Tenn. Comp. R. & Regs. 0180-27-.04 - DISCLOSURE

(1) Prior to entering into any property pledge agreement or title pledge agreement wherein the pledged goods will consist of, or include, one (1) or more motor vehicles titled by this or any other state, a title pledge lender shall provide the pledgor a notification and disclosure form containing 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.

(2) The style, content and method of executing the notification and disclosure form required by this rule 0180-27-.04 shall comply with the Federal Truth in Lending Act ( 15 U.S.C. § 1602 et seq.) and the regulations promulgated thereunder, known as the Federal Reserve Board's Regulation Z (12 C.F.R. Pt 226).

(3) Prior to entering into the property pledge agreement or title pledge agreement. the title pledge lender shall ensure that the pledgor receives and acknowledges receipt of the notification and disclosure form.

Notes

Tenn. Comp. R. & Regs. 0180-27-.04

Original rule filed March 31, 1997; effective July 29, 1997.

Authority: T.C.A. §§ 45-15-111;45-15-117 and 45-1-107.