Tenn. Comp. R. & Regs. 0180-27-.01 - PURPOSE
(1) In enacting Public Chapter 718. Acts of
1996. the General Assembly expressed its intention to promote the informed use
of consumer credit by requiring that:
(1)
Prior to entering into a property pledge agreement or title pledge agreement
each title pledge lender must provide a pledgor with an accurate and complete
disclosure of the itemized and total amounts of all interest, fees, charges and
other costs that will or potentially could be imposed as a result of such
agreement: and.
(2) Any title
pledge lender who knowingly fails to provide such disclosure shall subject its
license to suspension or revocation. The purpose of this chapter is to specify
the style. content and method of executing the form of the disclosures that a
title pledge lender must provide to a pledgor and to establish the procedure
through which a title pledge lender's license may be subject to suspension or
revocation for failure to issue to a pledgor the proper disclosure.
Notes
Authority: T.C.A. ยงยง 45-15-111;45-15-117 and 45-1-107.
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