Some interesting information - state of Tenneessee

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Sub: #1 Some interesting information - state of Tenneessee
Replied on 04-07-2006, 11:56 AM
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I found this website while wandering around the web Thought some of use would like to know this.

Quote:
(i) If a check is returned to the licensee from a payer financial institution due to insufficient funds, closed account, or a stop payment order, the licensee shall have the right to all civil means available and allowed by law to collect the check, including the right to collect court costs incurred in bringing the civil action as authorized in § 47-29-101(a)(4), (b) and (c) and shall further have the authority to assess a handling charge against the maker or drawer in the amount authorized by § 47-29-102; provided, only one such handling charge may be collected with respect to any check even if the check has been re-deposited and returned more than once; provided, however, that the licensee shall not have the right to collect attorney's fees relating to the check. No other provisions of title 47, chapter 29, are applicable to or for a licensee under this chapter. No individual who issues a personal check to a licensee under this chapter shall be convicted under the provisions of § 39-14-121.



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In english... if your check is returned due to NSF they can add court costs for civil suit, handling fees, bounce charges.... but they can not prosecute you under the bad check laws

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Sub: #2
Replied on 04-07-2006, 12:13 PM
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this is for tennessee payday loans?

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Sub: #3
Replied on 04-07-2006, 12:37 PM
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Yes, tennessee payday loans, cash advances, or deferred payment places, whatever you want to call them. I don't know if it applies to the internet based pdls

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Sub: #4
Replied on 04-07-2006, 12:50 PM
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Every state law is different from one another. Details will be available at the Consumer Protection Office and the legitimate practices will be known in a particular state.

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Sub: #5
Replied on 04-07-2006, 01:37 PM
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most states will take the position that their pdl laws do apply to internet based loans

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Sub: #6
Replied on 04-07-2006, 01:40 PM
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JJ, what's the law over there in Washington? Is there any specific restriction regarding PDL in your state or just the general laws?

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