# Tenn. Code Ann. § 45-5-201: General qualifications for registration > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-201 ## Section - **Citation:** Tenn. Code Ann. § 45-5-201 - **Heading:** General qualifications for registration - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 45 / Chapter 5 / Section 45-5-201 ## Text (a) In order to qualify for registration as an industrial loan and thrift company, a person must: (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; (3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration. (b) In order to qualify for registration as an industrial investment company or industrial bank, a person must: (1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) Have a capital structure in accordance with § 45-5-603 ; (3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be; (4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and (5) Comply with the requirements of part 6 of this chapter. Acts 1979, ch. 204, § 4; T.C.A., § 45-2004; Acts 1983, ch. 274, § 13; 1994, ch. 551, § 19. (a) In order to qualify for registration as an industrial loan and thrift company, a person must: (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; (3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration. (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; ,000) for each certificate of registration. (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; (3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration. (b) In order to qualify for registration as an industrial investment company or industrial bank, a person must: (1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) Have a capital structure in accordance with § 45-5-603 ; (3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be; (4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and (5) Comply with the requirements of part 6 of this chapter. (1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) Have a capital structure in accordance with § 45-5-603 ; (3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be; (4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and (5) Comply with the requirements of part 6 of this chapter. Acts 1979, ch. 204, § 4; T.C.A., § 45-2004; Acts 1983, ch. 274, § 13; 1994, ch. 551, § 19. ## Nearby sections - [Tenn. Code Ann. § 45-5-101 Purpose and construction](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-101.md) - [Tenn. Code Ann. § 45-5-102 Chapter definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-102.md) - [Tenn. Code Ann. § 45-5-103 Requirement of registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-103.md) - [Tenn. Code Ann. § 45-5-104 Scope of chapter](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-104.md) - [Tenn. Code Ann. § 45-5-105 Persons registered under former law](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-105.md) - [Tenn. Code Ann. § 45-5-106 Violation of provisions a misdemeanor - Penalty](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-106.md) - [Tenn. Code Ann. § 45-5-107 Delegation to industrial loan and thrift companies division](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-107.md) - [Tenn. Code Ann. § 45-5-201 General qualifications for registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-201.md) - [Tenn. Code Ann. § 45-5-202 Procedures for registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-202.md) - [Tenn. Code Ann. § 45-5-203 Expiration of registration certificates - Renewal - Fees - Evidence that surety bond adjusted - Continuing education and testing - Biennial registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-203.md) - [Tenn. Code Ann. § 45-5-204 Denial of applications for registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-204.md) - [Tenn. Code Ann. § 45-5-205 Suspension or revocation of certificates of registration](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-205.md) - [Tenn. Code Ann. § 45-5-206 Lost certificates of registration - Substitutions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-206.md) - [Tenn. Code Ann. § 45-5-207 License requirement - Sponsorship - Registrant subject to all applicable requirements and prohibitions of chapter 13 of this title - Violations - Submission of reports to the Nationwide Mortgage Licensing System and Registry](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-207.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C5_S45-5-201. Check the current official text before relying on it. Not legal advice.