Tennessee Statutes
§ 45-4-602 — Interest
Tennessee·Title 45
(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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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.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-103
General definitions§ 45-1-104
Department to execute laws§ 45-1-106
Salary of commissioner§ 45-1-107
Powers and duties of commissioner§ 45-1-109
Oaths of office§ 45-1-111
Limitation of personal liability§ 45-1-112
Official seal§ 45-1-113
Office facilities§ 45-1-116
Examiners - Employment and duties