(a) A title pledge lender licensed pursuant to this chapter has the power to make loans of money on pledges of personal property certificates of title or on pledges of titled personal property in accordance with this chapter.

Terms Used In Tennessee Code 45-15-104

  • Pledgor: means the individual or individuals obligated to repay the loan. See Tennessee Code 45-15-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Property pledge agreement: means any written bailment or similar agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to the title pledge lender's taking physical possession of unencumbered titled personal property owned by the pledgor, and taking possession of the personal property certificate of title. See Tennessee Code 45-15-103
  • Title pledge agreement: means a thirty-day written agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to give the title pledge lender a security interest in unencumbered titled personal property owned by the pledgor. See Tennessee Code 45-15-103
  • Title pledge lender: means any person engaged in the business of making title pledge agreements or property pledge agreements with pledgors. See Tennessee Code 45-15-103
  • Titled personal property: means any personal property, the ownership of which is evidenced and delineated by a state-issued certificate of title. See Tennessee Code 45-15-103
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) Title pledge lenders licensed pursuant to this chapter shall not have the powers enumerated in this chapter without first complying with the law regulating title pledge agreements and property pledge agreements, but title pledge lenders exercising any of the powers in compliance with this chapter’s provisions shall not be deemed in violation of § 47-14-112 or § 47-14-117. No action shall be brought by a pledgor against a title pledge lender in connection with a title pledge agreement or property pledge agreement more than one (1) year after the date of the alleged occurrence of any violation of this chapter.
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