• As used in this chapter, unless the context otherwise requires:
    • (1) “Commissioner” means the commissioner of financial institutions or the commissioner’s designee;

    • Terms Used In Tennessee Code 45-12-102

      • Commissioner: means the commissioner of financial institutions or the commissioner's designee. See Tennessee Code 45-12-102
      • Contract: A legal written agreement that becomes binding when signed.
      • 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. See Tennessee Code 45-12-102
      • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
      • Department: means the department of financial institutions. See Tennessee Code 45-12-102
      • Flex loan: means a loan made pursuant to a flex loan plan. See Tennessee Code 45-12-102
      • Licensee: means a person licensed to offer flex loans pursuant to this chapter. See Tennessee Code 45-12-102
      • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
      • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
      • Person: means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. See Tennessee Code 45-12-102
      • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
      • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

      (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.