Tennessee § 47-14-125 - Compliance with federal Consumer Credit Protection Act.

§ 47-14-125. Compliance with federal Consumer Credit Protection Act.

Compliance with the requirements of the Consumer Credit Protection Act, being Public Law 90-321; 82 Stat. 146 et seq., commonly referred to as the federal Truth in Lending Act, shall be deemed compliance with any requirements of the statutes of Tennessee relating to the disclosure of information in connection with credit transactions. A credit transaction which is deemed in compliance with the statutes of Tennessee pursuant to subsection (a) shall also be deemed to be a credit transaction which is specifically authorized under the laws of this state and the United States for purposes of application of § 47-18-111(a)(1) to any action brought under the Tennessee Consumer Protection Act of 1977, compiled in chapter 18, part 1 of this title, with respect to disclosure or lack of disclosure of information in connection with such credit transaction. Acts 1969, ch. 235, § 1; T.C.A. § 47-14-119 ; Acts 2001, ch. 162, § 1. Compiler's Notes. The Consumer Credit Protection Act, referred to in this section, is compiled in 15 U.S.C. § 1601 et seq. and 18 U.S.C. § 891 et seq. Acts 2001, ch. 162, § 2 provided that the act is declaratory of existing law in the state and merely codifies the existing policies concerning the disclosure of information in connection with credit transactions. Collateral References. Construction and effect of disclosure statutes requiring, on extending credit or making loan, to give statement showing terms as to amounts involved and charges made. 14 A.L.R.3d 330. Validity, Construction, and Application of Truth in Lending Act (TILA) and Regulations Promulgated Thereunder — United States Supreme Court Cases. 67 A.L.R. Fed. 2d 567.