As used in this part, unless the context otherwise requires:

(1) “Control” has the meaning set forth in 12 U.S.C. § 1841(a)(2);
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Terms Used In Tennessee Code 45-2-1901

  • Bank: means a credit card state bank established and operated in accordance with §. See Tennessee Code 45-2-1903
  • Control: has the meaning set forth in 12 U. See Tennessee Code 45-2-1901
  • 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.
  • Credit card state bank: means a state bank chartered under the laws of Tennessee and whose principal office is in this state and the activities of which are limited to those permitted under §. See Tennessee Code 45-2-1901
  • Foreign lender: means any bank, savings and loan association, savings bank, credit union, organized or chartered under the laws of the United States, or any state other than this state, or the District of Columbia, that has its principal place of business outside this state, or any other business organization that is authorized by law to accept deposits and make commercial loans and has its principal place of business outside this state. See Tennessee Code 45-2-1901
  • Loan: means any extension of credit, including, but not limited to, credit extended under plans or in transactions for which no credit card is issued, whether by way of installment, single payment, add-on, discount factoring, or otherwise for personal, consumer, agricultural or commercial purposes. See Tennessee Code 45-2-1903
  • 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.
  • Qualifying organization: means a corporation, partnership, or other entity that at all times maintains an office in this state, at which it employs at least one hundred (100) persons residing in this state, and that is directly engaged in providing the following services, either for the qualifying organization or on behalf of other domestic or foreign lenders or credit card state banks:
    (A) The distribution of credit cards or other devices designed and effective to access credit card accounts. See Tennessee Code 45-2-1901
  • 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
  • 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
  • State bank: means any bank chartered by this state. See Tennessee Code 45-1-103
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) “Credit card state bank” means a state bank chartered under the laws of Tennessee and whose principal office is in this state and the activities of which are limited to those permitted under § 45-2-1902;
(3)

(A) “Domestic holding company” means a company or other affiliate, that either:

(i) Controls a domestic or foreign lender and has its principal place of business in this state; or
(ii) [Deleted effective July 1, 2020.]
(B) [Deleted effective July 1, 2020.]
(C) Effective July 1, 2020, subdivisions (3)(A)(ii) and (3)(B) are hereby deleted. Also effective July 1, 2020, the language “, itself or through its parent company, subsidiary, or other affiliate,” in subdivision (3)(A) is hereby deleted. However, any company that organized pursuant to subdivision (3)(A)(ii) or (3)(B), and this part prior to July 1, 2020, and that continues to own or control a credit card state bank after July 1, 2020, shall retain authority to own or control a credit card state bank under the terms and conditions provided in this part;
(4) “Domestic lender” means any bank, savings and loan association, savings bank, or credit union organized and supervised under the laws of this state or the United States, that has its principal place of business in this state or any other business organization that is authorized by law to accept deposits and make loans and has its principal place of business in this state;
(5) “Foreign lender” means any bank, savings and loan association, savings bank, credit union, organized or chartered under the laws of the United States, or any state other than this state, or the District of Columbia, that has its principal place of business outside this state, or any other business organization that is authorized by law to accept deposits and make commercial loans and has its principal place of business outside this state;
(6) “Holding company” means any company that controls a domestic or foreign lender; and
(7) “Qualifying organization” means a corporation, partnership, or other entity that at all times maintains an office in this state, at which it employs at least one hundred (100) persons residing in this state, and that is directly engaged in providing the following services, either for the qualifying organization or on behalf of other domestic or foreign lenders or credit card state banks:

(A) The distribution of credit cards or other devices designed and effective to access credit card accounts;
(B) The preparation of periodic statements of amounts due under credit card accounts;
(C) The receipt from credit card holders of amounts paid on or with respect to the accounts; and
(D) The maintenance of financial records reflecting the status of the accounts from time to time. “Qualifying organization” also includes any domestic bank or credit card bank satisfying the employment and activities requirements set forth in this subdivision (7)(D).
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