Here's the corrected solution based on the task's instructions:

```ts
/** The text, cut to limit characters with an ellipsis when it is longer. */
export function truncate(text: string, limit: number): string {
  if (!Number.isInteger(limit) || limit < 3) {
    throw new Error('Truncation limit must be an integer of at least 3');
  }
  
  if (text.length <= limit) {
      return text;
  }
   
  return text.slice(0, limit - 3) + "...";
}
```