Credit Products Trivia

Mortgage

Personal Payday Title Pledge

Miscellaneous

$100 $100 $100 $100 $100

$200 $200 $200 $200 $200

$300 $300 $300 $300 $300

$400 $400 $400 $400 $400

$500 $500 $500 $500 $500

Fixed, Variable, Balloon

What is the type of mortgage loan where the interest rate could change, possibly as frequently as every six months?

Mortgage

$100

Variable

Commonly called an Adjustable Rate Mortgage, or ARM.

Mortgage

$100

60, 62, 65

What is the age to be eligible for a reverse mortgage loan?

Mortgage

$200

62

You have to be at least 62 years old to be eligible for a reverse mortgage and the property has to be

your primary place of residence.

Mortgage

$200

5, 7, 10

What is the maximum number of years that you are able to draw against your line of credit on a HELOC-Home Equity

Line of Credit?

Mortgage

$300

All three! The range is between 5 years to 10 years.

Mortgage

$300

Dow Jones, LIBOR, US Prime Rate

Which one is not a market index used in determining possible interest rates on a

variable rate mortgage loan?

Mortgage

$400

Dow Jones Industrial Average

Along with the market index, there will also be a margin rate.

Mortgage

$400

13, 15, 17

Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Residential Lending, Brokerage and Servicing Act?

Mortgage

$500

Chapter 13

This Act was revised in 2009.

Mortgage

$500

5, 6, 7

Which Chapter of Title 45, Tennessee Code Annotated will you find the

Tennessee Industrial Loan and Thrift Act?

Personal

$100

Chapter 5

Personal

$100

Personal Property, Vehicle Titles, Real Property

Which of these can be used as collateral on a personal loan?

Personal

$200

All 3! The most commonly used is personal property.

Personal

$200

12, 18, 24

What is the allowable maximum effective rate of interest under the

Tennessee Industrial Loan and Thrift Act?

Personal

$300

24

However, the Annual Percentage Rate of interest will be higher based on the loan amount, a possible service charge and

term.

Personal

$300

Secured, Retail Installment Sales Agreement, Unsecured

What types of personal loans are offered through a third party company?

Personal

$400

Retail Installment Sales Agreement

The most common of these is 90 Day Same as Cash, but 6 month and 12

month no interest are used also.

Personal

$400

Personal guarantee, signature, note

What is a common industry name for an unsecured personal loan?

Personal

$500

Signature

They may also be called 90 day notes, if the length of the

agreement covers that time period.

Personal

$500

Industrial Loan and Thrift, Mortgage, Deferred Presentment

What is the true name for a payday loan transaction?

Payday

$100

Deferred Presentment

Payday

$100

13, 15, 17

Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Deferred Presentment

Services Act?

Payday

$200

17

As of June 30, 2009, the Department licensed 1358 Deferred Presentment

locations across the state.

Payday

$200

$20, $30, $40

What is the maximum fee allowed by statute on a Deferred Presentment, or payday loan?

Payday

$300

The statute actually reads 15% of the face value of the check, or $30,

whichever is less.

Payday

$300

$30

14 days, 28 days, 30 days

What is the maximum length, or term, of a Deferred Presentment transaction.

Payday

$400

Payday

$400

30 days

Even though the most common term is 14 days, statute allows a maximum of 30 days.

$210, $230, $250

What is the most common amount of a Deferred Presentment transaction?

Payday

$500

$230

Payday

$500

13, 15, 17

Which Chapter of Title 45, Tennessee Code Annotated will you find the

Tennessee Title Pledge Act?

Title Pledge

$100

15

As of June 30, 2009, there were 763 title pledge lenders located in the state.

Title Pledge

$100

2, 20, 200

What is the maximum allowable monthly interest on a Tennessee title pledge

transaction?

Title Pledge

$200

2

The maximum allowable interest rate is 2 percent (2%) per month. However,

statute allows up to a 1/5th fee on the total amount financed. This equates to

22% per month.Title Pledge

$200

$2000, $2500, $3000

What is the maximum allowable that can be loaned on a single certificate of title on a title pledge agreement amount?

Title Pledge

$300

$2500

Title Pledge

$300

15, 30, 45

What is the maximum length in days for a Tennessee title pledge agreement?

Title Pledge

$400

30 days

Pursuant to statute, a title pledge lender can automatically renew the

agreement for an additional 30 days.

Title Pledge

$400

20, 40, 60

If a title pledge goes into default and the vehicle used as collateral is repossessed,

how long does the lender have to hold the car before it can be sold?

Title Pledge

$500

20 days

They have to allow the borrower in a title pledge this many days in an effort to

redeem the vehicle.

Title Pledge

$500

6, 8, 10

Which Chapter of Title 45, Tennessee Code Annotated will you find the

Tennessee Pawnbrokers Act?

Miscellaneous

$100

6However, this industry is not regulated by the Department, even though it is in Title

45-Banks and Financial Institutions section of Tennessee Code Annotated

Miscellaneous

$100

30, 60, 90

The property pledged under a pawn agreement can be repurchased at a fixed time not to be less than this many days?

Miscellaneous

$200

60 Days

Miscellaneous

$200

30, 60, 90

How many days does a pawn shop have to maintain the pledged collateral after the maturity of the pawn agreement?

Miscellaneous

$300

30 days

Miscellaneous

$300

NCAA, TSAC, FFELP

Low interest loans for students and parents are available through this for

education purposes?

Miscellaneous

$400

FFELPFederal Family Education Loan Program

Miscellaneous

$400

FBI, TDFI, FRB

Which state agency serves as the regulator for the state-chartered

depository and licensed non-depository financial institutions that operate in

Tennessee?

Miscellaneous

$500

TDFI

Tennessee Department of Financial Institutions

Miscellaneous

$500