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#1319119 - 01/06/10 07:47 PM Ussary Rate
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
Does anybody happen to know what the State of Tennessee Ussary rate on loans are?

Thank for the help.

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#1319294 - 01/06/10 09:46 PM Re: Ussary Rate mdog76
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
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)
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#1343445 - 02/15/10 05:56 PM Re: Ussary Rate OnTheEdge
wanted Offline
Member
wanted
Joined: Oct 2001
Posts: 99
United States
Credit Card State Bank Act
Is it 24% or 21% maximum?

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#1344048 - 02/16/10 07:48 PM Re: Ussary Rate wanted
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
I stand corrected, it is 21% NOT 24%.
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The opinions expressed are mine and do not necessarily reflect those of my employer.

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