In regards to the templates provided, with me being from Tennessee and the laws below, how would I go about adding this to my letter? I have spoken to the TDFI and they stated that they are not licensed in our state and they are just now starting to get calls about these companies. They are trying to get addresses so they can confront them and let them know if they don't want to follow our laws they need to stop lending to Tennessee residents.
Tennessee State Information
Legal Status: Legal
Citation: Tenn. Code Ann. §45-17-101 et seq.
Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: the lesser of 15% of the check or $30 Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459%
Debt Limits: Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan:
Collection Limits: Collection Fees: One $30 NSF Fee; Court Costs Criminal Action: Prohibited
Where to Complain, Get Information: Regulator: Tennessee Department of Financial Institutions Address: 511 Union Street, Suite 400 Nashville TN 37219 Phone: (615) 741-2236 Fax: (615) 532-1018 Regulatory Contact: Bart Daughdrill,