reglab/housing_qa huggingface dataset:
TN Code § 45-11-108 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 11 - Financial Institutions Conversion Act|§ 45-11-108. Continuation of Corporate Entity

  From and after the effective date of conversion, the resulting institution shall be deemed to be a continuation of the converting institution such that all property of the converting institution, including all right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things and action, and all rights, privileges and interests, and assets of any conceivable value or benefit that are then existing, or pertaining to it, or that would inure to it, shall immediately be vested in and continue to be the property of the resulting institution, by act of law and without any conveyance or transfer or without further act or deed; and the institution shall have, hold and enjoy the property in its own right as fully and to the same extent as the property that was possessed, held and enjoyed by the converting institution; and, as of the effective date of the conversion, the resulting institution shall have and shall succeed to all the rights, obligations and relations of the converting institution.   If the resulting institution is a savings and loan association or bank or a savings bank, it may continue to operate as branch offices all offices of the converting institution in existence or applications filed for branches pending approval by the appropriate authority. For the purpose of § 45-3-301 and chapter 2 of this title, the date chartered will be the date the converting institution was chartered prior to conversion.   Any pending action or other judicial proceeding to which the converting institution is a party shall not be deemed to have been abated or to have been discontinued by reason of the conversion but may be prosecuted to a final judgment, order or decree in the same manner as if the action had not been taken; and the institution resulting from the conversion may continue the action in its new name; and any judgment, order or decree may be rendered for or against it that might have been rendered for or against the converting institution previously involved in the judicial proceeding.   The resulting institution shall be liable for all obligations of the converting institution that existed prior to the action; and the action taken shall not prejudice the right of a creditor of the converting institution to have its debts paid out of the assets throughout, nor shall the creditor be deprived of, or prejudiced in, any action against the officers, directors, incorporators or members of the converting institution for neglect or misconduct.
TN Code § 45-11-109 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 11 - Financial Institutions Conversion Act|§ 45-11-109. Fees, Commissions or Other Forms of Consideration Prohibited

 A director, officer, committee member, agent or senior management employee of a credit union, and immediate family members of such individuals shall not, directly or indirectly, receive a fee, commission, or other consideration, other than that person's usual salary or compensation for aiding, promoting, or assisting in a conversion under this chapter.
TN Code § 45-11-110 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 11 - Financial Institutions Conversion Act|§ 45-11-110. Powers of Commissioner — Rules and Regulations

 The commissioner is granted the power to promulgate substantive and procedural rules and regulations to carry out the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
TN Code § 45-12-101 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-101. Short Title

 This chapter shall be known and may be cited as the “Flexible Credit Act.”
TN Code § 45-12-102 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 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.
TN Code § 45-12-103 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-103. License Required to Engage in Business of Making Flex Loans — Designation of Agent for Service of Process by Nonresident Licensees

  No person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted.   Any nonresident person seeking a license under this chapter shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. The nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and the change shall not become effective until approved by the commissioner.
TN Code § 45-12-104 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-104. Qualifications for Licensure — Continuing Nature

  To qualify for a license to make flex loans, an applicant shall meet the following requirements:  The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and   The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve:  The relevant business records and the capital adequacy of the applicant;   The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant; and   Any record, on the part of the applicant or any person referred to in subdivision (a)(2)(B), of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.       The requirements set forth in subsection (a) are continuing in nature.
TN Code § 45-12-105 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-105. Contents of Written Application for License

 Each application for a license shall be in writing and made under oath or affirmation to the commissioner, in a form prescribed by the commissioner, and shall include the following:   The legal name, residence and business address of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing employee and director thereof;   The location in this state where the registered agent of the applicant shall be located; provided, that “registered agent of the applicant” includes a person designated by the applicant for accepting notices or orders by the commissioner, or process affecting the applicant, pursuant to § 45-12-103; and   Other data and information the commissioner may require with respect to the applicant, and its directors, trustees, officers, members, managing employees or agents.
TN Code § 45-12-107 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-107. Investigation of Applicants — Issuance of License — Posting of License — Term of License

  Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-12-106, the commissioner shall investigate to ascertain whether the requirements prescribed by § 45-12-104 have been satisfied. If the commissioner finds that the requirements have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the business of making flex loans in this state.   The license shall be kept conspicuously posted in the place of business of the licensee.   A license issued pursuant to this chapter shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter.
TN Code § 45-12-108 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-108. Denial of Application — Hearing

  If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.   If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make a written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted.   Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act.
TN Code § 45-12-109 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-109. Expiration of License — Renewal — Fees — Biennial License Arrangement — Criminal History Records Check

  Licenses issued pursuant to this chapter shall expire on December 31. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-12-104 and the payment to the commissioner annually, between November 1 and December 31, of a license renewal fee of five hundred dollars ($500). If a supervision fee is established pursuant to § 45-1-118, the commissioner shall require licensees under this chapter to, instead, pay the nonrefundable supervision fee in place of the license renewal fee.   A licensee making timely and complete application for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.   The commissioner may establish a biennial license arrangement for the filing of the application for license renewal, but in no case shall the license fee or supervision fee, if established pursuant to § 45-1-118, be payable for more than one (1) year at a time.    In connection with an application for license renewal, the commissioner may require a licensee to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require such consent and fingerprints from an individual who is a director, officer, or ten percent (10%) or more shareholder of the licensee, or who owns or controls the licensee, as well as from any other individual associated with the licensee as is reasonably necessary to meet the purposes of this chapter. Failure to provide the consent and fingerprints within thirty (30) days of the commissioner's request shall constitute grounds for the commissioner to deny the application for license renewal.   A criminal history records check conducted pursuant to this subsection (d) shall be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the licensee, in addition to other fees required by this chapter.
TN Code § 45-12-110 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-110. License Nontransferable and Nonassignable — Change in Control of Licensee — Notification to Department of Change in Place of Business

  A license issued pursuant to this chapter is not transferable or assignable.    The prior written approval of the commissioner is required for the continued operation of a flex loan business whenever a change in control of a licensee is proposed. The commissioner may require information deemed necessary to determine whether a new application is required. Reasonable and actual costs incurred by the commissioner in investigating a change of control request shall be paid by the person requesting approval.   Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee or its controlling person shall surrender the license to the commissioner on demand.     A licensee shall notify the department five (5) days before any change in the licensee's principal place of business, branch office or name.
TN Code § 45-12-111 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-111. Interest, Fees, and Charges

  Notwithstanding any other statutory limitation, a licensee authorized to make flex loans under this chapter may charge and collect interest, fees, and charges in a manner consistent with this section.   A licensee may charge and collect a periodic interest rate not to exceed twenty-four percent (24%) per annum.    In addition to the periodic interest rate authorized under subsection (b), a licensee may also charge and collect a customary fee to defray the ordinary costs of opening, administering, and terminating a flex loan plan, including, but not limited to, costs associated with:  Underwriting and documenting the account;   Securing and maintaining account information;   Validating customer information;   Offering electronic and phone access to accounts;   Processing account transactions;   Responding to customer inquiries;   Providing periodic billing statements;   Inspection, verification, and protection of collateral and establishment, perfection, and release of the security interest; and   All other services or activities conducted by the licensee under the flex loan plan.     The customary fee shall not be deemed interest for any purpose of law and shall not exceed a daily rate of seven-tenths of one percent (0.7%) of the average daily principal balance in any billing cycle.     No flex loan plan under this chapter shall have an outstanding principal balance in excess of four thousand dollars ($4,000) at any time.   Any flex loan plan under this chapter shall require payment on or before the due date of each billing cycle in an amount sufficient to reduce any outstanding principal balance by at least three percent (3%) per calendar month.    In the event a customer defaults under the terms of a flex loan plan and the licensee refers the customer's account to an attorney, including a regular salaried employee of the licensee, for collection, the licensee may:  If the flex loan plan so provides, charge and collect from the customer a reasonable attorney's fee; and   If the flex loan plan, or in the case of secured plans, the security agreement or similar instrument, so provides, recover from the customer all collection and court costs, including, in the case of secured plans, all costs of enforcing the security agreement or similar instrument actually incurred by the licensee, including those incurred on appeal.     A licensee may charge and collect interest following default of the customer or judgment in favor of the licensee at the periodic rate permitted by this section.   Disposition of property after default shall occur in a commercially reasonable manner in accordance with title 47, chapter 9, part 6.     If a check is returned to a licensee from a payer financial institution due to insufficient funds, no licensee shall have the authority to assess a handling charge against the maker or drawer of the returned check.
TN Code § 45-12-112 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-112. Licensee to Provide to Prospective Customers Written Explanation of Interest, Fees, and Charges — Requirements for Account-Opening Statement — Billing Statements

  A licensee shall provide each prospective customer, before consummation of a flex loan plan, a written explanation, in clear, understandable language, of the interest, fees, and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with federal truth-in-lending laws and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure of the interest, fees, and charges to be charged by a licensee under a flex loan plan.   The account-opening statement for any flex loan plan shall include, along with other state or federal law requirements:  A next-business-day customer's right of rescission for any requested draw under the flex loan plan; and   A notice informing the customer that complaints may be made to the department, including the department's telephone number and address.     The account-opening statement for any flex loan plan shall not require or provide the licensee the authority to require the customer to draw the full amount of credit available under a flex loan plan at any time.   A licensee shall provide customers with a periodic billing statement in compliance with federal truth-in-lending laws.   If two (2) or more customers having the same residence are authorized to obtain extensions of credit under the flex loan plan, the statement of provisions of the plan shall be provided to one (1) of the customers as may be designated in the plan, and the billing statements required by law shall be rendered to such customer.
TN Code § 45-12-113 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-113. Books, Accounts and Records — Limitations and Requirements Applicable to Operation of Business of Making Flex Loans

  Each licensee shall keep and use in its business any books, accounts and records the commissioner may require to effectuate this chapter and the rules promulgated pursuant to this chapter. Every licensee shall preserve the books, accounts and records for at least two (2) years. Any licensee, after receiving the prior written approval of the commissioner, may maintain records at a location within or outside this state.   No licensee shall engage in unfair or deceptive acts, practices or advertising in the conduct of the licensed business.    No customer may have outstanding more than one (1) flex loan plan under this chapter at any one (1) time. Each licensee shall inquire of any customer seeking a flex loan plan under this chapter regarding the customer's outstanding flex loan plans.   If the customer represents in writing that the customer has no outstanding flex loan plans, a licensee may offer the customer a flex loan plan.   If the customer represents in writing that the customer has one (1) or more outstanding flex loan plans, a licensee shall not offer a flex loan plan to the customer until the customer represents to the licensee in writing that the customer qualifies to open a new flex loan plan in accordance with this subsection (c).   Each licensee may rely on a written representation of a customer regarding the existence of any outstanding indebtedness with any other lender other than the licensee receiving the representation.     A licensee shall not use any device or agreement, including agreements with affiliated licensees, with the intent to obtain greater charges than otherwise would be authorized by this chapter.   A licensee shall comply with any state or federal law, rule, or regulation applicable to any business authorized or conducted under this chapter, including, but not limited to, the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.), the federal Equal Credit Opportunity Act (15 U.S.C. §§ 1691-1691f), and the federal Fair Debt Collection Practices Act (15 U.S.C. § 1692 et seq.).    No flex loan plan subject to this chapter shall:  Provide that the law of a jurisdiction other than this state applies;   Provide that the customer consents to the jurisdiction of another state or foreign country;   Fix venue; or   Waive any provision of this chapter.     Any provision described in subdivision (f)(1) that is contained in a flex loan plan subject to this chapter shall be void and not enforceable as a matter of public policy.
TN Code § 45-12-114 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 12 - Flexible Credit Act|§ 45-12-114. Law Applicable to Business of Making Flex Loans — Licensees Legally Exercising Powers Under This Chapter Not in Violation of Statutory Provisions

 The business of making flex loans in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including, but not limited to, § 47-14-104. A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§ 47-14-112, 47-14-115, and 47-14-117.