Payday loan laws in Tennessee
Status: Legal (Tenn. Code Ann. 45-17-101 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $425 ($500 on check)
- Loan tenure: Max: 31 days
- Fees and finance charges: 15% of the face value of the check
- Finance charge on a 14-day $100 loan: $17.65
- APR on 14-day $100 loan: 459%
Collection restrictions:
- Collection fees: Court fees
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: 3 (2 on each licensee)
- Rollovers allowed: None
Complaint cell:
- Regulator: Consumer Resources Division, Tennessee Department of Financial Institutions (TDFI)
- Address: 414 Union Street, Suite 1000, Nashville Tennessee 37219
- Phone: (615) 253-2023
- Fax: (615) 253-7794
- Toll-free: 1-800-778-4215
- Regulatory contact: Alan Smith , Director
- Website: http://www.tennessee.gov/tdfi/crd/index1.shtml
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File complaint: http://www.tennessee.gov/
tdfi/crd/complaintprocess.shtml
Updated on:
