(a) No action shall be brought on any claim for usury after three (3) years from the date of last payment of the same or foreclosure or court action, whichever ensues first.

Terms Used In Tennessee Code 47-14-118

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
(b) No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage commissions after three (3) years from the date of payment of the charges, fees or commissions.
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