Section 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.Tenn. Comp. R. & Regs. 0180-27-.01
Original rule filed March 31, 1997; effective July 29, 1997.Authority: T.C.A. §§ 45-15-111;45-15-117 and 45-1-107.