Tennessee § 45-5-101 - Purpose and construction.

§ 45-5-101. Purpose and construction.

This chapter is adopted for the purpose of revising and restating the Industrial Loan and Thrift Companies Act, to the end that the people of this state may have available the facilities and resources of regulated lending institutions to meet their needs for loans at rates and charges reasonably commensurate with economic realities. This chapter shall be liberally construed to effectuate its declared purpose, and to that end, no charge authorized under this chapter shall be construed as interest or a loan charge that is not defined and denominated as such. The procedural provisions of this chapter shall be construed in pari materia with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to the end that all proceedings under this chapter to which the Uniform Administrative Procedures Act applies shall be governed by the Uniform Administrative Procedures Act, with this chapter construed as supplemental thereto. Only where there is an express conflict shall this chapter be deemed to control. Acts 1979, ch. 204, § 25; T.C.A., § 45-2025. Compiler's Notes. The former chapter §§ 45-2001 — 45-2021 (Acts 1951, ch. 226, §§ 1-15 (Williams, §§ 6720.1 — 6720.15); Acts 1955, ch. 139, § 1; 1957, ch. 389, § 1; 1959, ch. 205, §§ 1, 2; 1963, ch. 351, §§ 1, 2; 1968, ch. 466, §§ 1-10; 1969, ch. 260, § 4; ch. 275, § 1; 1974, ch. 425, § 1; 1975, ch. 261, §§ 1, 2, 5, 6, 7, 8, 11; 1977, ch. 104, § 1) was repealed by Acts 1979, ch. 204, § 26 and the present provisions substituted therefor. Section 28 of Acts 1979, ch. 204 provided: “Transactions validly entered into before July 1, 1979, and the rights, duties and interests flowing from them, remain valid thereafter, and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law repealed or amended by this Act, as though such repeal or amendment had not occurred.” Section 30 of Acts 1979, ch. 204 provided that the Act “applies to transactions entered into and events occurring after midnight on June 30, 1979, including any refinancing, consolidations and deferrals made after that date as to loans whenever made.” Cross-References. Bank deposits and collections, title 47, ch. 4. Funds transfers, title 47, ch. 4A. Letters of credit, title 47, ch. 5. Negotiable instruments, title 47, ch. 3. Tennessee Reciprocal Savings Institution Act, title 45, ch. 3, part 14. Law Reviews. State and Local Taxation of Financial Institutions: An Opportunity for Reform (C. James Judson & Susan G. Duffy), 39 Vand. L. Rev. 1057 (1986). Attorney General Opinions. Effect of regulations issued by the comptroller of the currency, OAG 04-057, 2004 Tenn. AG LEXIS 55 (4/06/04).