Tennessee SB0766 amends premium finance company regulations to limit handling charges and convenience fees.
Tennessee SB0766 amends Title 56, Chapter 37 of the Tennessee Code to regulate premium finance companies. The bill limits handling charges to one per check or electronic debit authorization and ensures these charges are not considered in usury law violations. It also allows convenience fees for electronic payments, provided they do not exceed actual processing costs and are disclosed to the insured before transaction completion. The act takes effect immediately upon becoming law.
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- Impact
- Legal Framework
- Critical Issues
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