§ 45-12-102 — Chapter definitions

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.

Legislative History

Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.