate is usurious.
See
Tex. Fin.Code Ann. § 303.009 (West 2006). Under the Texas Finance Code, however, a lender may correct a usurious interest rate by sending written notice to the borrower within sixty days of discovering the violation and making “any necessary adjustment.”
Id.
§ 305.103(a) A violation is discovered “at
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the time of the discovery of the violation in fact and not at the time when an ordinarily prudent person, through reasonable diligence, could or should have discovered or known of the violation.”
Id.
§ 305.103(b). The purpose of the usury statute is to penalize those who intentionally charge interest in excess of the rate allowed by law.
See Pentico v. Madr-Wayler, Inc.,
Threlkeld contends that if Urech knew of the usury violation at the time the note was signed, then the correction letter sent over one year later was untimely and ineffective, rendering the interest provision in the note unenforceable. The summary judgment evidence regarding Urech’s knowledge consists solely of the affidavits made by the parties. Urech testified in his affidavit that he was unaware of the usury violation until he consulted with an attorney and that he sent the correction letter fifty-three days later. This testimony establishes that the correction letter was sent within the sixty-day window provided for in section 305.103.
Threlkeld contends Urech’s testimony is nothing more than uncorroborated statements by an interested witness. A complaint that an affidavit is by an interested witness is an objection to form that is waived if not raised in the trial court.
See Ahumada v. Dow Chemical Co.,
Threlkeld also appears to argue that Urech’s testimony is conclusory because it is not susceptible to being readily controverted.
See Ryland Group, Inc. v. Hood,
Threlkeld argues in the alternative that, even if Urech’s affidavit was sufficient to support the judgment, his own affidavit testimony created a fact issue regarding when Urech first knew of the usury violation. In one affidavit, Threlkeld simply asserted that Urech “knew at the time the loan was entered into that it was usurious.” In his supplemental affidavit, Threl-keld testified that Urech knew the loan was usurious at the time it was made “because it was a risky loan.” Urech objected that the statement regarding his knowledge in the supplemental affidavit was conclusory and the objection was upheld. Threlkeld argues the trial court erred in sustaining the objection without giving him an opportunity to amend the affidavit under rule 166a(f) of the Texas Rules of Civil Procedure.
We first note that Threlkeld’s assertion that the trial court erred in not giving him an opportunity to amend is presented only in his reply brief. A complaint may not be raised for the first time in a reply brief.
See Dallas County v. Gonzales,
The remaining statements in Threlkeld’s affidavits are insufficient to create a fact issue about the timing of Urech’s discovery of the usury violation. Threlkeld’s affidavit merely states his subjective belief that Urech knew the note was usurious at the time it was signed. An affiant’s subjective belief about facts is legally insufficient as evidence.
See Kerim v. Arias,
In his second and third issues, Threlkeld contends the trial court erred in applying an 18% interest rate to the amounts due under the note. Threlkeld contends the maximum amount of interest that can be applied to the note is 10% under section 302.001(b) of the Texas Finance Code. See Tex. Fin.Code Ann. § 302.001(b). Threlkeld cites no authority, and we have found none, to support his contention that the maximum interest rate to which a usurious note may be corrected is 10%. Threlkeld argues only that an 18% annual rate of interest is usurious and there is no language in the note that would support the 18% rate.
To support his argument that the 18% interest rate is usurious, Threlkeld relies on the portion of section 302.001(b) that states “[a] greater rate of interest than 10 percent a year is usurious unless otherwise provided by law.”
Id,.
Threl-keld’s reliance on this language is misplaced because Texas law provides for a greater rate of interest in section 303.009 of the finance code.
See
Tex. Fin.Code Ann. § 303.009;
see also All Seasons Window and Door Mfg., Inc. v. Red Dot Corp.,
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Threlkeld next contends the 18% rate cannot be applied to the note because the note does not include language that would allow the application of that rate. In making this argument, Threlkeld both relies on and attempts to distinguish the holding of the Texarkana Court of Appeals in
All Seasons Window and Door Mfg., Inc. v. Red Dot Corp.,
To cure a usury violation, section 305.103 requires only that a lender notify the borrower of the violation and make any necessary adjustment to reduce the interest to a nonusurious rate.
See
Tex. Fin. Code Ann. § 305.103(a);
see also Bair Chase Prop. Co., LLC v. S & K Dev. Co., Inc.,
We affirm the trial court’s judgment.
Notes
. Section 303.009(a) states ”[i]f the rate computed for the weekly, monthly, quarterly, or annualized ceiling is less than 18 percent a year, the ceiling is 18 percent a year.” Tex. Fin.Code Ann. § 303.009(a).