Tennessee Company Setup Guide:
Please note that the guidelines below are simply comments about how we have seen Tennessee clients set up TLP for their companies, and Tennessee state regulations obviously supercede these comments. You should be very careful to make sure your company setup complies with all current Tennessee and Federal regulations, which are subject to change and interpretation. This is a "sample" company setup for a Tennessee client, and the options you choose may be different if you elect to operate your company differently.
Here is a link for reference to APR Calculations and Common Percentages
Under menu option Tools, Company Setup, General Information, enter your Company Name, Store Name, Address 1, Address 2 (if applicable), City, State, Zip, Phone, Fax, TeleTrack ID (if applicable), TeleTrack Pass Code (if applicable), Dealer Number (optional), License Code (optional), Primary Contact, Business Hours (example - Monday - Friday 9am - 7pm Saturday 9am - 3pm). This information will appear on every contract and report throughout Title Loan Professional PLUS so all information should be accurate. If you have a company logo or a company signature to print on checks this is the screen to install those, but they are not required to begin using your program. You must have digital files for your company logo and signature in order to use these fields.
The next section is the "All Loans" tab. Most operators leave the default prefix for loan type and have the program automatically assign loan numbers with no max open loans. The most commonly used Returned Check Fee in Tennessee stores is $30.00, but this is at the discretion of your company. Most stores do not use Loan Suffixes, so leave the box unchecked. The default number of days to be used when calculating Daily Interest and APR for Cash Advances is 365, which is always used. The Default Cash Drawer Balance can be whatever is custom for the company, for example $100.00. The other option on the cash drawer is to use the previous days balance. In this case put a Zero in the box or leave blank. Select a Label Printer even if you are not printing labels.
The next section is the "Title Loans" tab. Under Default Interest and Fees, the first line in the Amount column should be 2.00%, the Description should be "Simple" by clicking the drop down arrow and selecting "Simple", then the Recurring Description column will display "Interest". Select the type by clicking the drop down arrow and selecting MPR. You should then place a check in the Initial column box, by clicking on it. The Recurring box should also be checked to ensure that the Interest is calculated every month on the loans made.
The next line you can enter 20.00% by clicking in the box and entering the amount. By using the drop down arrow in the Description column, select Origination Fee. The Initial check box should be checked and the Recurring check box should also be checked. The Recurring Description should display
"Renewal Fee" by clicking on the drop down arrow then selecting "Renewal Fee".
Below the above fields you will see Max Terms which should be blank, the Accrual Period in the next column to the right should be set to "Loan Length", the Max days should be blank and the Due Date Calc should be set to "Default" by using the drop down arrow.
Below this you will see, "Min Renewal Payment: Fees Plus. This field should contain 5.00% of "Original Loan Amount" for Tennessee. Starting with renewal no. "3".
Under the Alternate Interest and Fees Section, you should go down to the line "Loan length in days. Enter 1 for due dates on the same day each month or enter "30" for a standard month. Next is Change account status to "to be repoed" after how many days late?", this should be set to "99"
The next line, to change account status for repossession, is self explanatory. The general number of days is 4 for most store operators in Tennessee.
The next line is where you can select which TN contract to use, there are several to choose from so pick the contract that works best for your company.
The next line is the receipt type, so again pick the one that works best for your company.
The next line has a box to check if you want to print checks for your title loans. If you do want to print checks there is a option on the Company Setup General Information screen to install a electronic signature to print on your checks. Call Alpha Omega to discuss this option. You may put check marks for each item that you desire to print along with the contract and receipt. The options are "Print Checks for Title Loans?", "Print Power of Attorney?", "Print Privacy Notice?", "Print Affidavit of Fact?", "Print Reminder to Borrower?", "Print No Liens Letter?", and "Notice to Title Loan Borrower?". One item prints upon title loan payoff, "Print Title Key Receipt at Payoff?".
