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Rules of the Department of Financial Institutions
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TO: All Industrial Loan and Thrift Companies SUBJECT: Public Chapter 747/Amendments to the
Industrial Loan and Thrift DATE: June 21, 2004
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: Amendments to the TILT Act that are effective January 1, 2005
include: 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.
______________________________
Kevin P. Lavender
Commissioner
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