I'll share my understanding. (Could be right, might be wrong)
There are several lending statutes in TN. We basically have the opportunity to choose under which one(s) we will operate.
You don't even have to make all loans under the same statute, but you can't "cheery pick". That is you can't pick all the good stuff from different statutes to make one loan.
I think most banks in TN are lending under the Credit Card State Bank rules. Basically rates are limite to 24% and fees are whatever you decide as long as it's all disclosed to the borrower. We use this statute for all loans except what I refer to as "TILT" loans. TN Industrial Loan and Thrift Act.
These are single pay loans, $1000 or less with term less than 1 yr. Rates are limited to 10% and fees are based on the amount, but never higher than $20. Refer to TCA 45-5-403(a)
"If you don't think too good, don't think too much!" Ted Williams
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