HB3041 - Tennessee - Banks And Financial Institutions, Consumer Protection, Interest Rates

Companion Bill SB2674. Banks and Financial Institutions - Restricts the amount of penalty interest a credit card state bank may charge a cardholder and makes an interest rate increase applied to a credit card account prospective only. - Amends TCA Title 45. Fiscal Summary for HB3041 / *SB2674Increase State Expenditures - Not Significant Bill Summary for HB3041 / *SB2674 Present law limits the amount of interest that a bank may charge and collect with respect to extensions of credit made on credit card accounts, to an annual rate not exceeding 21 percent per year or at an equivalent daily, weekly, monthly, or quarterly rate. In addition to the authorized interest charges, a bank may charge and collect with respect to credit card accounts additional types of fees and charges that are agreed upon between the bank and the cardholder, in amounts that [...]

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