Amends TCA Title 45, Chapter 5.
Tennessee SB0694 amends the Tennessee Code Annotated Title 45, Chapter 5, to increase the maximum effective interest rate that registrants under the industrial loan and thrift company laws can charge on loans from 30% to 36% for amounts financed of $100 or more. Additionally, the bill raises the maximum acquisition loan charge from 10% to 12.5% for various loan amounts. This legislation primarily affects borrowers utilizing loans from industrial loan and thrift companies in Tennessee.
Tennessee SB0694 amends the Tennessee Code Annotated Title 45, Chapter 5, to increase the maximum effective interest rate that registrants under the industrial loan and thrift company laws can charge on loans from 30% to 36% for amounts financed of $100 or more. Additionally, the bill raises the maximum acquisition loan charge from 10% to 12.5% for various loan amounts. This legislation primarily affects borrowers utilizing loans from industrial loan and thrift companies in Tennessee.
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