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Can you summarize 45 TNCO Chapter 2, Part 19?
Banking Institutions > Credit Card State Banks
Short Summary
This part of the Tennessee Code provides definitions for terms used in relation to Credit Card State Banks. It defines terms such as ‘Control’, ‘Credit card state bank’, ‘Domestic holding company’, ‘Domestic lender’, ‘Foreign lender’, ‘Holding company’, and ‘Qualifying organization’. The definitions clarify the meaning of these terms within the context of the Tennessee Code. The part also includes provisions related to the authority of companies that organized prior to July 1, 2020, to own or control a credit card state bank. It further outlines the requirements for a qualifying organization, which includes corporations, partnerships, or other entities engaged in providing specific services related to credit card accounts. The part does not mention any exemptions or penalties. This legal document governs the organization, ownership, and control of credit card state banks in Tennessee. It applies to domestic lenders, foreign lenders, holding companies, and credit card state banks. The document outlines the terms and conditions for organizing and owning a credit card state bank, including the ownership limit of one hundred percent (100%) of shares by a state bank. It also specifies the requirements for capital stock and paid-in surplus, as well as the limitations on the activities of credit card state banks, such as engaging in credit card operations or making loans. The document further mentions the filing fee for the application process and the requirement to maintain a minimum number of employees or contract with a qualifying organization for credit card activities. Overall, this document provides the regulatory framework for credit card state banks in Tennessee.
Whom does it apply to?
Domestic lenders, foreign lenders, holding companies, and credit card state banks
What does it govern?
Organization, ownership, and control of credit card state banks in Tennessee
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Tennessee