Tennessee § 45-12-102 - Chapter definitions.

§ 45-12-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires: “Commissioner” means the commissioner of financial institutions or the commissioner's designee; “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; 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; “Controlling person” means any person in control of a licensee; “Department” means the department of financial institutions; “Flex loan” means a loan made pursuant to a flex loan plan; “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: May be unsecured or secured by personal property; May be without fixed maturities or limitation as to the length of term; and Are subject to prepayment in whole or in part at any time without penalty; “Licensee” means a person licensed to offer flex loans pursuant to this chapter; and “Person” means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. Acts 2014, ch. 969, § 1.