Title 47, Commercial Instruments And Transactions

(a) 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:(1) Promptly make an official announcement of the formula rate;(2) Cause the disseminatio…

(1) 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.(1) A contract may pr…

(a) 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. (b) For installment loans, the maximum eff…

(a) 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. (b) (1) Any contract for a consumer loan th…

(a) 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. (b) Liquidated and settled accounts, signed by the debtor, shall bear interest from the ti…

(a) A defendant sued for money may avoid the excess over lawful interest by pleading usury, setting forth the amount of such excess. (b) 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.

(a) 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 t…

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.

(a) The chancery court has jurisdiction, concurrent with courts of law, for the abatement and recovery of usury or excess loan charges. (b) No person shall be entitled to an equitable remedy with respect to usury or excess loan charges unless the person seeking such remedy does e…

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 …

(a) 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,…

(a) 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. (b) No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage comm…

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 i…

(a) 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 differ…

(a) Except as set forth in subsection (c), the interest rate on judgments per annum in all courts, including decrees, shall:(1) For any judgment entered between July 1 and December 31, be equal to two percent (2%) less than the formula rate per annum published by the commissioner…

Interest shall be computed on every judgment from the day on which the jury or the court, sitting without a jury, returned the verdict without regard to a motion for a new trial.

Prejudgment interest, i.e., interest as an element of, or in the nature of, damages, as permitted by the statutory and common laws of the state as of April 1, 1979, may be awarded by courts or juries in accordance with the principles of equity at any rate not in excess of a maxim…

Where any existing statute of this state fixes a rate of interest, but does not do so in terms of a maximum effective rate, the rate so fixed shall be the maximum effective rate for obligations covered thereby.

(a) Compliance with the requirements of the Consumer Credit Protection Act, being Public Law 90-321; 82 Stat. 146 et seq., commonly referred to as the federal Truth in Lending Act, shall be deemed compliance with any requirements of the statutes of Tennessee relating to the discl…