SB1558 - Tennessee: Financial Institutions, Dept. Of, Short Term Loans And Lenders, Titles, Short

Companion Bill HB1984. Short Term Loans and Lenders - Revises the Tennessee Title Pledge Act. - Amends TCA Title 45, Chapter 15. Fiscal Summary for *SB1558 / HB1984Increase State Revenues - Not Significant Increase State Expenditures - Not Significant Bill Summary for *SB1558 / HB1984 This bill revises various provisions of the Tennessee Title Pledge Act, as follows: (1) Present law imposes a statute of limitation on actions brought by a pledgor against a title pledge lender, which is one year after the date of the alleged occurrence of any violation of the Act. This bill removes the statute of limitation, but establishes other provisions regarding civil actions by pledgors, including a two-year statute of limitation (see (9) below). (2) Present law allows the commissioner of financial institutions to suspend or revoke a title [...]

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