{"data":{"id":"us-tn/tenn.-code-ann.-45-12-102","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 45-12-102","heading":"Chapter definitions","body":"As used in this chapter, unless the context otherwise requires: (1) \"Commissioner\" means the commissioner of financial institutions or the commissioner's designee; (2) (A) \"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; (B) 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; (3) \"Controlling person\" means any person in control of a licensee; (4) \"Department\" means the department of financial institutions; (5) \"Flex loan\" means a loan made pursuant to a flex loan plan; (6) \"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: (A) May be unsecured or secured by personal property; (B) May be without fixed maturities or limitation as to the length of term; and (C) Are subject to prepayment in whole or in part at any time without penalty; (7) \"Licensee\" means a person licensed to offer flex loans pursuant to this chapter; and (8) \"Person\" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.\nAs used in this chapter, unless the context otherwise requires:\n(1) \"Commissioner\" means the commissioner of financial institutions or the commissioner's designee;\n(2) (A) \"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; (B) 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;\n(A) \"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;\n(B) 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;\n(3) \"Controlling person\" means any person in control of a licensee;\n(4) \"Department\" means the department of financial institutions;\n(5) \"Flex loan\" means a loan made pursuant to a flex loan plan;\nting 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;\n(3) \"Controlling person\" means any person in control of a licensee;\n(4) \"Department\" means the department of financial institutions;\n(5) \"Flex loan\" means a loan made pursuant to a flex loan plan;\n(6) \"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: (A) May be unsecured or secured by personal property; (B) May be without fixed maturities or limitation as to the length of term; and (C) Are subject to prepayment in whole or in part at any time without penalty;\n(A) May be unsecured or secured by personal property;\n(B) May be without fixed maturities or limitation as to the length of term; and\n(C) Are subject to prepayment in whole or in part at any time without penalty;\n(7) \"Licensee\" means a person licensed to offer flex loans pursuant to this chapter; and\n(8) \"Person\" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.","path":["TN Code","Title 45","Chapter 12"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"79fe0551670631f9e1bd981408e91fb07ff2152c38eb6bea63e2b17ef0205caf","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-45-12-101","next":"us-tn/tenn.-code-ann.-45-12-103"},"notice":"GroundRules: Original legal text. Not legal advice."}