2014 Tennessee Code
Title 45 - Banks And Financial Institutions
Chapter 12 - Flexible Credit Act [Effective on January 1, 2015]
§ 45-12-102 - Chapter definitions. [Effective on January 1, 2015.]

As used in this chapter, unless the context otherwise requires:

(1) "Commissioner" means the commissioner of financial institutions or the commissioner's designee;

(2) (A) "Control" means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise; provided, that no individual shall be deemed to control a person solely on account of being a director, officer, or employee of the person;

(B) For purposes of this subdivision (2), a person who, directly or indirectly, owns, controls, holds the power to vote, or holds proxies representing twenty-five percent (25%) or more of the then outstanding voting securities issued by another person, is presumed to control the other person. For purposes of this subdivision (2), the commissioner may determine whether a person, in fact, controls another person;

(3) "Controlling person" means any person in control of a licensee;

(4) "Department" means the department of financial institutions;

(5) "Flex loan" means a loan made pursuant to a flex loan plan;

(6) "Flex loan plan" means a written agreement subject to this chapter between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that:

(A) May be unsecured or secured by personal property;

(B) May be without fixed maturities or limitation as to the length of term; and

(C) Are subject to prepayment in whole or in part at any time without penalty;

(7) "Licensee" means a person licensed to offer flex loans pursuant to this chapter; and

(8) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.