Tennessee Title Pledge Act
Tennessee · Banks And Financial Institutions · §§ 45-15-101 to 45-15-123 · 23 sections
Overview
The act regulates title pledge lending — loans secured by a pledge of the certificate of title to personal property such as motor vehicles — and requires anyone making such loans to hold a license from the state, with loans made without one rendered void. It sets eligibility, application, renewal, and change-of-control requirements for licensees, authorizes the supervising commissioner to examine records, adopt rules, investigate complaints, and suspend or revoke licenses, and prescribes penalties and enforcement actions for violations. It also governs the loan itself: the form and execution of the pledge agreement, permitted interest and charges, required consumer disclosures, the borrower's right to redeem, limits on the term and renewal of agreements, a holding period before the lender may dispose of the property, safekeeping and insurance obligations, and a list of prohibited lender practices, while displacing conflicting local ordinances.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 13 court decisions.
Most-cited authority: 328 S.W.3d 850 - Brown v. Tennessee Title Loans, Inc.
Sections covered
- Tenn. Code Ann. § 45-15-101Short title3 cites
- Tenn. Code Ann. § 45-15-102Purpose1 cite
- Tenn. Code Ann. § 45-15-103Chapter definitions
- Tenn. Code Ann. § 45-15-104Authority of licensed title pledge lenders1 cite
- Tenn. Code Ann. § 45-15-105License required — Loans made without license void1 cite
- Tenn. Code Ann. § 45-15-106Eligibility requirements for license — Application — Fees — Issuance or denial of license — Hearing on denial — Renewal — Change in control of lender1 cite
- Tenn. Code Ann. § 45-15-107Suspension or revocation of license
- Tenn. Code Ann. § 45-15-108Rules and regulations — Compliance examinations — Preservation of books and records — Reproduction and preservation of records — Report by commissioner on rates and terms of loans
- Tenn. Code Ann. § 45-15-109Notification to commissioner of changes — Events requiring report to commissioner — Biennial reports
- Tenn. Code Ann. § 45-15-110Record of transactions required — Required information printed on agreement — Execution of agreement — Liens
- Tenn. Code Ann. § 45-15-111Rate of interest and charges — Consumer notification and disclosure form3 cites
- Tenn. Code Ann. § 45-15-112Right to redeem
- Tenn. Code Ann. § 45-15-113Thirty-day agreements — Renewal of agreements — Right to cancel — Fees and requirements for renewals1 cite
- Tenn. Code Ann. § 45-15-114Twenty-day holding period — Procedure for redemption or failure to redeem — Loss of agreement by pledgor
- Tenn. Code Ann. § 45-15-115Prohibited actions by lender1 cite
- Tenn. Code Ann. § 45-15-116Safekeeping of titled personal property or personal property certificates of title — Insurance coverage — Damaged property
- Tenn. Code Ann. § 45-15-117Violations
- Tenn. Code Ann. § 45-15-118Actions authorized by commissioner for violations — Consent orders — Penalties — Enforcement — Emergency action — Investigation of complaints — Censure, suspension, or bar1 cite
- Tenn. Code Ann. § 45-15-119Supersession of ordinances or resolutions of municipal corporations
- Tenn. Code Ann. § 45-15-120Applicability of motor vehicle provisions
- Tenn. Code Ann. § 45-15-121Licensing through multi-state automated licensing system
- Tenn. Code Ann. § 45-15-122Agent for channeling information
- Tenn. Code Ann. § 45-15-123Privacy or confidentiality of shared information
Enacted in other states
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