(a) It is unlawful for any person not authorized pursuant to this chapter, directly or indirectly, to carry on a savings and loan business within this state, or falsely and with intent to defraud, to act as a savings and loan association, or to represent that the person is acting for an association, or to use an artificial or corporate name that is the name of an existing association.(b) A violation of this section is a Class B misdemeanor.Acts 1978, ch. 708, § 5.05; T.C.A., § 45-1705; Acts 1989, ch. 591, § 112.
Tennessee Legal Code