Tennessee HB0775 amends industrial loan and thrift company regulations, adjusting interest rates and removing certain provisions.
Tennessee HB0775 modifies the Tennessee Code Annotated, Title 45, Chapter 5, concerning industrial loan and thrift companies. It sets a maximum effective interest rate of 36% per annum on loans of $100 or more. The bill also removes a specific subdivision and adjusts another to reflect the new interest rate cap. Effective July 1, 2025, these changes apply to contracts or agreements entered into, amended, or renewed on or after that date.
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