Flexible Credit Act

Flexible Credit Act

The Act authorizes open-ended credit plans extended to non-commercial borrowers for personal, family, or household purposes. Such loans may be secured or unsecured by personal property, lacking in fixed maturities or designated length of term, and are subject to prepayment of the outstanding balance at any time without penalty.

Tennessee
SB 1988
Status: Signed into law on May 19, 2014.