NASHVILLE -- Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum.
Over the last two years, Tennesseans across the state have been affected by severe weather situations. In 2010, Middle and West Tennessee were faced with flooding and in 2011 and earlier this year tornadoes damaged a number of communities across the state, primarily in East Tennessee.
Most of us may have an evacuation plan if a fire were to break out in our homes, or a “safe-place” for severe weather situations. However, the Tennessee Department of Financial Institutions questions how many of us ever take into consideration our “safe place” for our family’s important financial information and other legal documents?
The Federal Emergency Management Agency has developed the Emergency Financial First Aid Kit to assist families in compiling a listing of the items that should be included in their Emergency Financial First Aid Kit and the steps to take to ensure protection of this information. More can be found on this important topic by visiting the following web site: http://www.citizencorps.gov/downloads/pdf/ready/EFFAK_2010_FEMA.pdf
Tennessee consumers using the services of Deferred Presentment Services providers, also known as payday lenders, should be aware of statutory changes that were made to the Deferred Presentment Services Act (the “Act”), Tennessee Code Annotated §§ 45-17-101 et seq. You can access the changes at the following link: http://state.tn.us/sos/acts/107/pub/pc0205.pdf, and you can view all of Tennessee’s statutes at: http://www.lexisnexis.com/hottopics/tncode/.