(a) In order to qualify for registration as an industrial loan and thrift company, a person must:

Terms Used In Tennessee Code 45-5-201

  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • 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.
  • Industrial bank: means a person organized and registered as an industrial bank pursuant to this chapter, engaged in the business of making loans and imposing the interest and loan charges authorized under this chapter, that issues thrift certificates and that is also examined, supervised and liquidated as a state bank under this title. See Tennessee Code 45-5-102
  • Industrial investment company: means a person organized and registered as an industrial investment company pursuant to this chapter, engaged in the business of making loans and imposing the interest and loan charges authorized under this chapter, that issues investment certificates subject to the Tennessee Securities Act, compiled in title 48, chapter 1, part 1, and that is also examined, supervised and liquidated as a state bank under this title. See Tennessee Code 45-5-102
  • Industrial loan and thrift company: means a person engaged in the business of making loans and imposing the interest and loan charges authorized under this chapter, and includes persons engaged in business as endorsement companies. See Tennessee Code 45-5-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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, corporation, firm, trust, estate, partnership, joint venture or association, as the context may require. See Tennessee Code 45-5-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered;
(3) If a corporation, be either:

(A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or
(B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and
(4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration.
(b) In order to qualify for registration as an industrial investment company or industrial bank, a person must:

(1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2) Have a capital structure in accordance with § 45-5-603;
(3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be;
(4) Have a name that does not include the word “bank” or any word deceptively similar thereto; and
(5) Comply with the requirements of part 6 of this chapter.
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