Tennessee Credit Laws

Judgment 10% or contract, whichever is greater)

The general usury limit is 24%, or four points above the average prime loan rate, WHICHEVER IS LESS.

Open Acct: 6 - Written Contract 6 - Domestic Judgment 10 - Foreign Judgment 10

Treble damages up to $500 + 10% interest & reasonable service charges, atty.'s fees, & court costs

See federal law. Add $2.50 per wk. for dependent child under 16

$5,000 for a single person and $7,500 for a couple. The homestead exemption applies to property held in a life estate. The homestead exemption applies to property held in a 2-15 year lease. The homestead exemption applies to the spouse and children of the deceased. Property held in tenancy by the entirety is exempt from the debts owed by one spouse.

Collecting or attempting to collect from the debtor any fee, commission or other compensation not provided by law for collection services rendered to a client, except that a collection service may recover from debtors reasonable charges imposed by banks for processing insufficient fund checks; provided, that such charges do not exceed nine dollars ($9.00) per check.  No collection service, or manager or solicitor hereof, shall solicit claims for collection under any ambiguous or deceptive contract, or one that provides for a docket, listing, filing, or tracing fee, or similar charges.