Tenn. Comp. R. & Regs. 0780-01-23-.01

Current through June 26, 2024

Section 0780-01-23-.01 - FEE ON A MONTHLY BASIS

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.

Tenn. Comp. R. & Regs. 0780-01-23-.01

Original Rule certified June 10, 1974.

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