License required to engage in business of making flex loans - Designation of agent for service of process by nonresident licensees

(a) No person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted. (b) Any nonresident person seeking a license under this chapter shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. The nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and the change shall not become effective until approved by the commissioner. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.

(a) No person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in this state, to enter into a flex loan plan in this state through the use of the internet, facsimile, telephone, or other means. A separate license shall be required for each location from which the business of making flex loans is conducted.

(b) Any nonresident person seeking a license under this chapter shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. The nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and the change shall not become effective until approved by the commissioner.

Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.