All verdicts and judgments shall be rendered in dollars and cents, or such parts thereof as the nature of the case may require. Executions thereon, and all bills of costs, shall be issued accordingly. Code 1858, § 1942 (deriv. Acts 1798-1799, ch. 19, § 1); Shan., § 3491; mod. Code 1932, § 7299; T.C.A. (orig. […]
The following terms have the following meanings, subject to additional definitions, specifications and limitations contained in other statutes relating to particular categories of lenders or of transactions: “Account purchase transaction” means an agreement under which a commercial entity sells accounts, instruments, documents, or chattel paper to another commercial entity subject to a discount or fee, […]
Except as otherwise expressly provided by this chapter or by other statutes, the maximum effective rates of interest are as follows: For all transactions in which other statutes fix a maximum effective rate of interest for particular categories of creditors, lenders, or transactions, the rate so fixed; For all written contracts, including obligations issued by […]
Notwithstanding this or other statutes, for all single payment loans for a term of one (1) year or less, in an original principal amount of one thousand dollars ($1,000) or less: The maximum effective rate of interest shall be that rate fixed, from time to time, as fair and reasonable, by rule adopted by the […]
Upon the publication by the board of governors of the Federal Reserve System of the average prime loan rate, as described in § 47-14-102, the commissioner of financial institutions shall: Promptly make an official announcement of the formula rate; Cause the dissemination of such announcement to the news media in such manner as the commissioner […]
Contracts to which the applicable formula rate provided in § 47-14-103(2) applies may provide for the payment of a fixed rate of interest, a variable rate of interest or any combination of fixed and variable rates in any sequence, subject to this section. A contract may provide for a fixed rate of interest: Permissible at […]
This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute. For installment loans, the maximum effective rate of interest shall: Be determined in accordance with the […]
Except as limited by statutory provisions expressly applicable thereto, the privilege of prepayment of a loan, in whole or in part, and any refunds or premiums with respect thereto, shall be governed by contract between the parties. Any contract for a consumer loan that: Either prohibits prepayment or imposes a penalty for prepayment; and Is […]
Interest on negotiable and nonnegotiable instruments shall accrue according to the terms of the instrument; otherwise, interest on the instrument shall accrue as provided in § 47-3-112. Liquidated and settled accounts, signed by the debtor, shall bear interest from the time they become due, unless it is expressed that interest is not to accrue until […]
A defendant sued for money may avoid the excess over lawful interest by pleading usury, setting forth the amount of such excess. In order to sustain a defense of usury, the burden is on the party claiming usury.
If usury has been paid, it may be recovered by action brought by the party from whom it was taken, or that party’s representative, or it may be subjected by any judgment creditor of such party to the satisfaction of that party’s debt.
The willful collection of usury is a Class A misdemeanor.
For all loans in which a provision of this chapter or another statute authorizes or allows loan charges, commitment fees, or brokerage commissions for particular categories of lenders or transactions, the collection of such charges, fees, and commissions shall be limited to the charges, fees, or commissions so authorized or allowed. For any written contract, […]
If loan charges, commitment fees, or brokerage commissions in excess of those authorized have been paid, the amount of such excess charges, fees, or commissions, may be recovered by action brought by the person paying such excess amounts.
The chancery court has jurisdiction, concurrent with courts of law, for the abatement and recovery of usury or excess loan charges. No person shall be entitled to an equitable remedy with respect to usury or excess loan charges unless the person seeking such remedy does equity by paying, or tendering into court, the principal plus […]
A claim or defense based on usury or excessive loan charges, commitment fees, or brokerage commissions will not be sustained where the person against whom the claim or defense is made, in computing and making such charges, fees, or commissions, has relied on a statute, or a rule or regulation promulgated by an administrative agency, […]
Any contract which on its face requires the payment of usury or excess loan charges, commitment fees, or brokerage commissions shall not be enforceable; but the original lender or creditor may sue to recover the principal actually advanced, plus lawful interest, loan charges, commitment fees, and brokerage commissions. Where usury or excess loan charges, commitment […]
No action shall be brought on any claim for usury after three (3) years from the date of last payment of the same or foreclosure or court action, whichever ensues first. No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage commissions after three (3) years from the date […]
In any transaction otherwise subject to this chapter which is not subject to the disclosure requirements of the federal Consumer Credit Protection Act, where the transaction bears a reasonable relationship to this state and also to another state or nation, the parties may agree in the written contract evidencing such transaction that the laws of […]
The charging of a time-price differential shall not be deemed to bring a transaction within any regulation of interest, loans or loan charges, commitment fees, or brokerage commissions, regardless of whether the seller disposes of the contract containing the time-price differential pursuant to a prearranged agreement, on a recourse or nonrecourse basis, or otherwise. It […]
