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Bill > HB0775
TN HB0775
TN HB0775AN ACT to amend Tennessee Code Annotated, Title 45, Chapter 5, relative to industrial loan and thrift companies.
summary
Introduced
02/04/2025
02/04/2025
In Committee
03/12/2025
03/12/2025
Crossed Over
Passed
04/08/2025
04/08/2025
Dead
Signed/Enacted/Adopted
04/08/2025
04/08/2025
Introduced Session
114th General Assembly
Bill Summary
As enacted, increases, from 30 to 36 percent per annum, the maximum permitted effective rate of interest that may be contracted for by an industrial loan and thrift company on an unpaid balance where the amount financed is $100 or more; makes other related changes. - Amends TCA Title 45, Chapter 5.
AI Summary
This bill amends Tennessee's laws regarding industrial loan and thrift companies by increasing the maximum permitted effective interest rate from 30% to 36% per annum for loans of $100 or more. Specifically, the bill modifies several sections of the Tennessee Code Annotated related to lending practices, removing some existing subdivisions and updating interest rate limitations. Additionally, the bill increases the percentage related to certain lending calculations from 10% to 12.5%. The changes will take effect on July 1, 2025, and will apply to any contracts or agreements that are entered into, amended, or renewed on or after that date. This modification essentially gives industrial loan and thrift companies more flexibility in setting interest rates for loans, potentially allowing them to charge higher rates on smaller dollar amounts while standardizing the maximum rate at 36% for loans of $100 or more.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Comp. became Pub. Ch. 70 (on 04/08/2025)
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0775&ga=114 |
| BillText | https://publications.tnsosfiles.com/acts/114/pub/pc0070.pdf |
| Fiscal Note - SB0694 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB0694.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB0775.pdf |
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