Terms Used In Tennessee Code > Title 13 > Chapter 28 - Enterprise Zones

• Acting in concert: means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. See Tennessee Code 45-7-103
• Actuarial method: means the method of allocating payments made on a debt between the principal and interest pursuant to which payment is applied first to accumulated interest and any remainder is subtracted from, or any deficiency is added to, the unpaid principal balance of the debt. See Tennessee Code 45-5-102
• Affiliate: means , if used with respect to a specified person other than a natural person, a person controlling or controlled by the specified person, or a person controlled by a person who also controls the specified person. See Tennessee Code 45-8-203
• Affiliated lender: means any industrial loan and thrift company or industrial investment company or industrial bank under common control with another registrant, or working together with another registrant, so as to effect for each other a greater volume of business. See Tennessee Code 45-5-102
• Amount financed: means the amount financed as disclosed under the federal Truth in Lending Act, which is contained in Title I of the Consumer Credit Protection Act (15 U. See Tennessee Code 45-5-102
• Applicant: means a Tennessee corporation that has submitted an application for a license under this part. See Tennessee Code 45-8-203
• Associate: means , if used with respect to a licensee:
  (A) A controlling person, director, officer, agent, or advisor of that licensee. See Tennessee Code 45-8-203
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Tennessee Code 45-7-103
• Average daily money transmission liability: means the amount of the licensee's outstanding money transmission obligations in this state at the end of each day in a given period of time, added together, and divided by the total number of days in the given period of time. See Tennessee Code 45-7-103
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• 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.
• BIDCO: means a business and industrial development corporation licensed under this part. See Tennessee Code 45-8-203
• Board: means the local enterprise zone management board appointed by a municipality. See Tennessee Code 13-28-203
• Business firm: means a person that transacts business on a regular basis, or that proposes to transact business on a regular and continual basis. See Tennessee Code 45-8-203
• Capital: means equity investments evidenced by stock, paid-in capital (amounting to, but not less than, fifty percent (50%) of its stock) and undivided profits. See Tennessee Code 45-8-203
• Closed loop stored value: means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value. See Tennessee Code 45-7-103
• Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
• Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-5-102
• Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-8-203
• Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
• Community: means a city, town, or incorporated village in this state, or where not within any of the foregoing, a trade area in this state. See Tennessee Code 45-1-103
• 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 45-5-102
• Control: means , if used with respect to a specified person, the power to direct or cause the direction of, directly or indirectly through one (1) or more intermediaries, the management and policies of the specified person, whether through the ownership of voting securities, by contract, other than a commercial contract for goods or nonmanagement services. See Tennessee Code 45-8-203
• Control: means the power to:
  (i) Vote, directly or indirectly, at least twenty-five percent (25%) of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Tennessee Code 45-7-103
• Controlling person: means any person in control of a registrant. See Tennessee Code 45-5-102
• controlling person: means a person or any combination of persons acting in concert, owning or controlling, directly or indirectly, a twenty percent (20%) or greater equity interest. See Tennessee Code 45-8-203
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Current assets: includes the investments made in cash, bank deposits, merchandise inventory, and loans due from customers excluding the pawnshop charge. See Tennessee Code 45-6-203
• Department: means the department of financial institutions. See Tennessee Code 45-1-103
• Department: means the department of financial institutions. See Tennessee Code 45-7-103
• Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
• Depository institution: means any company included for any purpose within any of the definitions of insured depository institution, as set forth in 12 U. See Tennessee Code 45-1-103
• Effective rate of interest: means the simple rate of interest, including the result of converting discount or other nominal rates of interest into simple rates of interest. See Tennessee Code 45-5-102
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible rating: means a credit rating of any of the three (3) highest rating categories provided by an eligible rating service, whereby each category may include rating category modifiers, such as "plus" or "minus" for Standard &. See Tennessee Code 45-7-103
• Eligible rating service: means any Nationally Recognized Statistical Rating Organization (NRSRO), as defined by the United States Securities and Exchange Commission, and any other organization designated by the commissioner. See Tennessee Code 45-7-103
• Enterprise zone: means an area declared by the board to be eligible for the benefits of this part. See Tennessee Code 13-28-203
• Executive officer: means the applicant or licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer, or any other person who performs similar functions. See Tennessee Code 45-7-103
• Federally insured depository financial institution: means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws of the United States or any state of the United States and that has federally insured deposits. See Tennessee Code 45-7-103
• Forbearance: A means of handling a delinquent loan. A
• Foreign bank: means a foreign bank, as defined in the International Banking Act of 1978 §. See Tennessee Code 45-1-103
• Good faith: means honesty in fact in the conduct or transaction concerned. See Tennessee Code 45-1-103
• Grantor: The person who establishes a trust and places property into it.
• 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.
• in the United States: includes , to the extent applicable, a person in any state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a United States military installation that is located in a foreign country. See Tennessee Code 45-7-103
• In this state: means :
  (A) For a transaction requested in person, at a physical location within this state. See Tennessee Code 45-7-103
• 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.
• Individual: means a natural person. See Tennessee Code 45-7-103
• 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
• Insolvent: means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose liabilities exceed its assets. See Tennessee Code 45-8-203
• Interest: means either or both of the following rights under the organic law of an unincorporated entity:
  (A) The right to receive distributions from the entity either in the ordinary course or upon liquidation. See Tennessee Code 48-11-201
• Interest: means compensation for the use, detention or forbearance to collect money over a period of time, and does not include compensation for other purposes, including, but not limited to:
  (A) Time-price differentials. See Tennessee Code 45-5-102
• Interests of a licensee: includes the interests of shareholders of the licensee. See Tennessee Code 45-8-203
• Investment certificate: means a writing by which an industrial investment company evidences its receipt of money from a natural person and its obligation to repay the money, with interest, in accordance with the writing, which certificates are not insured by an agency of the United States government. See Tennessee Code 45-5-102
• Item: means any instrument for the payment of money, even though not negotiable, but does not include money. See Tennessee Code 45-1-103
• Key individual: means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee. See Tennessee Code 45-7-103
• License: means a license issued under this part authorizing a Tennessee corporation to transact business as a BIDCO. See Tennessee Code 45-8-203
• Licensee: means a Tennessee corporation that is licensed under this part. See Tennessee Code 45-8-203
• Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
• Loan charges: means compensation to a registrant for services, expenses, detriments or commitments directly incident to a loan, and does not include compensation for other purposes, including, but not limited to, time-price differentials, interest or insurance charges. See Tennessee Code 45-5-102
• Material litigation: means litigation that, according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders, or similar records. See Tennessee Code 45-7-103
• Monetary value: means a medium of exchange, whether or not redeemable in money. See Tennessee Code 45-7-103
• money received for transmission: means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means. See Tennessee Code 45-7-103
• Municipality: means an incorporated city which has adopted home rule or county which has adopted a metropolitan form of government in accordance with the Constitution of Tennessee, art. See Tennessee Code 13-28-203
• Net assets: means the book value of the current assets of a person or pawnbroker less its applicable liabilities as stated in this subdivision (3). See Tennessee Code 45-6-203
• NMLS: means the Nationwide Multistate Licensing System and Registry developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries. See Tennessee Code 45-7-103
• Officer: means :
  (A) If used with respect to a corporation, a person appointed or designated as an officer of the corporation by or pursuant to applicable law or the charter or bylaws of the corporation, or a person who performs, with respect to the corporation, functions usually performed by an officer of a corporation. See Tennessee Code 45-8-203
• 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}
• operating: means that:
  (A) 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
• Order: includes an approval, authorization, consent, exemption, denial, prohibition, or other official act taken by the commissioner. See Tennessee Code 45-8-203
• Passive investor: means a person that:
  (A) Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee. See Tennessee Code 45-7-103
• pawn transaction: means either of the following transactions:
  (i) "Buy-sell" agreement means any agreement whereby a pawnbroker agrees to hold a property (pledged goods) for a specified period of time not to be less than sixty (60) days to allow the seller the exclusive right to repurchase the property. See Tennessee Code 45-6-203
• Pawnbroker: means any person, partnership or corporation engaged in the business of lending money on the security of pledged goods. See Tennessee Code 45-6-203
• Pawnshop: means the location at which or premises in which a pawnbroker regularly conducts business. See Tennessee Code 45-6-203
• Person: means any individual, corporation, joint venture, association or any other legal entity however organized. See Tennessee Code 45-6-203
• Person: includes an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other entity or organization. See Tennessee Code 45-8-203
• Person: means an individual, corporation, firm, trust, estate, partnership, joint venture or association, as the context may require. See Tennessee Code 45-5-102
• Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the commissioner. See Tennessee Code 45-7-103
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
• Personal property: All property that is not real property.
• Personal 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
• Pledged goods: means tangible personal property, other than choses in action, securities, printed evidences of indebtedness or title documents, which tangible personal property is purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction, and includes "pawn" or "pledged property" or similar words. See Tennessee Code 45-6-203
• Pledgor: means the pawn loan customer of the pawnbroker, entering into a pawn transaction with the pawnbroker. See Tennessee Code 45-6-203
• Principal: means the total of money paid to, received by, or paid or credited to the account of the borrower, including loan charges as provided in §. See Tennessee Code 45-5-102
• Principal shareholder: means a person that owns, directly or indirectly, of record or beneficially, securities representing ten percent (10%) or more of the outstanding voting securities of a corporation. See Tennessee Code 45-8-203
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified business: means any person, corporation or other entity engaged in the active conduct of a trade or business within a designated enterprise zone, except that for chain stores or other businesses or industries with multiple locations, only those locations or operations within the zone shall be considered as qualified businesses. See Tennessee Code 13-28-203
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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
• Relative: means parent, legal guardian, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle or aunt. See Tennessee Code 45-8-203
• Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
• Savings association: means an association as defined and operating under chapter 3 of this title or under the laws of the United States. See Tennessee Code 45-1-103
• State: means the state of Tennessee. See Tennessee Code 45-8-203
• State bank: means any bank chartered by this state. See Tennessee Code 45-1-103
• Subject person: means a controlling person, subsidiary, or affiliate of a licensee, a director, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee. See Tennessee Code 45-8-203
• Subpoena duces tecum: A command to a witness to produce documents.
• Subsidiary: means , if used with respect to a licensee, a company or business firm that the licensee holds control of as permitted by §. See Tennessee Code 45-8-203
• Summons: Another word for subpoena used by the criminal justice system.
• Tangible net worth: means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles. See Tennessee Code 45-7-103
• Tennessee corporation: means a corporation, whether for profit or nonprofit, incorporated under Tennessee law. See Tennessee Code 45-8-203
• Total amount of the loan: means the aggregate amount of money scheduled to be paid by a borrower to a registrant to repay a loan, including principal and any interest precomputed and deducted in advance. See Tennessee Code 45-5-102
• Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Tennessee Code 45-1-103
• 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}
• Uniform Administrative Procedures Act: refers to title 4, chapter 5. See Tennessee Code 45-8-203
• Well capitalized: means , in the case of a licensee under this part, a licensee that has stockholders' equity at least equal to the greater of ten million dollars ($10,000,000) or fifteen percent (15%) of total assets, that is not subject to any administrative enforcement action or order and the condition of which was considered as satisfactory in its last examination in the opinion of the commissioner. See Tennessee Code 45-8-203