TN

Tennessee State Information

Legal Status: Legal

Citation:
Tenn. Code Ann. 45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $425 ($500 check)
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of the face value of the check

Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:  Court Costs
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulator Website