2014 Tennessee Code
Title 47 - Commercial Instruments And Transactions
Chapter 14 - Interest Rates Generally
§ 47-14-107 - Computation of interest -- Installment loans.
(a) This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute.
(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.
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
