SB0739 - Tennessee: Business And Commerce, Financial Institutions, Dept. Of

Companion Bill HB0747. Business and Commerce - Removes the authority of a title pledge lender to charge a fee equal to no more than one fifth of the original principal amount of the title pledge agreement and instead authorizes an effective rate of interest of no more than 17 percent a month. - Amends TCA Title 45, Chapter 15. Fiscal Summary for SB0739 / *HB0747Increase State Expenditures - Not Significant Bill Summary for SB0739 / *HB0747 Present law limits the amount of interest that any title pledge lender may charge to 2 percent per month and authorizes the title pledge lender to charge a fee at the inception of any renewal of the agreement to defray the ordinary costs of operating a title pledge office. That fee may be no more than one fifth of the original principal amount of the title pledge agreement or property pledge agreement, or of the [...]

show full description