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 e;(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.Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tennessee Legal Code