Tennessee HB0772 amends premium finance company regulations to allow convenience fees for electronic payments.
Tennessee HB0772 amends Title 56, Chapter 37 of the Tennessee Code to allow premium finance companies to impose and collect a convenience fee from insureds who pay by credit card, debit card, electronic funds transfer, electronic check, or other electronic means. The fee must not exceed the actual costs incurred by the company in processing electronic payments. The bill also stipulates that the fee cannot be considered in determining violations of usury laws. The convenience fee is not refundable and can be charged in addition to other interest and fees allowed by law.
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