82-F-28(a) - Rate of interest on client billings

 

BOARD OF PROFESSIONAL RESPONSIBILITY OF THE SUPREME COURT OF TENNESSEE

FORMAL ETHICS OPINION 82-F-28(a)

 

Subsequent to the issuance of Formal Ethics Opinion 82-F-18, there have been requests for further consideration concerning the time price differential allowed on credit card plans and the interest allowed on delinquent accounts.

It is the opinion of the Committee that the time price differential allowed on credit card plans and the interest allowed on delinquent accounts should be changed.

Item 7 of Formal Ethics Opinion 82-F-28 relating to credit card plans is hereby amended as follows:

7. The time price differential utilized in the plan shall not exceed that specified in TCA 47-11-104.

Item 3 of Formal Ethics Opinion 82-F-28 relating to interest on delinquent accounts is hereby amended as follows:

3. The maximum effective rate of interest utilized in computing such interest shall not exceed the rate specified in TCA 47-14-103.

This 18th day of October, 1982.

ETHICS COMMITTEE:

William R. Willis, Chairman
F. Evans Harvill
John R. Rucker

APPROVED AND ADOPTED BY THE BOARD