Tennessee § 45-4-602 Interest

Tennessee Statutes

§ 45-4-602 — Interest

Tennessee § 45-4-602

Title45

This text of Tennessee § 45-4-602 (Interest) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 45-4-602 (2026).

Text

(a)A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of:

(1)The applicable formula rate; or (2) The rate of interest permitted to be charged by credit unions chartered by the federal government.

(b)For installment loans, the maximum effective rate of interest shall:

(1)Be determined in accordance with the actuarial method;

(2)Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.

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(a) A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of: (1) The applicable formula rate; or (2) The rate of interest permitted to be charged by credit unions chartered by the federal government. (b) For installment loans, the maximum effective rate of interest shall: (1) Be determined in accordance with the actuarial method; (2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.

Legislative History

Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820; Acts 1986, ch. 558, § 2.