(a) Every registrant under this chapter may use the words “industrial loan and thrift company” or any part of those words in its corporate name. It is unlawful for any registrant organized after July 1, 1968, and qualified under this chapter, to use as a part of its company name the words “savings and loan.” Each company organized prior to July 1, 1968, and using such words as part of its corporate name, as a condition precedent to its registration or reregistration under this chapter, shall agree to include with each use of its corporate name in advertising the issuance and sale of certificates of investment, in lettering at least two-thirds (2/3) the size of the lettering in its name and directly beneath its name so as to be plainly visible, the following addendum: “not federally insured.”
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Registrant: means any person registered as an industrial loan and thrift company, industrial investment company or industrial bank under this chapter. See Tennessee Code 45-5-102
(b) Nothing in this chapter shall be construed to deny the use or alteration of any name of any company registered under the former Industrial Loan and Thrift Companies Act on July 1, 1979.(c) The commissioner is authorized and directed to adopt rules governing the advertisements of registrants under this chapter in order to prevent confusion as to the different categories of registrants under this chapter and between the registrants and other financial institutions.
