Tennessee Senate Bill SB0130

Tennessee 2023-2024 Regular Session

• Introduced: 1/11/23
• Engrossed: 2/27/23
• Enrolled: 4/11/23
• Passed: 4/25/23
• Chaptered: 5/3/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 45 and Title 47, relative to financing services.

Impact

If enacted, SB0130 would incorporate specific consumer protection measures into Tennessee law, particularly concerning financing services. The requirement for financing companies to provide a visible contact number aims to facilitate better consumer access to assistance and information about their loans or credit lines. Importantly, any violations of this requirement would fall under the Tennessee Consumer Protection Act, classifying them as unfair or deceptive practices, thus subjecting offenders to legal penalties and remedial actions. This could lead to increased accountability among financing institutions operating within Tennessee.

Summary

Senate Bill 130 (SB0130) aims to amend the Tennessee Code by introducing new requirements for financing companies operating within the state. The bill specifies that these companies must include a prominently displayed phone number for customer service on any mailed or emailed statements provided to consumers. This is intended to enhance consumer accessibility and to improve communication between financing companies and their clients. The overarching goal of the bill is to protect consumers by ensuring they have the necessary resources to address concerns regarding their financing agreements.

Sentiment

The sentiment surrounding SB0130 appears to be generally positive among advocates for consumer rights. Supporters of the bill argue that it is a crucial step in ensuring that financing companies operate transparently and prioritize consumer needs. Enhanced access to customer service is seen as a significant improvement that helps mitigate customer frustration and potential misunderstandings about financing terms. As such, there has been a favorable reception toward the bill among legislators concerned with consumer protection.

Contention

While there is support for SB0130, potential points of contention may arise concerning the compliance burden it places on financing companies. Critics, although less vocal in this context, might express concerns that requiring a visible contact number could lead to increased operational costs for these businesses, which may, in turn, affect their willingness to serve certain segments of consumers. However, such critiques have not been prominent in the discussions surrounding the bill, focusing instead on its positive implications for consumer protection in the financial sector.