Tennessee § 45-12-112 - Licensee to provide to prospective customers written explanation of interest, fees, and charges — Requirements for account-opening statement — Billing statements.
Full text of Tennessee Tennessee Code Annotated § 45-12-112 — Licensee to provide to prospective customers written explanation of interest, fees, and charges — Requirements for account-opening statement — Billing statements., with citation guidance and answers to common questions.
§ 45-12-112. Licensee to provide to prospective customers written explanation of interest, fees, and charges — Requirements for account-opening statement — Billing statements.
A licensee shall provide each prospective customer, before consummation of a flex loan plan, a written explanation, in clear, understandable language, of the interest, fees, and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with federal truth-in-lending laws and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure of the interest, fees, and charges to be charged by a licensee under a flex loan plan. The account-opening statement for any flex loan plan shall include, along with other state or federal law requirements: A next-business-day customer's right of rescission for any requested draw under the flex loan plan; and A notice informing the customer that complaints may be made to the department, including the department's telephone number and address. The account-opening statement for any flex loan plan shall not require or provide the licensee the authority to require the customer to draw the full amount of credit available under a flex loan plan at any time. A licensee shall provide customers with a periodic billing statement in compliance with federal truth-in-lending laws. If two (2) or more customers having the same residence are authorized to obtain extensions of credit under the flex loan plan, the statement of provisions of the plan shall be provided to one (1) of the customers as may be designated in the plan, and the billing statements required by law shall be rendered to such customer. Acts 2014, ch. 969, § 1.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-12-112
What does Tennessee Code Annotated § 45-12-112 cover?
Section 45-12-112 ("Licensee to provide to prospective customers written explanation of interest, fees, and charges — Requirements for account-opening statement — Billing statements.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-12-112?
A common citation format is "Tennessee Code Annotated § 45-12-112" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-12-112 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.