§ 45-12-101 Short Title
§ 45-12-102 Chapter Definitions
§ 45-12-103 License Required to Engage in Business of Making Flex Loans — Designation of Agent for Service of Process by Nonresident Licensees
§ 45-12-104 Qualifications for Licensure — Continuing Nature
§ 45-12-105 Contents of Written Application for License
§ 45-12-106 Application Requirements
§ 45-12-107 Investigation of Applicants — Issuance of License — Posting of License — Term of License
§ 45-12-108 Denial of Application — Hearing
§ 45-12-109 Expiration of License — Renewal — Fees — Biennial License Arrangement — Criminal History Records Check
§ 45-12-110 License Nontransferable and Nonassignable — Change in Control of Licensee — Notification to Department of Change in Place of Business
§ 45-12-111 Interest, Fees, and Charges
§ 45-12-112 Licensee to Provide to Prospective Customers Written Explanation of Interest, Fees, and Charges — Requirements for Account-Opening Statement — Billing Statements
§ 45-12-113 Books, Accounts and Records — Limitations and Requirements Applicable to Operation of Business of Making Flex Loans
§ 45-12-114 Law Applicable to Business of Making Flex Loans — Licensees Legally Exercising Powers Under This Chapter Not in Violation of Statutory Provisions
§ 45-12-115 Promulgation of Rules — Investigation and Examination of Licensees — Payment of Expenses of Investigation or Examination — Exception
§ 45-12-116 Grounds for Suspension or Revocation of License — Revocation or Suspension of Multiple Licenses — Hearing
§ 45-12-117 Authorized Actions by Commissioner Upon Violation of Chapter or Rules
§ 45-12-118 Grounds to Suspend or Bar a Person From Any Position of Employment, Management or Control of a Licensee
§ 45-12-119 Consent Orders–emergency Actions by Commissioner
§ 45-12-120 Complaints Against Licensees to Be Filed With Commissioner — Investigative Powers — Enforcement
§ 45-12-121 Events Requiring Notification by Licensee to Commissioner
§ 45-12-122 Annual Report by Licensee — Confidentiality of Information
§ 45-12-123 Multi-State Automated Licensing System
§ 45-12-124 [reserved.]
§ 45-12-126 Allocation of Certain Fees

Terms Used In Tennessee Code > Title 45 > Chapter 12 - Flexible Credit Act

  • Any law to the contrary: includes , but is not limited to, any conflicting provision of any general statute, local law, private act, charter provision, municipal law or municipal ordinance. See Tennessee Code 16-18-301
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means the commissioner of financial institutions or the commissioner's designee. See Tennessee Code 45-12-102
  • Company: includes a bank, trust company, corporation, partnership, association, business or other trust, or similar business entity. See Tennessee Code 45-1-103
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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
  • Controlling person: means any person in control of a licensee. See Tennessee Code 45-12-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Docket: A log containing brief entries of court proceedings.
  • Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Flex loan: means a loan made pursuant to a flex loan plan. See Tennessee Code 45-12-102
  • 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:

    1. May be unsecured or secured by personal property. See Tennessee Code 45-12-102
    2. Fraud: Intentional deception resulting in injury to another.
    3. Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
    4. Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
    5. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
    6. 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.
    7. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
    8. Licensee: means a person licensed to offer flex loans pursuant to this chapter. See Tennessee Code 45-12-102
    9. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
    10. Month: means a calendar month. See Tennessee Code 1-3-105
    11. Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
    12. Municipal court: includes the city, town, mayor's, recorder's or municipal court, or other similarly functioning court, however designated, for any city, town, municipality or metropolitan government, whether the court exists pursuant to general statute, local law, private act, charter provision, municipal law, municipal ordinance or other legal authorization. See Tennessee Code 16-18-301
    13. Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
    14. 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
    15. operating: means that:

      1. A charter has been issued to a bank by the United States comptroller of the currency or a certificate of authority has been issued by the commissioner. See Tennessee Code 45-1-103
      2. Oversight: Committee review of the activities of a Federal agency or program.
      3. 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.
      4. Person: means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. See Tennessee Code 45-12-102
      5. Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
      6. Probate: Proving a will
      7. Property: includes both personal and real property. See Tennessee Code 1-3-105
      8. Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
      9. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
      10. Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
      11. Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
      12. Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
      13. Service of process: The service of writs or summonses to the appropriate party.
      14. signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
      15. 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
      16. Statute: A law passed by a legislature.
      17. Subpoena: A command to a witness to appear and give testimony.
      18. Testify: Answer questions in court.
      19. Testimony: Evidence presented orally by witnesses during trials or before grand juries.
      20. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
      21. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
      22. United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
      23. Venue: The geographical location in which a case is tried.
      24. written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
      25. Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105