1. Credit Products Trivia MortgagePersonalPayday Title Pledge Miscellaneous $100 $200 $300 $400 $500

2. 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

3. Variable Commonly called an Adjustable Rate Mortgage, or ARM. Mortgage $100

4. 60, 62, 65 What is the age to be eligible for a reverse mortgage loan? Mortgage $200

5. 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

6. 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

7. All three! The range is between 5 years to 10 years. Mortgage $300

8. 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

9. Dow Jones Industrial Average Along with the market index, there will also be a margin rate. Mortgage $400

10. 13, 15, 17 Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Residential Lending, Brokerage and Servicing Act? Mortgage $500

11. Chapter 13 This Act was revised in 2009. Mortgage $500

12. 5, 6, 7 Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Industrial Loan and Thrift Act? Personal $100

13. Chapter 5 Personal $100

14. Personal Property, Vehicle Titles, Real Property Which of these can be used as collateral on a personal loan? Personal $200

15. All 3! The most commonly used is personal property. Personal $200

16. 12, 18, 24 What is the allowable maximum effective rate of interest under the Tennessee Industrial Loan and Thrift Act? Personal $300

17. 24 However, the Annual Percentage Rate of interest will be higher based on the loan amount, a possible service charge and term. Personal $300

18. Secured, Retail Installment Sales Agreement, Unsecured What types of personal loans are offered through a third party company? Personal $400

19. 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

20. Personal guarantee, signature, note What is a common industry name for an unsecured personal loan? Personal $500

21. Signature They may also be called 90 day notes, if the length of the agreement covers that time period. Personal $500

22. Industrial Loan and Thrift, Mortgage, Deferred Presentment What is the true name for a payday loan transaction? Payday $100

23. Deferred Presentment Payday $100

24. 13, 15, 17 Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Deferred Presentment Services Act? Payday $200

25. 17 As of June 30, 2009, the Department licensed 1358 Deferred Presentment locations across the state. Payday $200

26. $20, $30, $40 What is the maximum fee allowed by statute on a Deferred Presentment, or payday loan? Payday $300

27. The statute actually reads 15% of the face value of the check, or $30, whichever is less. Payday $300 $30

28. 14 days, 28 days, 30 days What is the maximum length, or term, of a Deferred Presentment transaction. Payday $400

29. Payday $400 30 days Even though the most common term is 14 days, statute allows a maximum of 30 days.

30. $210, $230, $250 What is the most common amount of a Deferred Presentment transaction? Payday $500

31. $230 Payday $500

32. 13, 15, 17 Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Title Pledge Act? Title Pledge $100

33. 15 As of June 30, 2009, there were 763 title pledge lenders located in the state. Title Pledge $100

34. 2, 20, 200 What is the maximum allowable monthly interest on a Tennessee title pledge transaction? Title Pledge $200

35. 2 The maximum allowable interest rate is 2 percent (2%) per month. However, statute allows up to a 1/5 th fee on the total amount financed. This equates to 22% per month. Title Pledge $200

36. $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

37. $2500 Title Pledge $300

38. 15, 30, 45 What is the maximum length in days for a Tennessee title pledge agreement? Title Pledge $400

39. 30 days Pursuant to statute, a title pledge lender can automatically renew the agreement for an additional 30 days. Title Pledge $400

40. 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

41. 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

42. 6, 8, 10 Which Chapter of Title 45, Tennessee Code Annotated will you find the Tennessee Pawnbrokers Act? Miscellaneous $100

43. 6 However, 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

44. 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

45. 60 Days Miscellaneous $200

46. 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

47. 30 days Miscellaneous $300

48. NCAA, TSAC, FFELP Low interest loans for students and parents are available through this for education purposes? Miscellaneous $400

49. FFELP Federal Family Education Loan Program Miscellaneous $400

50. 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

51. TDFI Tennessee Department of Financial Institutions Miscellaneous $500