CHATTANOOGA, Tenn. — The Tennessee Credit Union League is keeping an eye on 10 bills proposed in the state legislature this year, all seeking to further define restrictions on auto title lenders.
In mid-2005, the state's Department of Financial Institutions was granted approval under the Title Pledge Act to regulate title lenders after years of no restrictions. For the most part, bills currently under consideration by lawmakers seek to further restrict predatory lending practices.
Tennessee is not alone. Many states are attempting to legislate restrictions on auto title lending, a practice that, so far, has garnered much less attention than payday loans.
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