The TCRS was created by state statute under Tennessee Code Annotated (TCA), Title 8, Chapters 34-37.
TCA, Title 8, Chapters 34-37 establish the benefit terms and can be amended only by the Tennessee General Assembly.
T.C.A. SS 47-14-106(1) permits the parties to contract for a fixed rate permissible at the time the loan contract is executed, at the time the loan is made, at the time the loan is converted from a variable rate to a fixed rate or from one fixed rate to another, at the time of any renewal or extension of the loan or any combination of the foregoing.
McCarty EXHIBIT A Tennessee Code Annotated sections ("T.C.A. SSSS") 47-14-101 through 15-104, define and limit interest as well as loan charges, commitment fees and brokerage commissions and sets forth penalties and procedures for addressing violations of those limits.
T.C.A. SS 47-14-102 contains pertinent definitions in subsections (2), (5) and (6), as follow: .