Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-23 - Installment Maintenance Fee
Section 0780-01-23-.01 - FEE ON A MONTHLY BASIS

Universal Citation: TN Comp Rules and Regs 0780-01-23-.01

Current through September 24, 2024

The installment maintenance fee may be charged, earned and collected on a monthly basis.

(1) The installment maintenance fee may be charged on any fractional part of a month in which the account is prepaid.

(2) The installment maintenance fee may be collected monthly in addition to the installment payment.

(3) The installment maintenance fee may be added to the amount of the loan if it is precomputed and taken into income monthly. This is to facilitate meaningful disclosure for compliance with Truth in Lending.

(4) The certificate of investment or indebtedness or other written agreement shall provide for the installment maintenance fee when applicable.

Authority: T.C.A. §45-2011(c) relative to 45-2007(p).

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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