On May 24, 2004, amendments to the Industrial Loan and Thrift Companies Act, Tennessee Code Annotated, Title 45, Chapter 5 ("TILT Act") were signed into law. This bulletin is intended to inform the industry of the more significant changes enacted by this legislation.
Amendments to the TILT Act that are effective immediately include:
- Provides the Commissioner with specific authority to order civil money penalties up to Ten Thousand Dollars ($10,000.00) per violation.
Amendments to the TILT Act that are effective January 1, 2005 include:
- Authorizes the Commissioner to charge actual expenses for examinations conducted under the TILT Act.
- Authorizes that a (proposed) fee of twenty-five dollars ($25.00) be charged for issuing substitute certificates of registration.
This bulletin is for informational purposes only and is not intended to be exhaustive in nature or all-inclusive with regard to amendments to the TILT Act set forth in Public Chapter 747. Public Chapter 747 can be viewed at the Department's web-site www.tennessee.gov/tdfi/.
In addition to reviewing Public Chapter 747, registrants are encouraged to read the entirety of the TILT Act by visiting on line at www.michie.com/resources1.html and clicking on the word "Tennessee". Click on the plus sign (+) next to the blue heading "Tennessee Code" on the left side of the screen. Scroll down to Title 45, and click on the plus sign (+). Scroll down and click on Chapter 5; all sections of this chapter will then be listed and may be selected and viewed.
Additional information may be requested from the Department by contacting the Compliance Division at 615-741-3186.