1. (a) Except as provided by Subsection (b), an action under this chapter must be brought before the later of:

   1. (1) the fourth anniversary of the date of the loan or retail installment transaction with respect to which the violation occurred; or
   2. (2) the second anniversary of the date on which the violation occurred.
2. (b) An action under this chapter with respect to an open-end credit transaction must be brought before the second anniversary of the date on which the violation occurred.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.