Microsoft has extended the Xbox 360's three-year general hardware failure warranty to cover E74 errors, with the company now offering refunds to anyone that paid for an E74-related repair within their first three years of owning the console.

"We have determined that the E74 error message can indicate the general hardware failure that is associated with three flashing red lights error on the console," reads a Microsoft support page, updated today, noticed by Kotaku.

"As a result, we have decided to cover repairs related to the E74 error message under our three-year warranty program for certain general hardware failures that was announced in July 2007. We have already made improvements to the console that will reduce the likelihood of an occurrence of this issue."

Refunds for eligible E74 repairs should go out within the next 4-12 weeks, Microsoft said. However, if no refund is received by July 1 of this year, a refund claim will need to be filed at at www.xbox.com/support before November 1, 2009.

Thanks to Dave-A for the tip.