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Bill to allow credit-card payment on insurance premium-finance loans fails after debate over fees
Summary
A proposal to allow insurance premium-finance loans to be paid by credit card and to permit certain convenience and collection fees failed on the House floor after members warned it could burden consumers with higher fees.
The Tennessee House voted down Senate Bill 766 on Friday after extended debate over fees and consumer protection. The bill would have updated law to permit electronic payment, including credit-card payments, for insurance premium-finance agreements and to allow collection or convenience fees tied to payment processing.
Sponsor Rep. Powers said the change was largely permissive and intended to modernize payment options for people who finance large insurance premiums: "It's just allowing a credit card to be used rather…
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