Opinion ID: 1057569
Heading Depth: 1
Heading Rank: 6

Heading: Plaintiffs as Intended Beneficiaries

Text: The first factor is whether the party bringing the cause of action is an intended beneficiary within the protection of the statute. Pledgors such as Plaintiffs are within the protection of the TTPA and stand to benefit from its provisions. The TTPA prohibits the title pledge lender from [a]ccept[ing] any waiver ... of any right or protection accorded a pledgor under the statute. Tenn.Code Ann. § 45-15-115(4). The legislative history confirms that pledgors are the intended beneficiaries of the TTPA. In particular, Senator Cooper, the sponsor of the 1995 Act, explained that section 45-15-111(a)'s cap on the interest and fees that lenders could charge incidental to the loan was intended to protect the pledgor-consumer. The mere fact that the legislature enacted the TTPA to protect and benefit pledgors is not alone sufficient, however, to imply a private right of action. See Ellison v. Cocke Cnty., Tenn., 63 F.3d 467, 470 (6th Cir.1995); Reed, 4 S.W.3d at 689-90. We must also consider the remaining two factors in the inquiry.