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TN HB0775

Bill

Official Source

Status

Passed

4/8/2025

Primary Sponsor

Dennis Powers

Click for details

Origin

House of Representatives

114th General Assembly

AI Summary

  • Establishes a maximum effective interest rate of 36% per annum for industrial loan and thrift company loans where the amount financed is $100 or more

  • Simplifies the interest rate structure by eliminating previous tiered rate provisions in Sections 45-5-301(2)(A)(iii) and 45-5-401(c)(3)

  • Increases a specified rate threshold from 10% to 12.5% in Section 45-5-403(b)(1)

  • Takes effect July 1, 2025, applying to contracts or agreements entered into, amended, or renewed on or after that date

Legislative Description

AN ACT to amend Tennessee Code Annotated, Title 45, Chapter 5, relative to industrial loan and thrift companies.

Interest Rates

Last Action

Comp. became Pub. Ch. 70

4/8/2025

Committee Referrals

Calendar and Rules3/12/2025
Commerce3/5/2025
Banking & Consumer Affairs Subcommittee2/26/2025
Commerce2/6/2025

Full Bill Text

No bill text available