45-2-1901 - Part definitions. [Amendment effective until July 1, 2012. See the Compiler's Notes.]
45-2-1901. Part definitions. [Amendment effective until July 1, 2012. See the Compiler's Notes.]
As used in this part, unless the context otherwise requires:
(1) Control has the meaning set forth in § 45-12-102(6) [repealed];
(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; [Amendment effective until July 1, 2012. See the Compiler's Notes.]
(3) (A) Domestic holding company means a company that either:
(i) Controls a domestic or foreign lender and has its principal place of business in this state; or
(ii) Is licensed pursuant to chapter 7 of this title and, as of January 1, 2007, has a net worth of not less than twenty-five million dollars ($25,000,000) and has had its principal place of business in this state for at least five (5) consecutive years;
(B) Subdivision (3)(A) shall no longer be effective July 1, 2012, unless reenacted or extended by the general assembly prior to July 1, 2012.
(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 the state of Tennessee, 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).
[Acts 1993, ch. 447, § 4; 2007 ch. 6, §§ 1, 4.]