2021 Tennessee Code
Part 1 - General Provisions
§ 45-5-102. Chapter Definitions

As used in this chapter, unless the context otherwise requires:
For purposes of subdivision (13)(B)(ii), “immediate family” includes a note payee, and the payee's parents, grandparents, siblings, children and grandchildren; and
The burden of demonstrating to the commissioner that an obligation is not an “investment certificate” shall be on the registrant, and the registrant shall file its reports under this chapter in a manner that clearly reflects that exempt status is being claimed;
“Loan charges” means compensation to a registrant for services, expenses, detriments or commitments directly incident to a loan, and does not include compensation for other purposes, including, but not limited to, time-price differentials, interest or insurance charges;
(A)  In general, “loan processor or underwriter” means an individual who performs clerical or support duties as an employee, not an independent contractor, at the direction of and subject to the supervision and instruction of a registrant authorized to make residential mortgage loans;
For purposes of subdivision (15)(A), “clerical or support duties” may include, subsequent to the receipt of an application for a residential mortgage loan:
The receipt, collection, distribution and analysis of information common for the processing or underwriting of the loan; and/or
Communicating with a consumer to obtain the information necessary for the processing or underwriting of the loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms;
“Mortgage loan originator” means:
An individual who, for compensation or gain or in the expectation of compensation or gain:
Takes a residential mortgage loan application; or
Offers or negotiates terms of a residential mortgage loan;
“Mortgage loan originator” does not include an individual engaged solely as a loan processor or underwriter for a registrant, unless that individual is an independent contractor and not an employee;
“Nationwide Mortgage Licensing System and Registry” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators;
“Nominal rate of interest” means a stated rate of interest, other than simple interest, including, but not limited to, discount interest;
“Person” means an individual, corporation, firm, trust, estate, partnership, joint venture or association, as the context may require;
“Principal” means the total of money paid to, received by, or paid or credited to the account of the borrower, including loan charges as provided in § 45-5-403(a)(1)-(3), as applicable, and including insurance charges for which the borrower contracts to pay pursuant to § 45-5-305;
“Registrant” means any person registered as an industrial loan and thrift company, industrial investment company or industrial bank under this chapter;
“Residential mortgage loan” means any loan, including an extension of credit, primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in § 103(v) of the federal Truth in Lending Act (15 U.S.C. § 1602(v)), or residential real estate upon which is constructed or intended to be constructed a dwelling, as so defined;
“Residential real estate” means any real property located in this state upon which is constructed or intended to be constructed a dwelling;
“Simple rate of interest” means the ratio between the interest payable on an obligation and the principal for a period of time, expressed as a percentage for a period such as a year or a month;
“Thrift certificate” means a writing by which an industrial bank evidences its receipt of money from a natural person and its obligation to repay the money, with interest in accordance with the writing, that is insured by an agency of the United States government. “Thrift certificate” does not include investment certificate, and does not include commercial paper or other evidence of indebtedness issued by an industrial bank to a bank, insurance company or other commercial lender;
“Total amount of the loan” means the aggregate amount of money scheduled to be paid by a borrower to a registrant to repay a loan, including principal and any interest precomputed and deducted in advance; and
“Unique identifier” means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.

Structure 2021 Tennessee Code