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TennesseeSB 0694114th General Assembly (2025-2026)SenateWALLET

AN ACT to amend Tennessee Code Annotated, Title 45, Chapter 5, relative to industrial loan and thrift companies.

Sponsored By: Jack Johnson (Republican)

Became Law

Interest Rates

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 1 costs, 0 mixed.

Higher interest allowed by industrial lenders

Beginning July 1, 2025, industrial loan and thrift lenders can charge higher interest on new or changed contracts. The law removes the 36% yearly cap for loans of $100 or more, allowing higher effective rates. It also raises a 10% figure in the law to 12.5% where that rate applies. The law deletes subdivision (3) of §45-5-401(c), changing the rules that applied in that subsection. These changes apply to contracts or agreements entered into, amended, or renewed on or after July 1, 2025.

Sponsors & Cosponsors

Sponsor

  • Jack Johnson

    Republican • Senate

Cosponsors

  • Ken Yager

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 91 • No: 30

House vote • 3/17/2025

FLOOR VOTE: REGULAR CALENDAR PASSAGE ON THIRD CONSIDERATION 3/17/2025

Yes: 61 • No: 26

Senate vote • 3/6/2025

FLOOR VOTE: Third Consideration 3/6/2025

Yes: 22 • No: 4

Senate vote • 2/25/2025

SENATE COMMERCE AND LABOR COMMITTEE

Yes: 8 • No: 0

Actions Timeline

  1. Pub. Ch. 70

    4/8/2025

  2. Effective date(s) 07/01/2025

    4/8/2025

  3. Signed by Governor.

    3/25/2025Senate

  4. Signed by H. Speaker

    3/19/2025House

  5. Transmitted to Governor for action.

    3/19/2025Senate

  6. Enrolled and ready for signatures

    3/18/2025Senate

  7. Signed by Senate Speaker

    3/18/2025Senate

  8. Subst. for comp. HB.

    3/17/2025House

  9. Passed H., Ayes 61, Nays 26, PNV 8

    3/17/2025House

  10. Rcvd. from S., held on H. desk.

    3/10/2025House

  11. Passed Senate, Ayes 22, Nays 4, PNV 1

    3/6/2025Senate

  12. Engrossed; ready for transmission to House

    3/6/2025Senate

  13. Placed on Senate Regular Calendar for 3/6/2025

    3/4/2025Senate

  14. Senate Reset on calendar for 3-6-2025

    3/3/2025Senate

  15. Placed on Senate Consent Calendar 2 for 3/3/2025

    2/27/2025Senate

  16. Recommended for passage, refer to Senate Calendar Committee

    2/25/2025Senate

  17. Sponsor(s) Added.

    2/20/2025Senate

  18. Placed on Senate Commerce and Labor Committee calendar for 2/25/2025

    2/18/2025Senate

  19. Passed on Second Consideration, refer to Senate Commerce and Labor Committee

    2/12/2025Senate

  20. Introduced, Passed on First Consideration

    2/10/2025Senate

  21. Filed for introduction

    2/3/2025Senate

Bill Text

  • Enrolled / Public Chapter

    PDF

  • Fiscal Note

    PDF

  • Introduced

    PDF

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