Plain English Breakdown
The official summary does not provide details on specific types of legal issues or additional reporting requirements beyond those explicitly mentioned in the bill text.
Consumer Protection Act
This bill changes the reporting time limit for certain financial events from 15 to 10 days for companies providing deferred presentment services.
What This Bill Does
- Changes the time limit for reporting major events from 15 days to 10 days.
Who It Names or Affects
- Companies that provide deferred presentment services (like payday loans).
- The Tennessee Department of Financial Institutions.
Terms To Know
- deferred presentment services
- Financial services where a company gives money to someone now and the person pays back more later, often with high interest rates.
- commissioner of financial institutions
- The official in charge of overseeing banks and other financial companies in Tennessee.
Limits and Unknowns
- Does not specify what happens if a company does not report within the new time limit.
- It is unclear how many companies will be affected by this change.