Amends TCA Title 45, Chapter 5.
Tennessee HB0775 amends the industrial loan and thrift company laws to increase the maximum interest rate that registrants can charge on loans of $100 or more from 30% to 36% per annum. It also raises the maximum acquisition loan charge from 10% to 12.5% for various loan amounts, affecting borrowers who utilize these financial services. Key provisions include the revised interest rates for loans based on the amount financed and the updated limits on acquisition loan charges.
Tennessee HB0775 amends the industrial loan and thrift company laws to increase the maximum interest rate that registrants can charge on loans of $100 or more from 30% to 36% per annum. It also raises the maximum acquisition loan charge from 10% to 12.5% for various loan amounts, affecting borrowers who utilize these financial services. Key provisions include the revised interest rates for loans based on the amount financed and the updated limits on acquisition loan charges.
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