2014 Tennessee Code
Title 45 - Banks And Financial Institutions
Chapter 12 - Flexible Credit Act [Effective on January 1, 2015]
§ 45-12-113 - Books, accounts and records -- Limitations and requirements applicable to operation of business of making flex loans. [Effective on January 1, 2015.]

(a) Each licensee shall keep and use in its business any books, accounts and records the commissioner may require to effectuate this chapter and the rules promulgated pursuant to this chapter. Every licensee shall preserve the books, accounts and records for at least two (2) years. Any licensee, after receiving the prior written approval of the commissioner, may maintain records at a location within or outside this state.

(b) No licensee shall engage in unfair or deceptive acts, practices or advertising in the conduct of the licensed business.

(c) (1) No customer may have outstanding more than one (1) flex loan plan under this chapter at any one (1) time. Each licensee shall inquire of any customer seeking a flex loan plan under this chapter regarding the customer's outstanding flex loan plans.

(2) If the customer represents in writing that the customer has no outstanding flex loan plans, a licensee may offer the customer a flex loan plan.

(3) If the customer represents in writing that the customer has one (1) or more outstanding flex loan plans, a licensee shall not offer a flex loan plan to the customer until the customer represents to the licensee in writing that the customer qualifies to open a new flex loan plan in accordance with this subsection (c).

(4) Each licensee may rely on a written representation of a customer regarding the existence of any outstanding indebtedness with any other lender other than the licensee receiving the representation.

(d) A licensee shall not use any device or agreement, including agreements with affiliated licensees, with the intent to obtain greater charges than otherwise would be authorized by this chapter.

(e) A licensee shall comply with any state or federal law, rule, or regulation applicable to any business authorized or conducted under this chapter, including, but not limited to, the federal Truth in Lending Act, compiled in 15 U.S.C. § 1601 et seq., the federal Equal Credit Opportunity Act, compiled in 15 U.S.C. §§ 1691-1691f, and the federal Fair Debt Collection Practices Act, compiled in 15 U.S.C. § 1692 et seq.

(f) (1) No flex loan plan subject to this chapter shall:

(A) Provide that the law of a jurisdiction other than this state applies;

(B) Provide that the customer consents to the jurisdiction of another state or foreign country;

(C) Fix venue; or

(D) Waive any provision of this chapter.

(2) Any provision described in subdivision (f)(1) that is contained in a flex loan plan subject to this chapter shall be void and not enforceable as a matter of public policy.