(a) For purposes of this part, unless the context otherwise requires:

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Terms Used In Tennessee Code 45-2-1903

  • Bank: means a credit card state bank established and operated in accordance with §. See Tennessee Code 45-2-1903
  • Cardholder: includes borrowers and other primary obligors on loans. See Tennessee Code 45-2-1903
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • credit card plan: means any account that can be accessed by a credit card, including a debit card with a credit feature, whereby the cardholder may obtain loans from time to time either by credit card cash advance or by the purchase or satisfaction by the bank of obligations of the cardholder incurred pursuant to a credit card. See Tennessee Code 45-2-1903
  • 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. See Tennessee Code 45-2-1901
  • 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
  • Statute: A law passed by a legislature.
(1) “Bank” means a credit card state bank established and operated in accordance with § 45-2-1902 or a domestic lender;
(2) “Credit card account” or “credit card plan” means any account that can be accessed by a credit card, including a debit card with a credit feature, whereby the cardholder may obtain loans from time to time either by credit card cash advance or by the purchase or satisfaction by the bank of obligations of the cardholder incurred pursuant to a credit card. “Cardholder” includes borrowers and other primary obligors on loans. With regard to a state credit card bank electing to make loans pursuant to § 45-2-1902(d)(5), and with regard to a domestic lender electing to make loans pursuant to §§ 45-2-1901 – 45-2-1908, “credit card account” or “credit card plan” also includes loans; and
(3) “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.
(b) A bank may extend credit under this part through a credit card account.
(c) This part governs the entire credit card account and all transactions thereunder, including transactions made by check or by another access device or instrument not constituting a credit card. Regardless of the cardholder’s place of residence, a credit card account authorized by this part shall be governed solely by federal law and the law of this state, except to the extent the agreement relating to the account provides otherwise. Any other law of this state, including any statute, regulation, or common law, that limits the authority provided by this part or the rate or amount of interest, discount, points, finance charges, time-price differential, service charges or other fees and charges that may be charged, taken, collected, received, or reserved, shall not apply to extensions of credit under a credit card plan that is subject to this part.
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