Tenn. Code Ann. § 45-13-301 — TN Code / Title 45 / Chapter 13 / Section 45-13-301
Mortgage loan originator - License required
Status: in_force

(a) An individual, unless specifically exempted under subsection (b), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license issued by the commissioner and without first being sponsored in accordance with § 45-13-303 . Each individual must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry in order to qualify for a mortgage loan originator license. The issuance of a mortgage lender or mortgage loan broker license to an individual does not exempt that individual from the requirements of this section. (b) Registered mortgage loan originators, as defined in § 45-13-105 , as well as any individuals described in § 45-13-201(b) , are exempt from this chapter. (c) An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator. (d) A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a mortgage loan originator license issued under this part. (e) Any individual acting as a loss mitigation specialist shall not be required to comply with the licensing requirements of this section until July 30, 2011, or such other date as may be determined by the commissioner with the approval or consent of the United States department of housing and urban development. A loss mitigation specialist may refer a mortgagor to a mortgage loan originator for purposes of refinancing the residential mortgage loan without the requirement of a license under this part; provided, that the loss mitigation specialist does not receive any compensation or gain for the referral; and provided, further, that the referral is made in accordance with any applicable state and federal law. (f) A mortgage loan originator license is not required for any individual performing the activities of a manufactured home retailer or a dealer of modular building units; provided, that: (1) The individual either holds or is employed by a person who holds a manufactured home retailer license or a license to act as a dealer of modular building units that has been issued by the commissioner of commerce and insurance under title 68, chapter 126; (2) The individual does not in any way offer or negotiate terms of a residential mortgage loan, including by counseling with respect to such terms; (3) Neither the individual, nor the employing manufactured home retailer or dealer of modular building units, receives compensation or other gain from a mortgage lender, mortgage loan broker or mortgage loan originator, or by any agent of the mortgage lender, mortgage loan broker or mortgage loan originator; and (4) This subsection (f) shall not apply if the United States department of housing and urban development determines by guideline, rule, interpretative letter or otherwise that the individuals must be licensed under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. § 5101 et seq.), or that this subsection (f) is otherwise inconsistent with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Acts 2009, ch. 499, § 8.
(a) An individual, unless specifically exempted under subsection (b), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license issued by the commissioner and without first being sponsored in accordance with § 45-13-303 . Each individual must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry in order to qualify for a mortgage loan originator license. The issuance of a mortgage lender or mortgage loan broker license to an individual does not exempt that individual from the requirements of this section.
(b) Registered mortgage loan originators, as defined in § 45-13-105 , as well as any individuals described in § 45-13-201(b) , are exempt from this chapter.
(c) An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
(d) A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a mortgage loan originator license issued under this part.
(e) Any individual acting as a loss mitigation specialist shall not be required to comply with the licensing requirements of this section until July 30, 2011, or such other date as may be determined by the commissioner with the approval or consent of the United States department of housing and urban development. A loss mitigation specialist may refer a mortgagor to a mortgage loan originator for purposes of refinancing the residential mortgage loan without the requirement of a license under this part; provided, that the loss mitigation specialist does not receive any compensation or gain for the referral; and provided, further, that the referral is made in accordance with any applicable state and federal law.
(f) A mortgage loan originator license is not required for any individual performing the activities of a manufactured home retailer or a dealer of modular building units; provided, that: (1) The individual either holds or is employed by a person who holds a manufactured home retailer license or a license to act as a dealer of modular building units that has been issued by the commissioner of commerce and insurance under title 68, chapter 126; (2) The individual does not in any way offer or negotiate terms of a residential mortgage loan, including by counseling with respect to such terms; (3) Neither the individual, nor the employing manufactured home retailer or dealer of modular building units, receives compensation or other gain from a mortgage lender, mortgage loan broker or mortgage loan originator, or by any agent of the mortgage lender, mortgage loan broker or mortgage loan originator; and (4) This subsection (f) shall not apply if the United States department of housing and urban development determines by guideline, rule, interpretative letter or otherwise that the individuals must be licensed under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. § 5101 et seq.), or that this subsection (f) is otherwise inconsistent with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
(1) The individual either holds or is employed by a person who holds a manufactured home retailer license or a license to act as a dealer of modular building units that has been issued by the commissioner of commerce and insurance under title 68, chapter 126;
(2) The individual does not in any way offer or negotiate terms of a residential mortgage loan, including by counseling with respect to such terms;
(3) Neither the individual, nor the employing manufactured home retailer or dealer of modular building units, receives compensation or other gain from a mortgage lender, mortgage loan broker or mortgage loan originator, or by any agent of the mortgage lender, mortgage loan broker or mortgage loan originator; and
(4) This subsection (f) shall not apply if the United States department of housing and urban development determines by guideline, rule, interpretative letter or otherwise that the individuals must be licensed under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. § 5101 et seq.), or that this subsection (f) is otherwise inconsistent with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-1-121 — TN Code / Title 45 / Chapter 1 / Section 45-1-121
Traveling expenses
Status: in_force

The necessary traveling expenses in the discharge of the duties of the commissioner and examiners employed by the commissioner shall be audited by the commissioner of finance and administration and shall be paid monthly by warrants drawn by the commissioner of finance and administration on the state treasurer in favor of the commissioner of financial institutions. Acts 1969, ch. 36, § 1 (2.113); 1973, ch. 294, § 6; T.C.A., § 45-120.
The necessary traveling expenses in the discharge of the duties of the commissioner and examiners employed by the commissioner shall be audited by the commissioner of finance and administration and shall be paid monthly by warrants drawn by the commissioner of finance and administration on the state treasurer in favor of the commissioner of financial institutions.
Acts 1969, ch. 36, § 1 (2.113); 1973, ch. 294, § 6; T.C.A., § 45-120.
Tenn. Code Ann. § 45-4-501 — TN Code / Title 45 / Chapter 4 / Section 45-4-501
Powers generally
Status: in_force

A credit union has the following powers: (1) It may receive the savings of its members through the purchase of various classes of share accounts, including general or regular shares, share certificates, special accounts, share draft accounts or members' special accounts, savings accounts, certificates and notes; (2) It may make loans to members, through the credit committee or loan officers; (3) It may invest, through its board of directors, any of its capital, undivided profits, reserve funds, and other assets not required for loans to members as provided by this chapter, in any of the following ways: (A) In any legally chartered bank or trust company; (B) In any state or federal savings and loan association; (C) In credit unions, with state or federal charters, in an amount not to exceed ten percent (10%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is the smaller; and in any central credit union, state or federal, approved for the investments by the commissioner of financial institutions, in an amount not to exceed twenty-five percent (25%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is smaller; (D) In any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the membership or stockholders, as the case may be, of the agency or association are restricted to credit unions or organizations of credit unions; and provided further, that the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations in an aggregate amount not to exceed twenty-five percent (25%) of the allocations to the reserve fund of the investing credit union. Investment in the foregoing stock company, mutual association or membership corporation shall not be legal if the company or association is authorized or empowered to make loans to any person or corporation who is not a member of the credit union organization; (E) In obligations of or securities fully guaranteed as to principal and interest by the government of the United States or of the state of Tennessee; (F) In any bonds or other obligations issued by the Tennessee valley authority pursuant to the Tennessee Valley Authority Act of 1933, and any amendment thereto; (G) In investments authorized under § 35-3-120 , and in any investment that is lawful for federal credit unions chartered under title 12 of the United States Code; (H) In any bonds of the state of Tennessee or any of its political subdivisions; (I) In addition to the powers otherwise conferred upon credit unions by this chapter, central credit unions, as defined in § 45-4-101(c) and (d) , have the power to invest in the obligations as are permitted for state banks under § 45-2-607(a)(4) and (a)(5) ; and (J) In the volunteer corporate credit union; (4) It may undertake other activities, not inconsistent with this chapter, that the bylaws may provide; (5) To provide at the sole option of the borrower, as collateral at the expense of the borrower, insurance against the hazards of death or disability, or both, of the borrower. The insurance shall be written by an agent and with a company authorized to do business in Tennessee, or under a group policy issued by a company authorized to do business in Tennessee, at rates approved by the commissioner of commerce and insurance. The credit union may have the insurance written by an agent who is an employee, servant, or agent of the credit union or the insurance may be effected under a group policy issued to the credit union. The amount and type of insurance that may be accepted under this subdivision (5) shall bear a reasonable relation to the existing hazard and risk of loss and shall be subject to the following terms and conditions: (A) Life insurance shall be in an amount that does not at any time during the term of the loan exceed the original face amount of the note and shall be for a period that does not exceed the term of the loan; (B) Insurance against the hazard of disability of the borrower shall provide equal benefits, the total of all of which shall not exceed the face amount of the note and shall not be payable beyond the maturity of the loan; (C) A credit union that obtains a group policy for the purpose of perfecting any insurance that may be required or accepted hereunder, or that obtains any life or disability insurance described in subdivisions (5)(A) and (5)(B), at the request of the borrower, shall contract with the insurance company for a provision therein that the coverage effected as to each individual insured debtor or borrower shall terminate automatically on prepayment in full of the note by refinancing, renewal or otherwise, and the unearned premium refunded to the credit union. The credit union shall pay the unearned premium refund to the borrower; (D) At the time the loan is made, the lender shall give the borrower a memorandum, showing the name of the insurance company, the types of insurance issued, a description of the coverages, the date of the policy, which shall be the date on which the loan is made, the premium charged for each type of insurance and, if issued under a group policy, the number of the master policy; and (E) If the premiums for insurance are deducted from the proceeds of the loan, the amount so deducted shall not exceed the premiums charged by the insurer for the insurance; (6) It may permit its members to withdraw either shares or funds in members' special accounts through a remote withdrawal system utilizing drafts drawn against the members' credit union and payable through a bank, and may engage in any and all other share or fund withdrawal activities heretofore or hereafter authorized by law or regulation for federally chartered credit unions; provided, that no credit union shall allow any person who is not a member of the credit union to maintain an account with the credit union permitting the withdrawal; and provided further, that any credit union utilizing the remote withdrawal of shares and members' special accounts shall be required to establish a reserve against the accounts in an amount not less than the reserve against demand deposits that is required for state chartered banks. The authority conferred by this subdivision (6) shall exist so long as federally chartered credit unions are authorized to engage in the activities; (7) It may receive United States department of the treasury tax and loan accounts, and pledge collateral to secure treasury tax and loan funds; (8) It may do all those things permitted to nonprofit corporations generally by title 48, chapter 58, part 5, relative to the indemnification of officers and directors. For the purpose of this subdivision (8), members of the supervisory committee and of the credit committee shall be treated as members of the board of directors; and (9) It may exercise any power or engage in any activity that it could exercise or engage in if it were a federally chartered credit union, subject to the regulation by the commissioner of financial institutions for the purpose of maintaining the credit union's safety and soundness. Acts 1923, ch. 68, § 6; Shan. Supp., § 2198a9; Code 1932, § 3837; Acts 1937, ch. 264, § 4; mod. C. Supp. 1950, § 3837; Acts 1963, ch. 30, § 2; 1967, ch. 227, § 3; 1972, ch. 677, § 1; 1974, ch. 557, § 1; 1976, ch. 525, § 1; 1977, ch. 115, § 1; 1978, ch. 552, §§ 2, 3; T.C.A. (orig. ed.), § 45-1806; Acts 1985, ch. 17, §§ 5, 6; 1986, ch. 558, §§ 1, 5; 1987, ch. 100, §§ 2, 3; 1988, ch. 550, § 1; 1993, ch. 55, § 1.
A credit union has the following powers:
(1) It may receive the savings of its members through the purchase of various classes of share accounts, including general or regular shares, share certificates, special accounts, share draft accounts or members' special accounts, savings accounts, certificates and notes;
(2) It may make loans to members, through the credit committee or loan officers;
(3) It may invest, through its board of directors, any of its capital, undivided profits, reserve funds, and other assets not required for loans to members as provided by this chapter, in any of the following ways: (A) In any legally chartered bank or trust company; (B) In any state or federal savings and loan association; (C) In credit unions, with state or federal charters, in an amount not to exceed ten percent (10%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is the smaller; and in any central credit union, state or federal, approved for the investments by the commissioner of financial institutions, in an amount not to exceed twenty-five percent (25%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is smaller; (D) In any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the membership or stockholders, as the case may be, of the agency or association are restricted to credit unions or organizations of credit unions; and provided further, that the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations in an aggregate amount not to exceed twenty-five percent (25%) of the allocations to the reserve fund of the investing credit union. Investment in the foregoing stock company, mutual association or membership corporation shall not be legal if the company or association is authorized or empowered to make loans to any person or corporation who is not a member of the credit union organization; (E) In obligations of or securities fully guaranteed as to principal and interest by the government of the United States or of the state of Tennessee; (F) In any bonds or other obligations issued by the Tennessee valley authority pursuant to the Tennessee Valley Authority Act of 1933, and any amendment thereto; (G) In investments authorized under § 35-3-120 , and in any investment that is lawful for federal credit unions chartered under title 12 of the United States Code; (H) In any bonds of the state of Tennessee or any of its political subdivisions; (I) In addition to the powers otherwise conferred upon credit unions by this chapter, central credit unions, as defined in § 45-4-101(c) and (d) , have the power to invest in the obligations as are permitted for state banks under § 45-2-607(a)(4) and (a)(5) ; and (J) In the volunteer corporate credit union;
(A) In any legally chartered bank or trust company;
(B) In any state or federal savings and loan association;
(C) In credit unions, with state or federal charters, in an amount not to exceed ten percent (10%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is the smaller; and in any central credit union, state or federal, approved for the investments by the commissioner of financial institutions, in an amount not to exceed twenty-five percent (25%) of the shares, members' special accounts and reserve funds of the investing credit union or of the credit union in which the investment is made, whichever amount is smaller;
(D) In any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the membership or stockholders, as the case may be, of the agency or association are restricted to credit unions or organizations of credit unions; and provided further, that the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations in an aggregate amount not to exceed twenty-five percent (25%) of the allocations to the reserve fund of the investing credit union. Investment in the foregoing stock company, mutual association or membership corporation shall not be legal if the company or association is authorized or empowered to make loans to any person or corporation who is not a member of the credit union organization;
(E) In obligations of or securities fully guaranteed as to principal and interest by the government of the United States or of the state of Tennessee;
(F) In any bonds or other obligations issued by the Tennessee valley authority pursuant to the Tennessee Valley Authority Act of 1933, and any amendment thereto;
(G) In investments authorized under § 35-3-120 , and in any investment that is lawful for federal credit unions chartered under title 12 of the United States Code;
(H) In any bonds of the state of Tennessee or any of its political subdivisions;
(I) In addition to the powers otherwise conferred upon credit unions by this chapter, central credit unions, as defined in § 45-4-101(c) and (d) , have the power to invest in the obligations as are permitted for state banks under § 45-2-607(a)(4) and (a)(5) ; and
(J) In the volunteer corporate credit union;
(4) It may undertake other activities, not inconsistent with this chapter, that the bylaws may provide;
(5) To provide at the sole option of the borrower, as collateral at the expense of the borrower, insurance against the hazards of death or disability, or both, of the borrower. The insurance shall be written by an agent and with a company authorized to do business in Tennessee, or under a group policy issued by a company authorized to do business in Tennessee, at rates approved by the commissioner of commerce and insurance. The credit union may have the insurance written by an agent who is an employee, servant, or agent of the credit union or the insurance may be effected under a group policy issued to the credit union. The amount and type of insurance that may be accepted under this subdivision (5) shall bear a reasonable relation to the existing hazard and risk of loss and shall be subject to the following terms and conditions: (A) Life insurance shall be in an amount that does not at any time during the term of the loan exceed the original face amount of the note and shall be for a period that does not exceed the term of the loan; (B) Insurance against the hazard of disability of the borrower shall provide equal benefits, the total of all of which shall not exceed the face amount of the note and shall not be payable beyond the maturity of the loan; (C) A credit union that obtains a group policy for the purpose of perfecting any insurance that may be required or accepted hereunder, or that obtains any life or disability insurance described in subdivisions (5)(A) and (5)(B), at the request of the borrower, shall contract with the insurance company for a provision therein that the coverage effected as to each individual insured debtor or borrower shall terminate automatically on prepayment in full of the note by refinancing, renewal or otherwise, and the unearned premium refunded to the credit union. The credit union shall pay the unearned premium refund to the borrower; (D) At the time the loan is made, the lender shall give the borrower a memorandum, showing the name of the insurance company, the types of insurance issued, a description of the coverages, the date of the policy, which shall be the date on which the loan is made, the premium charged for each type of insurance and, if issued under a group policy, the number of the master policy; and (E) If the premiums for insurance are deducted from the proceeds of the loan, the amount so deducted shall not exceed the premiums charged by the insurer for the insurance;
(A) Life insurance shall be in an amount that does not at any time during the term of the loan exceed the original face amount of the note and shall be for a period that does not exceed the term of the loan;
(B) Insurance against the hazard of disability of the borrower shall provide equal benefits, the total of all of which shall not exceed the face amount of the note and shall not be payable beyond the maturity of the loan;
(C) A credit union that obtains a group policy for the purpose of perfecting any insurance that may be required or accepted hereunder, or that obtains any life or disability insurance described in subdivisions (5)(A) and (5)(B), at the request of the borrower, shall contract with the insurance company for a provision therein that the coverage effected as to each individual insured debtor or borrower shall terminate automatically on prepayment in full of the note by refinancing, renewal or otherwise, and the unearned premium refunded to the credit union. The credit union shall pay the unearned premium refund to the borrower;
(D) At the time the loan is made, the lender shall give the borrower a memorandum, showing the name of the insurance company, the types of insurance issued, a description of the coverages, the date of the policy, which shall be the date on which the loan is made, the premium charged for each type of insurance and, if issued under a group policy, the number of the master policy; and
(E) If the premiums for insurance are deducted from the proceeds of the loan, the amount so deducted shall not exceed the premiums charged by the insurer for the insurance;
(6) It may permit its members to withdraw either shares or funds in members' special accounts through a remote withdrawal system utilizing drafts drawn against the members' credit union and payable through a bank, and may engage in any and all other share or fund withdrawal activities heretofore or hereafter authorized by law or regulation for federally chartered credit unions; provided, that no credit union shall allow any person who is not a member of the credit union to maintain an account with the credit union permitting the withdrawal; and provided further, that any credit union utilizing the remote withdrawal of shares and members' special accounts shall be required to establish a reserve against the accounts in an amount not less than the reserve against demand deposits that is required for state chartered banks. The authority conferred by this subdivision (6) shall exist so long as federally chartered credit unions are authorized to engage in the activities;
(7) It may receive United States department of the treasury tax and loan accounts, and pledge collateral to secure treasury tax and loan funds;
(8) It may do all those things permitted to nonprofit corporations generally by title 48, chapter 58, part 5, relative to the indemnification of officers and directors. For the purpose of this subdivision (8), members of the supervisory committee and of the credit committee shall be treated as members of the board of directors; and
(9) It may exercise any power or engage in any activity that it could exercise or engage in if it were a federally chartered credit union, subject to the regulation by the commissioner of financial institutions for the purpose of maintaining the credit union's safety and soundness.
Acts 1923, ch. 68, § 6; Shan. Supp., § 2198a9; Code 1932, § 3837; Acts 1937, ch. 264, § 4; mod. C. Supp. 1950, § 3837; Acts 1963, ch. 30, § 2; 1967, ch. 227, § 3; 1972, ch. 677, § 1; 1974, ch. 557, § 1; 1976, ch. 525, § 1; 1977, ch. 115, § 1; 1978, ch. 552, §§ 2, 3; T.C.A. (orig. ed.), § 45-1806; Acts 1985, ch. 17, §§ 5, 6; 1986, ch. 558, §§ 1, 5; 1987, ch. 100, §§ 2, 3; 1988, ch. 550, § 1; 1993, ch. 55, § 1.
Tenn. Code Ann. § 45-5-503 — TN Code / Title 45 / Chapter 5 / Section 45-5-503
Annual reports of registrants - Reports by commissioner to governor and general assembly
Status: in_force

(a) Each registrant shall file an annual report with the commissioner by July 31 of each year, containing the following information: (1) The names and addresses of persons owning controlling interest in the registrant; (2) The location of all places of business operated by the registrant and the nature of the business conducted at each location; (3) The names and addresses of all affiliated lenders and affiliated insurance companies doing business in this state; (4) Balance sheets, statements of income and expense, summaries of the types of loans made, and other statistical information that may reasonably be required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (5) If the registrant is a corporation, the names and addresses of its officers and directors, or if the registrant is a partnership, the names and addresses of the partners. (b) If the registrant holds two (2) or more certificates of registration or is affiliated with other registrants, a composite report may be filed, but may not be required. (c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the registrant. The commissioner is encouraged to adopt forms for the reports consistent with any system uniform with other states. (d) The commissioner shall prepare and submit to the governor and the general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter. Acts 1979, ch. 204, § 18; T.C.A., § 45-2018.
(a) Each registrant shall file an annual report with the commissioner by July 31 of each year, containing the following information: (1) The names and addresses of persons owning controlling interest in the registrant; (2) The location of all places of business operated by the registrant and the nature of the business conducted at each location; (3) The names and addresses of all affiliated lenders and affiliated insurance companies doing business in this state; (4) Balance sheets, statements of income and expense, summaries of the types of loans made, and other statistical information that may reasonably be required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (5) If the registrant is a corporation, the names and addresses of its officers and directors, or if the registrant is a partnership, the names and addresses of the partners.
(1) The names and addresses of persons owning controlling interest in the registrant;
(2) The location of all places of business operated by the registrant and the nature of the business conducted at each location;
(3) The names and addresses of all affiliated lenders and affiliated insurance companies doing business in this state;
(4) Balance sheets, statements of income and expense, summaries of the types of loans made, and other statistical information that may reasonably be required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and
(5) If the registrant is a corporation, the names and addresses of its officers and directors, or if the registrant is a partnership, the names and addresses of the partners.
(b) If the registrant holds two (2) or more certificates of registration or is affiliated with other registrants, a composite report may be filed, but may not be required.
(c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the registrant. The commissioner is encouraged to adopt forms for the reports consistent with any system uniform with other states.
(d) The commissioner shall prepare and submit to the governor and the general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter.
Acts 1979, ch. 204, § 18; T.C.A., § 45-2018.
Tenn. Code Ann. § 45-13-505 — TN Code / Title 45 / Chapter 13 / Section 45-13-505
Confidentiality
Status: in_force

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in P.L. 110-289, § 1512( 12 U.S.C. § 5111 ), the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including under § 45-1-120 ; (2) For the purposes of subdivision (1), the commissioner is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators or other associations representing governmental agencies as established by rule, regulation or order of the commissioner; (3) (A) Information or material that is subject to a privilege or confidentiality under subdivision (1) shall not be subject to: (i) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (ii) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person; (B) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection. (C) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public. Acts 2009 , ch. 499, § 8.
In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1) Except as otherwise provided in P.L. 110-289, § 1512( 12 U.S.C. § 5111 ), the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including under § 45-1-120 ;
(2) For the purposes of subdivision (1), the commissioner is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators or other associations representing governmental agencies as established by rule, regulation or order of the commissioner;
(3) (A) Information or material that is subject to a privilege or confidentiality under subdivision (1) shall not be subject to: (i) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (ii) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person; (B) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection. (C) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.
(A) Information or material that is subject to a privilege or confidentiality under subdivision (1) shall not be subject to: (i) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (ii) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(i) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(ii) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(B) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection.
(C) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.
Acts 2009 , ch. 499, § 8.
Tenn. Code Ann. § 45-4-208 — TN Code / Title 45 / Chapter 4 / Section 45-4-208
Penalty - Liability of officers
Status: in_force

(a) Any person responsible for an act or omission expressly declared to be a criminal offense by chapter 4 of this title commits: (1) A Class A misdemeanor; and (2) If the act or omission was intended to defraud, a Class E felony. (b) An officer, director or employee of a credit union shall be responsible for an act or omission of the credit union declared to be a criminal offense pursuant to this chapter, whenever, knowing that the act or omission is unlawful, the officer, director or employee participates in authorizing or ratifying the omission or, having the duty to take the required action, omits to do so. (c) Unless otherwise provided in this chapter, it shall be no defense to a criminal prosecution hereunder that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant could and should have known the facts in the proper performance of the defendant's duty. Acts 1988, ch. 550, § 4; 1989, ch. 591, § 1.
(a) Any person responsible for an act or omission expressly declared to be a criminal offense by chapter 4 of this title commits: (1) A Class A misdemeanor; and (2) If the act or omission was intended to defraud, a Class E felony.
(1) A Class A misdemeanor; and
(2) If the act or omission was intended to defraud, a Class E felony.
(b) An officer, director or employee of a credit union shall be responsible for an act or omission of the credit union declared to be a criminal offense pursuant to this chapter, whenever, knowing that the act or omission is unlawful, the officer, director or employee participates in authorizing or ratifying the omission or, having the duty to take the required action, omits to do so.
(c) Unless otherwise provided in this chapter, it shall be no defense to a criminal prosecution hereunder that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant could and should have known the facts in the proper performance of the defendant's duty.
Acts 1988, ch. 550, § 4; 1989, ch. 591, § 1.
Tenn. Code Ann. § 45-7-107 — TN Code / Title 45 / Chapter 7 / Section 45-7-107
Examinations
Status: in_force

(a) The commissioner may conduct an examination or investigation of a licensee or authorized delegate, or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, rules implementing this chapter, and other applicable law, including the Bank Secrecy Act and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (Pub. L. No. 107-56). (b) The commissioner may: (1) Conduct an examination either on-site or off-site as the commissioner may reasonably require; (2) Conduct an examination in conjunction with an examination conducted by representatives of other state agencies, agencies of another state, or of the federal government; (3) Accept the examination report of another state agency, an agency of another state, or of the federal government, or a report prepared by an independent accounting firm, which on being accepted, is considered for all purposes as an official report of the commissioner; and (4) Summon and examine under oath a key individual, agent, or employee of a licensee, authorized delegate, or any other person concerning the condition and affairs of a licensee, and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate. (c) A licensee or authorized delegate shall provide, and the commissioner or the commissioner's staff shall have full and complete access to, all records the commissioner may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the commissioner. (d) At the commissioner's discretion, written notice of the examination may be provided to the licensee or authorized delegates. (e) Upon reasonable cause, the commissioner may conduct an investigation or examination of any unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the applicable powers provided pursuant to § 45-1-107 . (f) An unlicensed person subject to the license requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. (g) Prior to January 1, 2025, unless otherwise directed by the commissioner, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates. On or after January 1, 2025, the costs for an examination or investigation of licensees must be assessed pursuant to § 45-1-118(i) . Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; 1996, ch. 737, § 1; T.C.A., § 45-7-207 ; Acts 2020, ch. 730, § 2.
(a) The commissioner may conduct an examination or investigation of a licensee or authorized delegate, or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, rules implementing this chapter, and other applicable law, including the Bank Secrecy Act and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (Pub. L. No. 107-56).
(b) The commissioner may: (1) Conduct an examination either on-site or off-site as the commissioner may reasonably require; (2) Conduct an examination in conjunction with an examination conducted by representatives of other state agencies, agencies of another state, or of the federal government; (3) Accept the examination report of another state agency, an agency of another state, or of the federal government, or a report prepared by an independent accounting firm, which on being accepted, is considered for all purposes as an official report of the commissioner; and (4) Summon and examine under oath a key individual, agent, or employee of a licensee, authorized delegate, or any other person concerning the condition and affairs of a licensee, and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
(1) Conduct an examination either on-site or off-site as the commissioner may reasonably require;
(2) Conduct an examination in conjunction with an examination conducted by representatives of other state agencies, agencies of another state, or of the federal government;
(3) Accept the examination report of another state agency, an agency of another state, or of the federal government, or a report prepared by an independent accounting firm, which on being accepted, is considered for all purposes as an official report of the commissioner; and
(4) Summon and examine under oath a key individual, agent, or employee of a licensee, authorized delegate, or any other person concerning the condition and affairs of a licensee, and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
(c) A licensee or authorized delegate shall provide, and the commissioner or the commissioner's staff shall have full and complete access to, all records the commissioner may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the commissioner.
(d) At the commissioner's discretion, written notice of the examination may be provided to the licensee or authorized delegates.
(e) Upon reasonable cause, the commissioner may conduct an investigation or examination of any unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the applicable powers provided pursuant to § 45-1-107 .
(f) An unlicensed person subject to the license requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination.
(g) Prior to January 1, 2025, unless otherwise directed by the commissioner, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates. On or after January 1, 2025, the costs for an examination or investigation of licensees must be assessed pursuant to § 45-1-118(i) .
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; 1996, ch. 737, § 1; T.C.A., § 45-7-207 ; Acts 2020, ch. 730, § 2.
Tenn. Code Ann. § 45-7-109 — TN Code / Title 45 / Chapter 7 / Section 45-7-109
Networked supervision
Status: in_force

(a) To efficiently and effectively administer and enforce this chapter, the commissioner is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this state and other states. The commissioner is authorized to: (1) Cooperate, coordinate, and share information with other state and federal regulators in accordance with § 45-7-108 ; (2) Enter into written cooperation, coordination, or information-sharing contracts or agreements with other government officials or federal and state regulatory agencies and organizations, the membership of which is made up of state or federal governmental agencies; and (3) Cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies; provided, that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with § 45-7-108 . (b) The commissioner shall not waive, and nothing in this section constitutes a waiver of, the commissioner's authority to conduct an examination or investigation, or otherwise take independent action authorized by this chapter or a rule adopted or order issued under this chapter to enforce compliance with applicable state or federal law. (c) A joint examination or investigation, or acceptance of an examination or investigation report, does not waive any assessment or fee provided for in this chapter. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-209 .
(a) To efficiently and effectively administer and enforce this chapter, the commissioner is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in this state and other states. The commissioner is authorized to: (1) Cooperate, coordinate, and share information with other state and federal regulators in accordance with § 45-7-108 ; (2) Enter into written cooperation, coordination, or information-sharing contracts or agreements with other government officials or federal and state regulatory agencies and organizations, the membership of which is made up of state or federal governmental agencies; and (3) Cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies; provided, that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with § 45-7-108 .
(1) Cooperate, coordinate, and share information with other state and federal regulators in accordance with § 45-7-108 ;
(2) Enter into written cooperation, coordination, or information-sharing contracts or agreements with other government officials or federal and state regulatory agencies and organizations, the membership of which is made up of state or federal governmental agencies; and
(3) Cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies; provided, that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with § 45-7-108 .
(b) The commissioner shall not waive, and nothing in this section constitutes a waiver of, the commissioner's authority to conduct an examination or investigation, or otherwise take independent action authorized by this chapter or a rule adopted or order issued under this chapter to enforce compliance with applicable state or federal law.
(c) A joint examination or investigation, or acceptance of an examination or investigation report, does not waive any assessment or fee provided for in this chapter.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-209 .
Tenn. Code Ann. § 45-4-205 — TN Code / Title 45 / Chapter 4 / Section 45-4-205
Compensation of board and committees
Status: in_force

(a) No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee. (b) As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions: (1) The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union; (2) Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1); (3) The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and (4) The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item. (c) Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings. Amended by 2013 Tenn. Acts, ch. 59,s 1, eff. 7/1/2013. Acts 1923, ch. 68, § 12; Shan. Supp., § 2198a19; Code 1932, § 3846; T.C.A. (orig. ed.), § 45-1814; Acts 1985, ch. 17, § 4.
(a) No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee.
(b) As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions: (1) The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union; (2) Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1); (3) The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and (4) The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item.
(1) The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union;
(2) Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1);
(3) The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and
(4) The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item.
(c) Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings.
Amended by 2013 Tenn. Acts, ch. 59,s 1, eff. 7/1/2013.
Acts 1923, ch. 68, § 12; Shan. Supp., § 2198a19; Code 1932, § 3846; T.C.A. (orig. ed.), § 45-1814; Acts 1985, ch. 17, § 4.
Tenn. Code Ann. § 45-2-1016 — TN Code / Title 45 / Chapter 2 / Section 45-2-1016
Designation of trustee
Status: in_force

Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of the person. Acts 1999, ch. 112, § 10.
Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of the person.
Acts 1999, ch. 112, § 10.
Tenn. Code Ann. § 45-3-706 — TN Code / Title 45 / Chapter 3 / Section 45-3-706
Insurance protection for home improvement installment loans
Status: in_force

(a) An association in making an installment loan in excess of three hundred dollars ($300) may require a borrower to insure tangible personal property offered as security for the loan against any substantial risk of loss, damage or destruction for any amount not to exceed the actual value of the property or the approximate amount of the loan, whichever is lesser, and for a term and upon conditions that are reasonable and appropriate considering the nature of the property and maturity and other circumstances of the loan; provided, that the insurance is sold by a licensed agent, broker or solicitor, and the borrower may furnish the borrower's own insurance policy. (b) The association may also request as security for any loan obligation in excess of three hundred dollars ($300) insurance on the life of the borrower or one (1) of them, if there are two (2) or more. The initial amount of credit life insurance shall not exceed the total amount repayable under the total amount of the indebtedness. Not more than one (1) policy of life insurance may be written in connection with any installment loan transaction unless requested by the borrower, comaker or endorser. (c) In accepting any insurance provided for in this section as security for a loan, the association may deduct the premiums for the insurance from the proceeds of the loan, and remit the premiums to the insurance company writing the insurance and any gain or advantage to the association or any employee, officer, director, agent, affiliate, or associate from the insurance or its sale shall not be considered an additional or further charge or interest in connection with any loan made hereunder. (d) Every insurance policy or certificate written in connection with a loan transaction pursuant to this section shall provide for cancellation of coverage and a refund of the premium unearned upon the discharge of the loan obligation for which the insurance is security without prejudice to any claim existing at the time of discharge. Whenever insurance is written in connection with a loan transaction, the association shall deliver, or cause to be delivered, to the borrower a policy, certificate or other memorandum that shows the coverages and the costs of coverage, if any, to the borrower within thirty (30) days from the date of the loan. Acts 1968, ch. 590, § 2; 1974, ch. 698, § 5; T.C.A., § 45-1414; Acts 1978, ch. 708, § 6.01; T.C.A., §§ 45-1438, 45-3-514.
(a) An association in making an installment loan in excess of three hundred dollars ($300) may require a borrower to insure tangible personal property offered as security for the loan against any substantial risk of loss, damage or destruction for any amount not to exceed the actual value of the property or the approximate amount of the loan, whichever is lesser, and for a term and upon conditions that are reasonable and appropriate considering the nature of the property and maturity and other circumstances of the loan; provided, that the insurance is sold by a licensed agent, broker or solicitor, and the borrower may furnish the borrower's own insurance policy.
(b) The association may also request as security for any loan obligation in excess of three hundred dollars ($300) insurance on the life of the borrower or one (1) of them, if there are two (2) or more. The initial amount of credit life insurance shall not exceed the total amount repayable under the total amount of the indebtedness. Not more than one (1) policy of life insurance may be written in connection with any installment loan transaction unless requested by the borrower, comaker or endorser.
(c) In accepting any insurance provided for in this section as security for a loan, the association may deduct the premiums for the insurance from the proceeds of the loan, and remit the premiums to the insurance company writing the insurance and any gain or advantage to the association or any employee, officer, director, agent, affiliate, or associate from the insurance or its sale shall not be considered an additional or further charge or interest in connection with any loan made hereunder.
(d) Every insurance policy or certificate written in connection with a loan transaction pursuant to this section shall provide for cancellation of coverage and a refund of the premium unearned upon the discharge of the loan obligation for which the insurance is security without prejudice to any claim existing at the time of discharge. Whenever insurance is written in connection with a loan transaction, the association shall deliver, or cause to be delivered, to the borrower a policy, certificate or other memorandum that shows the coverages and the costs of coverage, if any, to the borrower within thirty (30) days from the date of the loan.
Acts 1968, ch. 590, § 2; 1974, ch. 698, § 5; T.C.A., § 45-1414; Acts 1978, ch. 708, § 6.01; T.C.A., §§ 45-1438, 45-3-514.
Tenn. Code Ann. § 45-3-515 — TN Code / Title 45 / Chapter 3 / Section 45-3-515
Account payable on death
Status: in_force

An association may accept deposits made by any person in trust for another or may contract for deposits that may be made payable on the death of the last surviving owner under the same terms and conditions provided by § 45-2-704 . Acts 1978, ch. 708, § 2.15; T.C.A., § 45-1415; Acts 1993, ch. 39, § 10.
An association may accept deposits made by any person in trust for another or may contract for deposits that may be made payable on the death of the last surviving owner under the same terms and conditions provided by § 45-2-704 .
Acts 1978, ch. 708, § 2.15; T.C.A., § 45-1415; Acts 1993, ch. 39, § 10.
Tenn. Code Ann. § 45-4-606 — TN Code / Title 45 / Chapter 4 / Section 45-4-606
Agricultural loans
Status: in_force

A member who needs funds with which to purchase necessary supplies for growing crops may receive a loan in fixed monthly installments instead of one (1) sum. Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
A member who needs funds with which to purchase necessary supplies for growing crops may receive a loan in fixed monthly installments instead of one (1) sum.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
Tenn. Code Ann. § 45-2-211 — TN Code / Title 45 / Chapter 2 / Section 45-2-211
Indemnification of officers, directors or employees
Status: in_force

A state bank may provide for indemnification of its officers, directors or employees as provided in the Tennessee Business Corporation Act, compiled in title 48, chs. 11-27. Acts 1969, ch. 36, § 1 (3.311); T.C.A., § 45-211; Acts 1980, ch. 549, § 1; 1994, ch. 551, § 7.
A state bank may provide for indemnification of its officers, directors or employees as provided in the Tennessee Business Corporation Act, compiled in title 48, chs. 11-27.
Acts 1969, ch. 36, § 1 (3.311); T.C.A., § 45-211; Acts 1980, ch. 549, § 1; 1994, ch. 551, § 7.
Tenn. Code Ann. § 45-12-103 — TN Code / Title 45 / Chapter 12 / Section 45-12-103
License required to engage in business of making flex loans - Designation of agent for service of process by nonresident licensees
Status: in_force

(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.
Tenn. Code Ann. § 45-2-1904 — TN Code / Title 45 / Chapter 2 / Section 45-2-1904
Interest - Fees and charges
Status: in_force

(a) With respect to extensions of credit made on credit card accounts, a bank may charge and collect interest at an annual rate not exceeding thirty percent (30%) per year or at an equivalent daily, weekly, monthly, or quarterly rate. (b) In addition to the interest charges authorized by subsection (a), a bank may charge and collect with respect to credit card accounts additional types of fees and charges that are agreed upon between the bank and the cardholder, in amounts that are specified in or determined in accordance with the agreement between the bank and the cardholder. The additional fees and charges may include, but are not limited to, a monthly, annual or other periodic charge, and/or a one-time charge, for the privileges or services made available to the cardholder under the plan; transaction charges for each purchase or cash advance under the plan; a minimum charge for each monthly, annual or other scheduled billing period under the plan during any portion of which there is an outstanding unpaid indebtedness; a late payment or delinquency charge; fees incident to the application for and/or the opening, administration and termination of a plan, which in the case of secured plans, may include, but not be limited to, fees and charges relative to the inspection, verification, and protection of the collateral and the establishment, perfection, enforcement and release of the security interest; returned payment charges; charges for providing sales slips, invoices, checks, duplicate periodic statements or other documents; stop payment fees; charges for exceeding a predetermined credit limit or for initiating a transaction that, if consummated, would result in an outstanding balance in excess of the credit limit; automated teller machine charges or similar electronic or interchange fees or charges; charges for issuing additional or replacement credit cards; and other fees and charges that may be agreed upon between the bank and the cardholder. (c) If credit under a credit card plan is offered and extended in connection with overdrafts under a demand deposit account or other transaction account maintained by the cardholder with a bank, the bank may continue to impose any charges customarily imposed by it under the terms governing the demand deposit or other transaction account, including, but not limited to, check charges, monthly maintenance charges, checkbook charges, debit card charges, charges for checks drawn on funds in excess of an available line of credit and other similar charges, without the necessity of the bank making specific reference to the charges in the agreement governing the credit card plan, and the amount of the charge may be charged to the cardholder's account under the plan. (d) In the event a borrower defaults under the terms of a plan and the bank refers the borrower's account to an attorney (including a regular salaried employee of the bank) for collection, the bank may, if the agreement governing the credit card plan so provides, charge and collect from the cardholder a reasonable attorney's fee and, in addition, if the agreement governing the plan (or, in the case of secured plans, the security agreement or similar instrument) so provides, the bank may recover from the cardholder all court and other collection costs, including, in the case of secured plans, all costs of enforcing the security agreement or similar instrument, actually incurred by the bank, including those incurred on appeal. Banks may charge and collect interest charges following default of the cardholder and/or judgment in favor of the bank at the rates permitted by this part. (e) If a bank purchases or satisfies an obligation of the cardholder at less than the face amount of the obligation, the discount is not considered a fee or charge limited by this section. Amended by 2017 Tenn. Acts, ch. 225,s 1, eff. 7/1/2017. Acts 1993, ch. 447, § 7.
(a) With respect to extensions of credit made on credit card accounts, a bank may charge and collect interest at an annual rate not exceeding thirty percent (30%) per year or at an equivalent daily, weekly, monthly, or quarterly rate.
(b) In addition to the interest charges authorized by subsection (a), a bank may charge and collect with respect to credit card accounts additional types of fees and charges that are agreed upon between the bank and the cardholder, in amounts that are specified in or determined in accordance with the agreement between the bank and the cardholder. The additional fees and charges may include, but are not limited to, a monthly, annual or other periodic charge, and/or a one-time charge, for the privileges or services made available to the cardholder under the plan; transaction charges for each purchase or cash advance under the plan; a minimum charge for each monthly, annual or other scheduled billing period under the plan during any portion of which there is an outstanding unpaid indebtedness; a late payment or delinquency charge; fees incident to the application for and/or the opening, administration and termination of a plan, which in the case of secured plans, may include, but not be limited to, fees and charges relative to the inspection, verification, and protection of the collateral and the establishment, perfection, enforcement and release of the security interest; returned payment charges; charges for providing sales slips, invoices, checks, duplicate periodic statements or other documents; stop payment fees; charges for exceeding a predetermined credit limit or for initiating a transaction that, if consummated, would result in an outstanding balance in excess of the credit limit; automated teller machine charges or similar electronic or interchange fees or charges; charges for issuing additional or replacement credit cards; and other fees and charges that may be agreed upon between the bank and the cardholder.
(c) If credit under a credit card plan is offered and extended in connection with overdrafts under a demand deposit account or other transaction account maintained by the cardholder with a bank, the bank may continue to impose any charges customarily imposed by it under the terms governing the demand deposit or other transaction account, including, but not limited to, check charges, monthly maintenance charges, checkbook charges, debit card charges, charges for checks drawn on funds in excess of an available line of credit and other similar charges, without the necessity of the bank making specific reference to the charges in the agreement governing the credit card plan, and the amount of the charge may be charged to the cardholder's account under the plan.
(d) In the event a borrower defaults under the terms of a plan and the bank refers the borrower's account to an attorney (including a regular salaried employee of the bank) for collection, the bank may, if the agreement governing the credit card plan so provides, charge and collect from the cardholder a reasonable attorney's fee and, in addition, if the agreement governing the plan (or, in the case of secured plans, the security agreement or similar instrument) so provides, the bank may recover from the cardholder all court and other collection costs, including, in the case of secured plans, all costs of enforcing the security agreement or similar instrument, actually incurred by the bank, including those incurred on appeal. Banks may charge and collect interest charges following default of the cardholder and/or judgment in favor of the bank at the rates permitted by this part.
(e) If a bank purchases or satisfies an obligation of the cardholder at less than the face amount of the obligation, the discount is not considered a fee or charge limited by this section.
Amended by 2017 Tenn. Acts, ch. 225,s 1, eff. 7/1/2017.
Acts 1993, ch. 447, § 7.
Tenn. Code Ann. § 45-4-609 — TN Code / Title 45 / Chapter 4 / Section 45-4-609
Lien on stock and dividends for debts - Cancellation and liquidation upon withdrawal
Status: in_force

(a) A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan made to the member and of any dues and fines payable by the member. (b) A credit union may, upon the resignation or expulsion of a member, cancel the shares of the member and apply the withdrawal value of the shares toward the liquidation of the member's indebtedness. Acts 1923, ch. 68, § 15; Shan. Supp., § 2198a22; Code 1932, § 3849; C. Supp. 1950, § 3849; T.C.A. (orig. ed.), § 45-1822.
(a) A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan made to the member and of any dues and fines payable by the member.
(b) A credit union may, upon the resignation or expulsion of a member, cancel the shares of the member and apply the withdrawal value of the shares toward the liquidation of the member's indebtedness.
Acts 1923, ch. 68, § 15; Shan. Supp., § 2198a22; Code 1932, § 3849; C. Supp. 1950, § 3849; T.C.A. (orig. ed.), § 45-1822.
Tenn. Code Ann. § 45-3-510 — TN Code / Title 45 / Chapter 3 / Section 45-3-510
Incompetency of a joint tenant
Status: in_force

(a) The adjudication of incompetency of any one (1) or more of the joint tenants shall not operate to sever or terminate the joint tenancy ownership of all or any part of the account, and the account may be withdrawn or pledged by any one (1) or more of the joint owners in the same manner as though the adjudication of incompetency had not been made, except that any withdrawal or pledge on behalf of the incompetent joint owner shall be by guardian or conservator. (b) Payment of any or all of the moneys in the account shall discharge the association from liability with respect to the moneys so paid. Acts 1978, ch. 708, § 2.10; T.C.A., § 45-1410.
(a) The adjudication of incompetency of any one (1) or more of the joint tenants shall not operate to sever or terminate the joint tenancy ownership of all or any part of the account, and the account may be withdrawn or pledged by any one (1) or more of the joint owners in the same manner as though the adjudication of incompetency had not been made, except that any withdrawal or pledge on behalf of the incompetent joint owner shall be by guardian or conservator.
(b) Payment of any or all of the moneys in the account shall discharge the association from liability with respect to the moneys so paid.
Acts 1978, ch. 708, § 2.10; T.C.A., § 45-1410.
Tenn. Code Ann. § 45-4-504 — TN Code / Title 45 / Chapter 4 / Section 45-4-504
Change of chief place of business upon giving notice
Status: in_force

A credit union may change its chief place of business on written notice to the commissioner of financial institutions. Acts 1923, ch. 68, § 24; Shan. Supp., § 2198a31; Code 1932, § 3858; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1829; Acts 1986, ch. 558, § 5.
A credit union may change its chief place of business on written notice to the commissioner of financial institutions.
Acts 1923, ch. 68, § 24; Shan. Supp., § 2198a31; Code 1932, § 3858; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1829; Acts 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-8-103 — TN Code / Title 45 / Chapter 8 / Section 45-8-103
Purchase of companies' negotiable obligations by authorized companies
Status: in_force

Secured negotiable obligations of the small business investment companies and negotiable obligations endorsed with recourse by the companies when adequately secured shall be eligible for purchase by insurance companies, investment companies and industrial development corporations, by the board of trustees administering any employee or profit-sharing trust, by the board of trustees of eleemosynary institutions and corporations, and by trustees and other fiduciaries. The same degree of care shall be exercised in making purchases of the obligations by fiduciaries as is required in making investments under § 35-3-117 . Acts 1959, ch. 22, § 3 (T.C.A. (Supp.), § 48-829); T.C.A., § 45-2503.
Secured negotiable obligations of the small business investment companies and negotiable obligations endorsed with recourse by the companies when adequately secured shall be eligible for purchase by insurance companies, investment companies and industrial development corporations, by the board of trustees administering any employee or profit-sharing trust, by the board of trustees of eleemosynary institutions and corporations, and by trustees and other fiduciaries. The same degree of care shall be exercised in making purchases of the obligations by fiduciaries as is required in making investments under § 35-3-117 .
Acts 1959, ch. 22, § 3 (T.C.A. (Supp.), § 48-829); T.C.A., § 45-2503.
Tenn. Code Ann. § 45-4-1104 — TN Code / Title 45 / Chapter 4 / Section 45-4-1104
Exclusive use of name - Right to change name
Status: in_force

(a) The corporation shall have the sole right to use the name state credit union share insurance corporation. (b) The board of directors of the corporation has the right to change the name of the corporation. Acts 1974, ch. 577, § 4; T.C.A., § 45-1838; Acts 1986, ch. 558, § 4.
(a) The corporation shall have the sole right to use the name state credit union share insurance corporation.
(b) The board of directors of the corporation has the right to change the name of the corporation.
Acts 1974, ch. 577, § 4; T.C.A., § 45-1838; Acts 1986, ch. 558, § 4.
Tenn. Code Ann. § 45-3-1308 — TN Code / Title 45 / Chapter 3 / Section 45-3-1308
Unlawful disclosure of information
Status: in_force

It is a Class C misdemeanor for any official, examiner, or other employee of the department to disclose any information concerning an association or any director, officer, agent, or of the association, obtained in the course or as a result of the performance of official duties, other than disclosure that is required by this chapter. Acts 1978, ch. 708, § 5.12; T.C.A., § 45-1712.
It is a Class C misdemeanor for any official, examiner, or other employee of the department to disclose any information concerning an association or any director, officer, agent, or of the association, obtained in the course or as a result of the performance of official duties, other than disclosure that is required by this chapter.
Acts 1978, ch. 708, § 5.12; T.C.A., § 45-1712.
Tenn. Code Ann. § 45-2-1101 — TN Code / Title 45 / Chapter 2 / Section 45-2-1101
Loans authorized
Status: in_force

Any state bank may lend money and discount or purchase evidences of indebtedness and any agreement for the payment of money. Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-428.
Any state bank may lend money and discount or purchase evidences of indebtedness and any agreement for the payment of money.
Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-428.
Tenn. Code Ann. § 45-7-130 — TN Code / Title 45 / Chapter 7 / Section 45-7-130
Refunds
Status: in_force

(a) This section does not apply to: (1) Money received for transmission subject to the Remittance Transfer Rule ( 12 CFR Part 1005, Subpart B); or (2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee. (b) A licensee shall refund to the sender within ten (10) calendar days of receipt of the sender's written request for a refund of any money received for transmission, unless any of the following occurs: (1) The money has been forwarded within ten (10) days of the date on which the money was received for transmission; (2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days of the date on which the money was received for transmission; (3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten (10) days of the date on which the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, then the licensee shall issue a refund in accordance with the other provisions of this section; (4) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur; or (5) The refund request does not enable the licensee to: (A) Identify the sender's name and address or telephone number; or (B) Identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 2020, ch. 730, § 4.
(a) This section does not apply to: (1) Money received for transmission subject to the Remittance Transfer Rule ( 12 CFR Part 1005, Subpart B); or (2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(1) Money received for transmission subject to the Remittance Transfer Rule ( 12 CFR Part 1005, Subpart B); or
(2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
(b) A licensee shall refund to the sender within ten (10) calendar days of receipt of the sender's written request for a refund of any money received for transmission, unless any of the following occurs: (1) The money has been forwarded within ten (10) days of the date on which the money was received for transmission; (2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days of the date on which the money was received for transmission; (3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten (10) days of the date on which the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, then the licensee shall issue a refund in accordance with the other provisions of this section; (4) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur; or (5) The refund request does not enable the licensee to: (A) Identify the sender's name and address or telephone number; or (B) Identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
(1) The money has been forwarded within ten (10) days of the date on which the money was received for transmission;
(2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days of the date on which the money was received for transmission;
(3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten (10) days of the date on which the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, then the licensee shall issue a refund in accordance with the other provisions of this section;
(4) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur; or
(5) The refund request does not enable the licensee to: (A) Identify the sender's name and address or telephone number; or (B) Identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
(A) Identify the sender's name and address or telephone number; or
(B) Identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 2020, ch. 730, § 4.
Tenn. Code Ann. § 45-11-105 — TN Code / Title 45 / Chapter 11 / Section 45-11-105
Conversion procedure
Status: in_force

(a) The board of directors of the converting institution shall, by a majority of the entire board, approve a plan of conversion that contains: (1) The type of financial institution that will result from the conversion; (2) The proposed name of the resulting institution; (3) The proposed effective date of conversion; (4) A copy of the proposed charter of the resulting institution; (5) A copy of the proposed bylaws of the resulting institution; (6) The method for converting the current capital structure of the institution to the structure indicated for the resulting institution by the proposed charter; (7) The name of each director and executive officer, the office held and the director's or officer's experience; (8) The method and schedule for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution, and for meeting any requirements applicable to the resulting institution that the converting institution does not presently satisfy; (9) Any additional activities the converting institution intends to conduct immediately upon the effective date of the conversion that it does not presently conduct; (10) A copy of the application for deposit insurance or insurance of accounts; (11) Provisions for appointment of successors to any fiduciary positions held by the converting institution if the resulting institution will not exercise trust powers; (12) The competitive impact of the conversion, if any, including any effect on the availability of particular financial services in the community served by the institution; (13) A statement that the conversion is subject to approval by the commissioner and by the shareholders or members of the financial institution; and (14) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the conversion. (b) After approval by the board of directors of the converting financial institution, the plan of conversion shall be submitted to the commissioner for approval, together with a certified copy of the authorizing resolutions of the board of directors showing approval by a majority of the entire board. (c) The application for conversion pursuant to this chapter shall be accompanied by a nonrefundable fee in the amount established by regulation. (d) The commissioner shall approve the plan of conversion if it appears that: (1) The resulting financial institution meets the requirements of law applicable to the resulting institution; (2) The plan of conversion provides an adequate capital structure in relation to deposit liabilities of the resulting financial institution and its other activities that are to continue or are to be undertaken; (3) The officers and directors of the resulting institution have sufficient experience, ability, and standing to afford reasonable promise of successful operation; (4) The proposed name of the resulting institution is not deceptively similar to that of another institution; (5) The schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe or unsound practice; (6) The plan of conversion is fair; (7) The conversion is not contrary to the public interest; and (8) The resulting institution will be able to obtain federal deposit insurance. (e) The commissioner, if disapproving a plan of conversion, shall state any objections and give an opportunity to the converting institution to obviate the objections. Acts 1985, ch. 174, § 2; 1999, ch. 112, §19; 2008 , ch. 968, §§ 3, 4.
(a) The board of directors of the converting institution shall, by a majority of the entire board, approve a plan of conversion that contains: (1) The type of financial institution that will result from the conversion; (2) The proposed name of the resulting institution; (3) The proposed effective date of conversion; (4) A copy of the proposed charter of the resulting institution; (5) A copy of the proposed bylaws of the resulting institution; (6) The method for converting the current capital structure of the institution to the structure indicated for the resulting institution by the proposed charter; (7) The name of each director and executive officer, the office held and the director's or officer's experience; (8) The method and schedule for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution, and for meeting any requirements applicable to the resulting institution that the converting institution does not presently satisfy; (9) Any additional activities the converting institution intends to conduct immediately upon the effective date of the conversion that it does not presently conduct; (10) A copy of the application for deposit insurance or insurance of accounts; (11) Provisions for appointment of successors to any fiduciary positions held by the converting institution if the resulting institution will not exercise trust powers; (12) The competitive impact of the conversion, if any, including any effect on the availability of particular financial services in the community served by the institution; (13) A statement that the conversion is subject to approval by the commissioner and by the shareholders or members of the financial institution; and (14) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the conversion.
(1) The type of financial institution that will result from the conversion;
(2) The proposed name of the resulting institution;
(3) The proposed effective date of conversion;
(4) A copy of the proposed charter of the resulting institution;
(5) A copy of the proposed bylaws of the resulting institution;
(6) The method for converting the current capital structure of the institution to the structure indicated for the resulting institution by the proposed charter;
(7) The name of each director and executive officer, the office held and the director's or officer's experience;
(8) The method and schedule for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution, and for meeting any requirements applicable to the resulting institution that the converting institution does not presently satisfy;
(9) Any additional activities the converting institution intends to conduct immediately upon the effective date of the conversion that it does not presently conduct;
(10) A copy of the application for deposit insurance or insurance of accounts;
(11) Provisions for appointment of successors to any fiduciary positions held by the converting institution if the resulting institution will not exercise trust powers;
(12) The competitive impact of the conversion, if any, including any effect on the availability of particular financial services in the community served by the institution;
(13) A statement that the conversion is subject to approval by the commissioner and by the shareholders or members of the financial institution; and
(14) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the conversion.
(b) After approval by the board of directors of the converting financial institution, the plan of conversion shall be submitted to the commissioner for approval, together with a certified copy of the authorizing resolutions of the board of directors showing approval by a majority of the entire board.
(c) The application for conversion pursuant to this chapter shall be accompanied by a nonrefundable fee in the amount established by regulation.
(d) The commissioner shall approve the plan of conversion if it appears that: (1) The resulting financial institution meets the requirements of law applicable to the resulting institution; (2) The plan of conversion provides an adequate capital structure in relation to deposit liabilities of the resulting financial institution and its other activities that are to continue or are to be undertaken; (3) The officers and directors of the resulting institution have sufficient experience, ability, and standing to afford reasonable promise of successful operation; (4) The proposed name of the resulting institution is not deceptively similar to that of another institution; (5) The schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe or unsound practice; (6) The plan of conversion is fair; (7) The conversion is not contrary to the public interest; and (8) The resulting institution will be able to obtain federal deposit insurance.
(1) The resulting financial institution meets the requirements of law applicable to the resulting institution;
(2) The plan of conversion provides an adequate capital structure in relation to deposit liabilities of the resulting financial institution and its other activities that are to continue or are to be undertaken;
(3) The officers and directors of the resulting institution have sufficient experience, ability, and standing to afford reasonable promise of successful operation;
(4) The proposed name of the resulting institution is not deceptively similar to that of another institution;
(5) The schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe or unsound practice;
(6) The plan of conversion is fair;
(7) The conversion is not contrary to the public interest; and
(8) The resulting institution will be able to obtain federal deposit insurance.
(e) The commissioner, if disapproving a plan of conversion, shall state any objections and give an opportunity to the converting institution to obviate the objections.
Acts 1985, ch. 174, § 2; 1999, ch. 112, §19; 2008 , ch. 968, §§ 3, 4.
Tenn. Code Ann. § 45-2-504 — TN Code / Title 45 / Chapter 2 / Section 45-2-504
Reserves of Federal Reserve Act sufficient
Status: in_force

A compliance on the part of a bank with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with those laws of this state that require banks to maintain reserves, and the bank shall not be required to carry or maintain reserves other than those required under the terms of the Federal Reserve Act. Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-304.
A compliance on the part of a bank with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with those laws of this state that require banks to maintain reserves, and the bank shall not be required to carry or maintain reserves other than those required under the terms of the Federal Reserve Act.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-304.
Tenn. Code Ann. § 45-4-201 — TN Code / Title 45 / Chapter 4 / Section 45-4-201
Election of directors - Terms
Status: in_force

(a) At an annual meeting, the members shall elect a board of directors. The directors shall be members of the credit union. All members of the board of directors and all officers shall hold their several offices for the terms that may be provided in the bylaws. (b) Upon their election, the names of the members of the board of directors shall be entered in the minutes of the meeting at which they are elected, and filed in the permanent records of the credit union. Acts 1923, ch. 68, § 11; Shan. Supp., § 2198a16; Code 1932, § 3844; Acts 1937, ch. 264, § 7; C. Supp. 1950, § 3844; T.C.A. (orig. ed.), § 45-1812; Acts 1980, ch. 559, § 2; 1985, ch. 17, § 1; 1989, ch. 223, § 2.
(a) At an annual meeting, the members shall elect a board of directors. The directors shall be members of the credit union. All members of the board of directors and all officers shall hold their several offices for the terms that may be provided in the bylaws.
(b) Upon their election, the names of the members of the board of directors shall be entered in the minutes of the meeting at which they are elected, and filed in the permanent records of the credit union.
Acts 1923, ch. 68, § 11; Shan. Supp., § 2198a16; Code 1932, § 3844; Acts 1937, ch. 264, § 7; C. Supp. 1950, § 3844; T.C.A. (orig. ed.), § 45-1812; Acts 1980, ch. 559, § 2; 1985, ch. 17, § 1; 1989, ch. 223, § 2.
Tenn. Code Ann. § 45-20-107 — TN Code / Title 45 / Chapter 20 / Section 45-20-107
Penalties - Punitive damages - Remedies - Limitations - Frivolous or harassment actions - Notice of action
Status: in_force

(a) Except as provided in § 45-20-108 , any lender found by a preponderance of the evidence to have violated this chapter shall be subject to the following: (1) The making of a high-cost home loan that violates one (1) or more of the provisions found in § 45-20-103(1), (4) -(14), (16), (17), or (19)-(21), or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower and forfeiture of the remaining interest under the loan; and (C) Costs and reasonable attorney's fees; (2) The collecting or servicing of a high-cost home loan that violates one (1) or more of the provisions in § 45-20-103(2), (3), (15), or (18) , § 45-20-104 , or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower; and (C) Costs and reasonable attorney's fees. (b) Punitive damages may be awarded where the court finds that the violation is malicious or reckless. Punitive damages shall be limited to three (3) times the actual damages and the amount of all finance charges and fees paid by the borrower, exclusive of costs and reasonable attorney's fees. (c) The loan may be reformed to effect the remedies provided in this section. (d) The remedies provided in this section are not exclusive and are in addition to any other remedies available to a borrower under applicable law. (e) Any action under this section shall be brought within three (3) years from the date the borrower discovered or should have discovered the violation. This subsection (e) does not bar a borrower from asserting a violation of this chapter as a defense in an action to collect the debt that was brought more than three (3) years from the date of occurrence of the violation as a matter of defense by recoupment or set-off in the action. (f) In any action under this section, upon finding that the action is frivolous or brought for the purpose of harassment, the court may require the borrower instituting the action to indemnify the defendant for reasonable attorney's fees and costs. To assert a claim under this section, the lender or servicer shall file a motion with the court and provide at least fifteen (15) days after service in which the borrower may respond to deny, withdraw, or amend the complaint. (g) In any action under this section, notice of the action by copy shall be filed simultaneously with the department of financial institutions. Acts 2006, ch. 801, § 7.
(a) Except as provided in § 45-20-108 , any lender found by a preponderance of the evidence to have violated this chapter shall be subject to the following: (1) The making of a high-cost home loan that violates one (1) or more of the provisions found in § 45-20-103(1), (4) -(14), (16), (17), or (19)-(21), or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower and forfeiture of the remaining interest under the loan; and (C) Costs and reasonable attorney's fees; (2) The collecting or servicing of a high-cost home loan that violates one (1) or more of the provisions in § 45-20-103(2), (3), (15), or (18) , § 45-20-104 , or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower; and (C) Costs and reasonable attorney's fees.
(1) The making of a high-cost home loan that violates one (1) or more of the provisions found in § 45-20-103(1), (4) -(14), (16), (17), or (19)-(21), or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower and forfeiture of the remaining interest under the loan; and (C) Costs and reasonable attorney's fees;
(A) Actual damages;
(B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower and forfeiture of the remaining interest under the loan; and
(C) Costs and reasonable attorney's fees;
(2) The collecting or servicing of a high-cost home loan that violates one (1) or more of the provisions in § 45-20-103(2), (3), (15), or (18) , § 45-20-104 , or § 45-20-106 is subject to the following penalties: (A) Actual damages; (B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower; and (C) Costs and reasonable attorney's fees.
(A) Actual damages;
(B) For willful or intentional violations, statutory damages equal to the amount of all finance charges and fees paid by the borrower; and
(C) Costs and reasonable attorney's fees.
(b) Punitive damages may be awarded where the court finds that the violation is malicious or reckless. Punitive damages shall be limited to three (3) times the actual damages and the amount of all finance charges and fees paid by the borrower, exclusive of costs and reasonable attorney's fees.
(c) The loan may be reformed to effect the remedies provided in this section.
(d) The remedies provided in this section are not exclusive and are in addition to any other remedies available to a borrower under applicable law.
(e) Any action under this section shall be brought within three (3) years from the date the borrower discovered or should have discovered the violation. This subsection (e) does not bar a borrower from asserting a violation of this chapter as a defense in an action to collect the debt that was brought more than three (3) years from the date of occurrence of the violation as a matter of defense by recoupment or set-off in the action.
(f) In any action under this section, upon finding that the action is frivolous or brought for the purpose of harassment, the court may require the borrower instituting the action to indemnify the defendant for reasonable attorney's fees and costs. To assert a claim under this section, the lender or servicer shall file a motion with the court and provide at least fifteen (15) days after service in which the borrower may respond to deny, withdraw, or amend the complaint.
(g) In any action under this section, notice of the action by copy shall be filed simultaneously with the department of financial institutions.
Acts 2006, ch. 801, § 7.
Tenn. Code Ann. § 45-2-1412 — TN Code / Title 45 / Chapter 2 / Section 45-2-1412
Acquisition of branch by out-of-state bank
Status: in_force

(a) An out-of-state bank that does not already maintain a branch in Tennessee and that meets the requirements of this title may establish and maintain a branch in Tennessee through the acquisition of a branch or establishment of a de novo branch. (b) [Deleted by 2020 amendment.] (c) No bank or out-of-state bank may establish or maintain a branch in this state on the premises or property of an affiliate if the affiliate engages in commercial activities. Amended by 2020 Tenn. Acts, ch. 605, s 2, eff. 3/20/2020. Acts 1998, ch. 742, § 2; 2001, ch. 140, § 2; 2007 , ch. 5, § 3.
(a) An out-of-state bank that does not already maintain a branch in Tennessee and that meets the requirements of this title may establish and maintain a branch in Tennessee through the acquisition of a branch or establishment of a de novo branch.
(b) [Deleted by 2020 amendment.]
(c) No bank or out-of-state bank may establish or maintain a branch in this state on the premises or property of an affiliate if the affiliate engages in commercial activities.
Amended by 2020 Tenn. Acts, ch. 605, s 2, eff. 3/20/2020.
Acts 1998, ch. 742, § 2; 2001, ch. 140, § 2; 2007 , ch. 5, § 3.
Tenn. Code Ann. § 45-2-2108 — TN Code / Title 45 / Chapter 2 / Section 45-2-2108
Board of directors - Membership - Meetings - Chief executive officer - Fidelity bond and insurance - Audited financial statement
Status: in_force

(a) The business and affairs of a state trust company organized as a corporation shall be managed under a board of directors consisting of a minimum of five (5) and a maximum of twenty-five (25) members, as specified in the charter or bylaws. A trust company organized as a limited liability company shall be managed by a board consisting of a minimum of five (5) and a maximum of twenty-five (25) directors or managers, as specified in the articles of organization or operating agreement. (b) A majority of the board shall be citizens of the United States. (c) The board of directors shall meet at least quarterly, and a majority shall constitute a quorum. The commissioner may call a special meeting of the board. The board shall keep minutes of each meeting, including a record of attendance and of all votes cast by each director. (d) A state trust company shall have only one (1) officer designated as the chief executive officer of the company, who shall also be a member of the board of directors. (e) A state trust company shall report to the commissioner within twenty-four (24) hours any change in the position of chief executive officer and shall provide such other information as the commissioner may require. (f) As indicated in § 45-2-2101 , § 45-2-402(d) and (e) shall apply to a state trust company. (g) The directors shall at least annually prescribe the amount or penal sum of the fidelity bond and insurance coverage required by § 45-2-2106(a) and designate the sureties and underwriters of the bond and insurance, after giving due and careful consideration to all known elements and factors constituting a risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to approval by the commissioner. (h) At least once in each calendar year, at intervals of not more than fifteen (15) months, a state trust company shall obtain and provide to the commissioner an audited financial statement prepared by an independent certified public accountant licensed to do business in this state. In the case of a trust company that is a subsidiary of a holding company, the commissioner may, in the commissioner's discretion, alternatively accept audited consolidated financial statements of the holding company, after considering the structure and complexity of the consolidated organization; provided, that the consolidated total assets of the trust company comprise seventy-five percent (75%) or more of the consolidated total assets of the holding company. Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
(a) The business and affairs of a state trust company organized as a corporation shall be managed under a board of directors consisting of a minimum of five (5) and a maximum of twenty-five (25) members, as specified in the charter or bylaws. A trust company organized as a limited liability company shall be managed by a board consisting of a minimum of five (5) and a maximum of twenty-five (25) directors or managers, as specified in the articles of organization or operating agreement.
(b) A majority of the board shall be citizens of the United States.
(c) The board of directors shall meet at least quarterly, and a majority shall constitute a quorum. The commissioner may call a special meeting of the board. The board shall keep minutes of each meeting, including a record of attendance and of all votes cast by each director.
(d) A state trust company shall have only one (1) officer designated as the chief executive officer of the company, who shall also be a member of the board of directors.
(e) A state trust company shall report to the commissioner within twenty-four (24) hours any change in the position of chief executive officer and shall provide such other information as the commissioner may require.
(f) As indicated in § 45-2-2101 , § 45-2-402(d) and (e) shall apply to a state trust company.
(g) The directors shall at least annually prescribe the amount or penal sum of the fidelity bond and insurance coverage required by § 45-2-2106(a) and designate the sureties and underwriters of the bond and insurance, after giving due and careful consideration to all known elements and factors constituting a risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to approval by the commissioner.
(h) At least once in each calendar year, at intervals of not more than fifteen (15) months, a state trust company shall obtain and provide to the commissioner an audited financial statement prepared by an independent certified public accountant licensed to do business in this state. In the case of a trust company that is a subsidiary of a holding company, the commissioner may, in the commissioner's discretion, alternatively accept audited consolidated financial statements of the holding company, after considering the structure and complexity of the consolidated organization; provided, that the consolidated total assets of the trust company comprise seventy-five percent (75%) or more of the consolidated total assets of the holding company.
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Tenn. Code Ann. § 45-2-203 — TN Code / Title 45 / Chapter 2 / Section 45-2-203
Organizational expenses
Status: in_force

(a) Organizational expenses shall not be paid from capital or surplus funds of the bank without the prior written consent of the commissioner. (b) (1) Prior to filing the notice of intent, the incorporators shall subscribe for shares of the corporation seeking to conduct banking business in Tennessee in an amount the commissioner deems adequate to pay the organizational expenses of the proposed bank. (2) The expense fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed bank. Subscriptions paid by the incorporators for their shares in the proposed bank may be used to pay organizational expenses, but, in that case, shall not be commingled with funds in any account in which any non-incorporator funds have been or are to be deposited. (c) Payment from the expense fund for payment of broker commissions to secure subscriptions to stock shall not be permitted without prior written consent of the commissioner. Acts 1969, ch. 36, § 1 (3.306); 1973, ch. 294, § 6; 1977, ch. 35, § 1; T.C.A., § 45-203; Acts 2006, ch. 660, § 1.
(a) Organizational expenses shall not be paid from capital or surplus funds of the bank without the prior written consent of the commissioner.
(b) (1) Prior to filing the notice of intent, the incorporators shall subscribe for shares of the corporation seeking to conduct banking business in Tennessee in an amount the commissioner deems adequate to pay the organizational expenses of the proposed bank. (2) The expense fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed bank. Subscriptions paid by the incorporators for their shares in the proposed bank may be used to pay organizational expenses, but, in that case, shall not be commingled with funds in any account in which any non-incorporator funds have been or are to be deposited.
(1) Prior to filing the notice of intent, the incorporators shall subscribe for shares of the corporation seeking to conduct banking business in Tennessee in an amount the commissioner deems adequate to pay the organizational expenses of the proposed bank.
(2) The expense fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed bank. Subscriptions paid by the incorporators for their shares in the proposed bank may be used to pay organizational expenses, but, in that case, shall not be commingled with funds in any account in which any non-incorporator funds have been or are to be deposited.
(c) Payment from the expense fund for payment of broker commissions to secure subscriptions to stock shall not be permitted without prior written consent of the commissioner.
Acts 1969, ch. 36, § 1 (3.306); 1973, ch. 294, § 6; 1977, ch. 35, § 1; T.C.A., § 45-203; Acts 2006, ch. 660, § 1.
Tenn. Code Ann. § 45-15-113 — TN Code / Title 45 / Chapter 15 / Section 45-15-113
Thirty-day agreements - Renewal of agreements - Right to cancel - Fees and requirements for renewals
Status: in_force

(a) Title pledge agreements and property pledge agreements made pursuant to this chapter shall not exceed thirty (30) days in length. However, the agreements may provide for renewals for additional thirty-day periods, which may occur automatically, unless one (1) of the following has occurred: (1) The pledgor has redeemed the pledged titled personal property or certificate of title by paying all principal, interest, and customary fees due in accordance with the title pledge agreement or property pledge agreement; (2) The pledgor has surrendered possession, title and all other interest in and to the titled personal property and the certificate of title to the title pledge lender; (3) The title pledge lender has notified the pledgor in writing that the title pledge agreement or property pledge agreement is not to be renewed; or (4) Default by pledgor of any obligation pursuant to the title pledge agreement or property pledge agreement. (b) (1) Except as provided in subdivision (b)(2), where the statement required by this subsection (b) is hand delivered at the time of renewal, each title pledge lender shall furnish the pledgor with a statement at least five (5) days prior to the beginning of any period of renewal of the title pledge agreement. The statement shall include the agreement number, the annual percentage rate, the monthly rate of interest, the monthly fee rate, the original principal balance of the loan, the current payoff balance of the loan, the amount of all renewal fees, and the amount of any interest, fees or other reimbursements allowed pursuant to § 45-15-111(b) that have accrued since the last statement required by this subsection (b) was issued to the pledgor. The statement shall also include the payment amount required to pay off the title pledge loan in full if payment is made with cash or certified funds by the end of the title pledge agreement or any renewal of the title pledge agreement, and the exact date through which that payoff balance will be honored. (2) If the title pledge loan is past due, the statement shall also include the number of days past due as of the statement date, the minimum payment required and the exact date by which the minimum payment must be received in order to reinstate the account to current status. The statement shall also include the telephone number, the normal business hours of operation, and the primary contact person at the office of the title pledge lender. The statement shall be sent to the pledgor by first class mail, postage prepaid, within five (5) days of the end of the title pledge agreement or hand delivered at the time of renewal, pending any renewal of the title pledge agreement. (c) A pledgor has the right to cancel the pledgor's obligation to make payments under a title pledge agreement or property pledge agreement, until the close of the next business day after the day when the pledgor signs a title pledge agreement or property pledge agreement, if the pledgor returns the original check or cash to the location where the loan was originated. For the purpose of this section, "business day" means any day that the title pledge office is open for business. (d) Notwithstanding any provision of this chapter to the contrary, beginning with the third renewal or continuation and at each successive renewal or continuation thereafter, the pledgor shall be required to make a payment of at least five percent (5%) of the original principal amount of the title pledge transaction, in addition to interest and fees authorized by this chapter. Interest and fees authorized by this chapter at each successive renewal or continuation shall be calculated on the outstanding principal balance. Principal payments in excess of the five percent (5%) required principal reduction shall be credited to the outstanding principal on the day received. If, at the maturity of any renewal requiring a principal reduction, the pledgor has not made previous principal reductions adequate to satisfy the current required principal reduction, and the pledgor cannot repay at least five percent (5%) of the original principal balance and any outstanding interest and fees authorized by this chapter, the title pledge lender may, but shall not be obligated to, defer any required principal payment until the end of the title pledge agreement or property pledge agreement. No further interest or fees may accrue on a principal amount thus deferred. Acts 1995, ch. 186, § 13; 1999, ch. 143, § 1; 2005, ch. 440, § 10.
(a) Title pledge agreements and property pledge agreements made pursuant to this chapter shall not exceed thirty (30) days in length. However, the agreements may provide for renewals for additional thirty-day periods, which may occur automatically, unless one (1) of the following has occurred: (1) The pledgor has redeemed the pledged titled personal property or certificate of title by paying all principal, interest, and customary fees due in accordance with the title pledge agreement or property pledge agreement; (2) The pledgor has surrendered possession, title and all other interest in and to the titled personal property and the certificate of title to the title pledge lender; (3) The title pledge lender has notified the pledgor in writing that the title pledge agreement or property pledge agreement is not to be renewed; or (4) Default by pledgor of any obligation pursuant to the title pledge agreement or property pledge agreement.
(1) The pledgor has redeemed the pledged titled personal property or certificate of title by paying all principal, interest, and customary fees due in accordance with the title pledge agreement or property pledge agreement;
(2) The pledgor has surrendered possession, title and all other interest in and to the titled personal property and the certificate of title to the title pledge lender;
(3) The title pledge lender has notified the pledgor in writing that the title pledge agreement or property pledge agreement is not to be renewed; or
(4) Default by pledgor of any obligation pursuant to the title pledge agreement or property pledge agreement.
(b) (1) Except as provided in subdivision (b)(2), where the statement required by this subsection (b) is hand delivered at the time of renewal, each title pledge lender shall furnish the pledgor with a statement at least five (5) days prior to the beginning of any period of renewal of the title pledge agreement. The statement shall include the agreement number, the annual percentage rate, the monthly rate of interest, the monthly fee rate, the original principal balance of the loan, the current payoff balance of the loan, the amount of all renewal fees, and the amount of any interest, fees or other reimbursements allowed pursuant to § 45-15-111(b) that have accrued since the last statement required by this subsection (b) was issued to the pledgor. The statement shall also include the payment amount required to pay off the title pledge loan in full if payment is made with cash or certified funds by the end of the title pledge agreement or any renewal of the title pledge agreement, and the exact date through which that payoff balance will be honored. (2) If the title pledge loan is past due, the statement shall also include the number of days past due as of the statement date, the minimum payment required and the exact date by which the minimum payment must be received in order to reinstate the account to current status. The statement shall also include the telephone number, the normal business hours of operation, and the primary contact person at the office of the title pledge lender. The statement shall be sent to the pledgor by first class mail, postage prepaid, within five (5) days of the end of the title pledge agreement or hand delivered at the time of renewal, pending any renewal of the title pledge agreement.
(1) Except as provided in subdivision (b)(2), where the statement required by this subsection (b) is hand delivered at the time of renewal, each title pledge lender shall furnish the pledgor with a statement at least five (5) days prior to the beginning of any period of renewal of the title pledge agreement. The statement shall include the agreement number, the annual percentage rate, the monthly rate of interest, the monthly fee rate, the original principal balance of the loan, the current payoff balance of the loan, the amount of all renewal fees, and the amount of any interest, fees or other reimbursements allowed pursuant to § 45-15-111(b) that have accrued since the last statement required by this subsection (b) was issued to the pledgor. The statement shall also include the payment amount required to pay off the title pledge loan in full if payment is made with cash or certified funds by the end of the title pledge agreement or any renewal of the title pledge agreement, and the exact date through which that payoff balance will be honored.
(2) If the title pledge loan is past due, the statement shall also include the number of days past due as of the statement date, the minimum payment required and the exact date by which the minimum payment must be received in order to reinstate the account to current status. The statement shall also include the telephone number, the normal business hours of operation, and the primary contact person at the office of the title pledge lender. The statement shall be sent to the pledgor by first class mail, postage prepaid, within five (5) days of the end of the title pledge agreement or hand delivered at the time of renewal, pending any renewal of the title pledge agreement.
(c) A pledgor has the right to cancel the pledgor's obligation to make payments under a title pledge agreement or property pledge agreement, until the close of the next business day after the day when the pledgor signs a title pledge agreement or property pledge agreement, if the pledgor returns the original check or cash to the location where the loan was originated. For the purpose of this section, "business day" means any day that the title pledge office is open for business.
(d) Notwithstanding any provision of this chapter to the contrary, beginning with the third renewal or continuation and at each successive renewal or continuation thereafter, the pledgor shall be required to make a payment of at least five percent (5%) of the original principal amount of the title pledge transaction, in addition to interest and fees authorized by this chapter. Interest and fees authorized by this chapter at each successive renewal or continuation shall be calculated on the outstanding principal balance. Principal payments in excess of the five percent (5%) required principal reduction shall be credited to the outstanding principal on the day received. If, at the maturity of any renewal requiring a principal reduction, the pledgor has not made previous principal reductions adequate to satisfy the current required principal reduction, and the pledgor cannot repay at least five percent (5%) of the original principal balance and any outstanding interest and fees authorized by this chapter, the title pledge lender may, but shall not be obligated to, defer any required principal payment until the end of the title pledge agreement or property pledge agreement. No further interest or fees may accrue on a principal amount thus deferred.
Acts 1995, ch. 186, § 13; 1999, ch. 143, § 1; 2005, ch. 440, § 10.
Tenn. Code Ann. § 45-18-113 — TN Code / Title 45 / Chapter 18 / Section 45-18-113
Examination of licensee by commissioner
Status: in_force

(a) The commissioner may conduct periodic examinations of a licensee to determine compliance with this chapter. In conducting the examination, the commissioner or the commissioner's staff shall have full and free access to all the books, papers and records of the licensee and may summon and qualify as witnesses, under oath, and examine the directors, officers, members, agents and employees of any licensee, and any other person concerning the condition and affairs of the licensee. The cost for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i) . (b) Upon reasonable cause, the commissioner may conduct an examination of any unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the ability to summon witnesses and examine them under oath concerning matters relating to the business of the persons or other matters that may be relevant to the discovery of a violation of this chapter, including, but not limited to, the conduct of business without a license as required under this chapter. An unlicensed person subject to the licensing requirements of this chapter, who is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the examination or investigation. (c) The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to each license holder at least thirty (30) days before the date it takes effect. (d) The commissioner is authorized to disclose information obtained pursuant to this chapter to any local, state or federal agency as the commissioner deems proper. Amended by 2014 Tenn. Acts, ch. 736,s 33, eff. 7/1/2015. Amended by 2014 Tenn. Acts, ch. 736,s 32, eff. 7/1/2015. Acts 1997, ch. 309, § 13; 2006, ch. 596, § 2.
(a) The commissioner may conduct periodic examinations of a licensee to determine compliance with this chapter. In conducting the examination, the commissioner or the commissioner's staff shall have full and free access to all the books, papers and records of the licensee and may summon and qualify as witnesses, under oath, and examine the directors, officers, members, agents and employees of any licensee, and any other person concerning the condition and affairs of the licensee. The cost for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i) .
(b) Upon reasonable cause, the commissioner may conduct an examination of any unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the ability to summon witnesses and examine them under oath concerning matters relating to the business of the persons or other matters that may be relevant to the discovery of a violation of this chapter, including, but not limited to, the conduct of business without a license as required under this chapter. An unlicensed person subject to the licensing requirements of this chapter, who is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the examination or investigation.
(c) The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to each license holder at least thirty (30) days before the date it takes effect.
(d) The commissioner is authorized to disclose information obtained pursuant to this chapter to any local, state or federal agency as the commissioner deems proper.
Amended by 2014 Tenn. Acts, ch. 736,s 33, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 32, eff. 7/1/2015.
Acts 1997, ch. 309, § 13; 2006, ch. 596, § 2.
Tenn. Code Ann. § 45-7-119 — TN Code / Title 45 / Chapter 7 / Section 45-7-119
Notice and information requirements for a change of key individuals
Status: in_force

(a) A licensee adding or replacing any key individual shall: (1) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual's appointment; and (2) Provide information as required by § 45-7-114 within forty-five (45) days after the effective date. (b) Within ninety (90) days after the date on which the commissioner determines that the notice and information provided pursuant to subsection (a) is complete, the commissioner may issue a notice of disapproval of a key individual if, based on the competence, experience, character, or integrity of the individual, it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee. (c) A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual. If the commissioner issues a notice of disapproval, the licensee may make a written request to the commissioner for a hearing on the question of whether the notice should be approved. Any hearing requested under this subsection (c) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the licensee has requested the hearing in writing within thirty (30) days of the date of the commissioner's disapproval. At the hearing, the licensee must prove by a preponderance of the evidence that the notice should be approved. (d) If the notice provided pursuant to subsection (a) is not disapproved within ninety (90) days after the date on which the commissioner determined the notice and information provided pursuant to subsection (a) to be complete, the key individual is deemed approved. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-219 .
(a) A licensee adding or replacing any key individual shall: (1) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual's appointment; and (2) Provide information as required by § 45-7-114 within forty-five (45) days after the effective date.
(1) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual's appointment; and
(2) Provide information as required by § 45-7-114 within forty-five (45) days after the effective date.
(b) Within ninety (90) days after the date on which the commissioner determines that the notice and information provided pursuant to subsection (a) is complete, the commissioner may issue a notice of disapproval of a key individual if, based on the competence, experience, character, or integrity of the individual, it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.
(c) A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual. If the commissioner issues a notice of disapproval, the licensee may make a written request to the commissioner for a hearing on the question of whether the notice should be approved. Any hearing requested under this subsection (c) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the licensee has requested the hearing in writing within thirty (30) days of the date of the commissioner's disapproval. At the hearing, the licensee must prove by a preponderance of the evidence that the notice should be approved.
(d) If the notice provided pursuant to subsection (a) is not disapproved within ninety (90) days after the date on which the commissioner determined the notice and information provided pursuant to subsection (a) to be complete, the key individual is deemed approved.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-219 .
Tenn. Code Ann. § 45-5-401 — TN Code / Title 45 / Chapter 5 / Section 45-5-401
Contracts for interest - Computation
Status: in_force

(a) (1) With respect to loans where the amount financed is less than one hundred dollars ($100), this chapter permits, but does not require, interest to be contracted for by way of discount. Interest may also be contracted for at an effective rate that results in the same amount being paid as if interest had been contracted by way of discount at a nominal rate not in excess of the maximum nominal rate specified in § 45-5-301(2) for loans of this category, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category. (2) With respect to loans where the amount financed is one hundred dollars ($100) or more, this chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest for loans of this category does not exceed that authorized by § 45-5-301(2) for the loans. (3) With respect to loans made under open-end credit plans, interest shall be computed on the principal balance unpaid from time to time, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category. (b) In any event, the maximum effective rate of interest on a loan shall: (1) Be determined in accordance with the actuarial method; (2) In the case of precomputed interest, be calculated and determined as of the date of the loan on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part. (c) Interest may be contracted for on the unpaid balance due after the maturity date of the loan: (1) Where the amount financed is less than one hundred dollars ($100), at an effective rate not to exceed eighteen percent (18%) per annum; (2) Where the amount financed is one hundred dollars ($100) or more, up to five thousand dollars ($5,000), at an effective rate not to exceed thirty percent (30%) per annum; (3) Where the amount financed is more than five thousand dollars ($5,000), at an effective rate not to exceed twenty-four percent (24%) per annum; and (4) Where the loan is made under an open-end credit plan, at an effective rate not to exceed twenty-four percent (24%) per annum. (d) The term of a loan for the purposes of this section commences on the date the loan is made. Differences in the lengths of months are disregarded and, for any period less than a month, each day may be counted as one-thirtieth ( 1 / 30 ) of a month. Amended by 2018 Tenn. Acts, ch. 600, Secs.s 4, s 5 eff. 3/23/2018. Acts 1979, ch. 204, § 9; T.C.A., § 45-2009; Acts 1983, ch. 164, § 2.
(a) (1) With respect to loans where the amount financed is less than one hundred dollars ($100), this chapter permits, but does not require, interest to be contracted for by way of discount. Interest may also be contracted for at an effective rate that results in the same amount being paid as if interest had been contracted by way of discount at a nominal rate not in excess of the maximum nominal rate specified in § 45-5-301(2) for loans of this category, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category. (2) With respect to loans where the amount financed is one hundred dollars ($100) or more, this chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest for loans of this category does not exceed that authorized by § 45-5-301(2) for the loans. (3) With respect to loans made under open-end credit plans, interest shall be computed on the principal balance unpaid from time to time, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category.
(1) With respect to loans where the amount financed is less than one hundred dollars ($100), this chapter permits, but does not require, interest to be contracted for by way of discount. Interest may also be contracted for at an effective rate that results in the same amount being paid as if interest had been contracted by way of discount at a nominal rate not in excess of the maximum nominal rate specified in § 45-5-301(2) for loans of this category, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category.
(2) With respect to loans where the amount financed is one hundred dollars ($100) or more, this chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest for loans of this category does not exceed that authorized by § 45-5-301(2) for the loans.
(3) With respect to loans made under open-end credit plans, interest shall be computed on the principal balance unpaid from time to time, always subject to the maximum effective rate provided in § 45-5-301(2) for loans of this category.
(b) In any event, the maximum effective rate of interest on a loan shall: (1) Be determined in accordance with the actuarial method; (2) In the case of precomputed interest, be calculated and determined as of the date of the loan on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.
(1) Be determined in accordance with the actuarial method;
(2) In the case of precomputed interest, be calculated and determined as of the date of the loan on the assumption that all scheduled payments will be made as contracted; and
(3) Not be affected by the prepayment of the loan, in whole or in part.
(c) Interest may be contracted for on the unpaid balance due after the maturity date of the loan: (1) Where the amount financed is less than one hundred dollars ($100), at an effective rate not to exceed eighteen percent (18%) per annum; (2) Where the amount financed is one hundred dollars ($100) or more, up to five thousand dollars ($5,000), at an effective rate not to exceed thirty percent (30%) per annum; (3) Where the amount financed is more than five thousand dollars ($5,000), at an effective rate not to exceed twenty-four percent (24%) per annum; and (4) Where the loan is made under an open-end credit plan, at an effective rate not to exceed twenty-four percent (24%) per annum.
(1) Where the amount financed is less than one hundred dollars ($100), at an effective rate not to exceed eighteen percent (18%) per annum;
(2) Where the amount financed is one hundred dollars ($100) or more, up to five thousand dollars ($5,000), at an effective rate not to exceed thirty percent (30%) per annum;
(3) Where the amount financed is more than five thousand dollars ($5,000), at an effective rate not to exceed twenty-four percent (24%) per annum; and
(4) Where the loan is made under an open-end credit plan, at an effective rate not to exceed twenty-four percent (24%) per annum.
(d) The term of a loan for the purposes of this section commences on the date the loan is made. Differences in the lengths of months are disregarded and, for any period less than a month, each day may be counted as one-thirtieth ( 1 / 30 ) of a month.
Amended by 2018 Tenn. Acts, ch. 600, Secs.s 4, s 5 eff. 3/23/2018.
Acts 1979, ch. 204, § 9; T.C.A., § 45-2009; Acts 1983, ch. 164, § 2.
Tenn. Code Ann. § 45-5-203 — TN Code / Title 45 / Chapter 5 / Section 45-5-203
Expiration of registration certificates - Renewal - Fees - Evidence that surety bond adjusted - Continuing education and testing - Biennial registration
Status: in_force

(a) A certificate of registration issued pursuant to this chapter expires on December 31. A certificate of registration may be renewed for the ensuing twelve-month period upon application by the registrant showing continued compliance with the requirements of § 45-5-201 and payment of the nonrefundable supervision fee, as provided in § 45-1-118(i) . A registrant making timely and complete application and payment for renewal of its certificate of registration may continue to operate under its existing certificate of registration until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee must be sent to the department on or before December 31, but no earlier than November 1, of each year. (b) A registrant submitting an application for renewal of a certificate of registration expiring on March 31, 2018, must pay the supervision fee as provided in § 45-1-118(i) . The completed renewal application and payment must be sent to the department on or before March 1, 2018. A renewal certificate of registration with a beginning effective date of April 1, 2018, expires on December 31, 2018. (c) As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the registrant shall file with its renewal application evidence that its surety bond is adjusted in accordance with § 45-5-202(c) . (d) As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the commissioner may adopt rules to require that any of the individuals identified pursuant to § 45-5-202(e) successfully complete continuing education course requirements. The rules pertaining to continuing education requirements, as well as those pertaining to any testing or education requirements, or both, under § 45-5-202 , may include criteria for content, accreditation of sponsors and programs, computation of credit, special cases and exemptions, general compliance procedures and sanctions for noncompliance. (e) The commissioner may establish a biennial registration arrangement for the filing of the application for renewal of the certificate of registration, but in no case shall the supervision fee be payable for more than one (1) year at a time. Amended by 2017 Tenn. Acts, ch. 122,Sec.s3, eff. 7/1/2017 and s 2 eff. 4/1/2018. Amended by 2014 Tenn. Acts, ch. 736,s 4, eff. 7/1/2015. Acts 1979, ch. 204, § 6; T.C.A., § 45-2006; Acts 1984, ch. 698, § 2; 2001, ch. 165, § 5; 2009, ch. 499, § 5.
(a) A certificate of registration issued pursuant to this chapter expires on December 31. A certificate of registration may be renewed for the ensuing twelve-month period upon application by the registrant showing continued compliance with the requirements of § 45-5-201 and payment of the nonrefundable supervision fee, as provided in § 45-1-118(i) . A registrant making timely and complete application and payment for renewal of its certificate of registration may continue to operate under its existing certificate of registration until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee must be sent to the department on or before December 31, but no earlier than November 1, of each year.
(b) A registrant submitting an application for renewal of a certificate of registration expiring on March 31, 2018, must pay the supervision fee as provided in § 45-1-118(i) . The completed renewal application and payment must be sent to the department on or before March 1, 2018. A renewal certificate of registration with a beginning effective date of April 1, 2018, expires on December 31, 2018.
(c) As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the registrant shall file with its renewal application evidence that its surety bond is adjusted in accordance with § 45-5-202(c) .
(d) As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the commissioner may adopt rules to require that any of the individuals identified pursuant to § 45-5-202(e) successfully complete continuing education course requirements. The rules pertaining to continuing education requirements, as well as those pertaining to any testing or education requirements, or both, under § 45-5-202 , may include criteria for content, accreditation of sponsors and programs, computation of credit, special cases and exemptions, general compliance procedures and sanctions for noncompliance.
(e) The commissioner may establish a biennial registration arrangement for the filing of the application for renewal of the certificate of registration, but in no case shall the supervision fee be payable for more than one (1) year at a time.
Amended by 2017 Tenn. Acts, ch. 122,Sec.s3, eff. 7/1/2017 and s 2 eff. 4/1/2018.
Amended by 2014 Tenn. Acts, ch. 736,s 4, eff. 7/1/2015.
Acts 1979, ch. 204, § 6; T.C.A., § 45-2006; Acts 1984, ch. 698, § 2; 2001, ch. 165, § 5; 2009, ch. 499, § 5.
Tenn. Code Ann. § 45-2-2105 — TN Code / Title 45 / Chapter 2 / Section 45-2-2105
Payment of subscriptions - Placement in escrow account - Removal of funds
Status: in_force

After the trust company charter or articles of organization have been issued by the commissioner, the incorporators, or, if directors have been initially appointed, the directors of the proposed state trust company, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner. In the case of an offering to raise capital to form a state trust company by an entity that will control the company, subscriptions shall also be placed into an escrow account and may not be removed prior to the issuance of the certificate of authority or upon written approval from the commissioner. Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
After the trust company charter or articles of organization have been issued by the commissioner, the incorporators, or, if directors have been initially appointed, the directors of the proposed state trust company, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner. In the case of an offering to raise capital to form a state trust company by an entity that will control the company, subscriptions shall also be placed into an escrow account and may not be removed prior to the issuance of the certificate of authority or upon written approval from the commissioner.
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Tenn. Code Ann. § 45-2-1007 — TN Code / Title 45 / Chapter 2 / Section 45-2-1007
Deposit of securities in central depository
Status: in_force

(a) (1) Notwithstanding any other provision of law, any bank or trust company holding securities as a fiduciary, cofiduciary, agent for a fiduciary or custodian pursuant to § 45-2-1003(a) and (b) , is authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in § 47-8-102 . (2) When the securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the clearing corporation by any person, regardless of the ownership of the securities, and certificates of small denomination may be merged into one (1) or more certificates of larger denominations. (3) The records of the bank or trust company acting as a fiduciary, cofiduciary, agent for a fiduciary or custodian, shall at all times show the name of the party for whose account the securities are so deposited. (4) Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. (5) A bank or trust company so depositing securities pursuant to this section shall be subject to the rules and regulations as, in the case of state-chartered institutions, the commissioner and, in the case of national banking associations, the comptroller of the currency may from time to time issue. (6) A bank or trust company acting as agent for a fiduciary or custodian shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company in the clearing corporation for the account of the fiduciary. (b) This section shall apply to any bank or trust company holding securities as a fiduciary, cofiduciary, agent for a fiduciary or custodian acting on March 6, 1978, or who thereafter may act, regardless of the date, agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, cofiduciary, agent for a fiduciary or custodian, owns capital stock of the clearing corporation. Acts 1978, ch. 575, § 1; T.C.A., § 45-448.
(a) (1) Notwithstanding any other provision of law, any bank or trust company holding securities as a fiduciary, cofiduciary, agent for a fiduciary or custodian pursuant to § 45-2-1003(a) and (b) , is authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in § 47-8-102 . (2) When the securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the clearing corporation by any person, regardless of the ownership of the securities, and certificates of small denomination may be merged into one (1) or more certificates of larger denominations. (3) The records of the bank or trust company acting as a fiduciary, cofiduciary, agent for a fiduciary or custodian, shall at all times show the name of the party for whose account the securities are so deposited. (4) Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. (5) A bank or trust company so depositing securities pursuant to this section shall be subject to the rules and regulations as, in the case of state-chartered institutions, the commissioner and, in the case of national banking associations, the comptroller of the currency may from time to time issue. (6) A bank or trust company acting as agent for a fiduciary or custodian shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company in the clearing corporation for the account of the fiduciary.
(1) Notwithstanding any other provision of law, any bank or trust company holding securities as a fiduciary, cofiduciary, agent for a fiduciary or custodian pursuant to § 45-2-1003(a) and (b) , is authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in § 47-8-102 .
(2) When the securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the clearing corporation by any person, regardless of the ownership of the securities, and certificates of small denomination may be merged into one (1) or more certificates of larger denominations.
(3) The records of the bank or trust company acting as a fiduciary, cofiduciary, agent for a fiduciary or custodian, shall at all times show the name of the party for whose account the securities are so deposited.
(4) Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities.
(5) A bank or trust company so depositing securities pursuant to this section shall be subject to the rules and regulations as, in the case of state-chartered institutions, the commissioner and, in the case of national banking associations, the comptroller of the currency may from time to time issue.
(6) A bank or trust company acting as agent for a fiduciary or custodian shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company in the clearing corporation for the account of the fiduciary.
(b) This section shall apply to any bank or trust company holding securities as a fiduciary, cofiduciary, agent for a fiduciary or custodian acting on March 6, 1978, or who thereafter may act, regardless of the date, agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, cofiduciary, agent for a fiduciary or custodian, owns capital stock of the clearing corporation.
Acts 1978, ch. 575, § 1; T.C.A., § 45-448.
Tenn. Code Ann. § 45-1-106 — TN Code / Title 45 / Chapter 1 / Section 45-1-106
Salary of commissioner
Status: in_force

The commissioner shall receive an annual salary as provided in § 8-23-101 , to be paid monthly in the same manner as the salaries of other state officers are paid. Acts 1913, ch. 20, § 1; Shan., § 3273a16; Acts 1927, ch. 30, § 7; Code 1932, § 5941; Acts 1949, ch. 38, § 1; C. Supp. 1950, § 5941; impl. am. Acts 1955, ch. 193, § 1; impl. am. Acts 1961, ch. 183, § 1; impl. am. Acts 1963, ch. 261, § 1; impl. am. Acts 1965, ch. 252, § 1; impl. am. Acts 1972, ch. 526, § 6; Acts 1973, ch. 294, § 6; T.C.A., § 45-107.
The commissioner shall receive an annual salary as provided in § 8-23-101 , to be paid monthly in the same manner as the salaries of other state officers are paid.
Acts 1913, ch. 20, § 1; Shan., § 3273a16; Acts 1927, ch. 30, § 7; Code 1932, § 5941; Acts 1949, ch. 38, § 1; C. Supp. 1950, § 5941; impl. am. Acts 1955, ch. 193, § 1; impl. am. Acts 1961, ch. 183, § 1; impl. am. Acts 1963, ch. 261, § 1; impl. am. Acts 1965, ch. 252, § 1; impl. am. Acts 1972, ch. 526, § 6; Acts 1973, ch. 294, § 6; T.C.A., § 45-107.
Tenn. Code Ann. § 45-6-103 — TN Code / Title 45 / Chapter 6 / Section 45-6-103
Relinquishment of item believed misappropriated or stolen
Status: in_force

A pawnbroker shall not be required to relinquish to a claimant an item believed to be misappropriated or stolen unless a court has ordered the pawnbroker to do so; provided, that the pawnbroker shall be subject to any hold order issued pursuant to § 45-6-213 . Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
A pawnbroker shall not be required to relinquish to a claimant an item believed to be misappropriated or stolen unless a court has ordered the pawnbroker to do so; provided, that the pawnbroker shall be subject to any hold order issued pursuant to § 45-6-213 .
Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
Tenn. Code Ann. § 45-5-206 — TN Code / Title 45 / Chapter 5 / Section 45-5-206
Lost certificates of registration - Substitutions
Status: in_force

In the event that a certificate of registration issued under this chapter is lost or destroyed, the person to whom the certificate of registration was issued may, upon payment of a fee prescribed by the commissioner, obtain a substitute certificate of registration, upon furnishing proof satisfactory to the commissioner that the certificate of registration has become lost or destroyed. Acts 2004, ch. 747, § 11.
In the event that a certificate of registration issued under this chapter is lost or destroyed, the person to whom the certificate of registration was issued may, upon payment of a fee prescribed by the commissioner, obtain a substitute certificate of registration, upon furnishing proof satisfactory to the commissioner that the certificate of registration has become lost or destroyed.
Acts 2004, ch. 747, § 11.
Tenn. Code Ann. § 45-2-305 — TN Code / Title 45 / Chapter 2 / Section 45-2-305
Stockholders relieved of double liability
Status: in_force

Stockholders in banking institutions doing a general banking business in this state pursuant to charters granted under authority of Acts 1909, ch. 54, §§ 1-4 (compiled as §§ 3892-3895, inclusive, of the Code of 1932, and repealed by Acts 1939, ch. 106), are relieved of the double or additional individual liability to the depositors of the institutions; notwithstanding that such double liability feature may be written in the body of the charters of the banking institutions, and shown on the face of the stock certificates. Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-225; T.C.A., § 45-2-307 .
Stockholders in banking institutions doing a general banking business in this state pursuant to charters granted under authority of Acts 1909, ch. 54, §§ 1-4 (compiled as §§ 3892-3895, inclusive, of the Code of 1932, and repealed by Acts 1939, ch. 106), are relieved of the double or additional individual liability to the depositors of the institutions; notwithstanding that such double liability feature may be written in the body of the charters of the banking institutions, and shown on the face of the stock certificates.
Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-225; T.C.A., § 45-2-307 .
Tenn. Code Ann. § 45-13-402 — TN Code / Title 45 / Chapter 13 / Section 45-13-402
False or misleading advertising unlawful - Exceptions
Status: in_force

It is unlawful for any person to place or cause to be placed any false or misleading advertising matter pertaining to mortgage loans or the availability of mortgage loans; provided, that this section shall not apply to the owner, publisher, operator or employees of any publication or radio or television station that disseminates the advertising matter. Acts 2009, ch. 499, § 8.
It is unlawful for any person to place or cause to be placed any false or misleading advertising matter pertaining to mortgage loans or the availability of mortgage loans; provided, that this section shall not apply to the owner, publisher, operator or employees of any publication or radio or television station that disseminates the advertising matter.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-3-401 — TN Code / Title 45 / Chapter 3 / Section 45-3-401
Required liquidity
Status: in_force

No association shall invest in any security, other than in liquid assets, or in any real estate or other loan at any time when its liquid assets are less than a minimum percentage of its deposit liability, which percentage shall be set by the commissioner. Acts 1978, ch. 708, § 2.22; T.C.A., § 45-1422.
No association shall invest in any security, other than in liquid assets, or in any real estate or other loan at any time when its liquid assets are less than a minimum percentage of its deposit liability, which percentage shall be set by the commissioner.
Acts 1978, ch. 708, § 2.22; T.C.A., § 45-1422.
Tenn. Code Ann. § 45-14-114 — TN Code / Title 45 / Chapter 14 / Section 45-14-114
Void and null charters and certificates of authority
Status: in_force

(a) Any charter issued under this chapter shall be null and void if: (1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or (2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years. (b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter. Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.
(a) Any charter issued under this chapter shall be null and void if: (1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or (2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.
(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or
(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.
(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.
Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.
Tenn. Code Ann. § 45-2-1402 — TN Code / Title 45 / Chapter 2 / Section 45-2-1402
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Acquisition of a branch" means the acquisition of all or substantially all of the assets other than loans, cash or securities and the assumption of all or substantially all of the liabilities of or related to a branch that has been open and engaged in the business of banking for at least three (3) continuous years without the acquisition of the entire bank; (2) "Affiliate" means any company that controls, is controlled by, or is under common control with another company; (3) "Appropriate regulatory official" means: (A) For any national bank, the comptroller of the currency of the United States; and (B) For any Tennessee-chartered bank, the commissioner of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system, if the bank is a member bank; (4) "Bank" has the meaning stated in § 3(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813(a)(1) ); (5) "Bank holding company" has the meaning set forth in § 2(a)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(1) ); (6) "Branch" means a branch as defined in § 45-1-103 ; (7) "Commercial activities" means any activities in which a bank holding company, financial holding company, a national bank, or a national bank subsidiary, may not engage under federal law; (8) "Company" has the meaning set forth in § 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) ); (9) "Control" has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) ); (10) "De novo acquisition" means acquisition of shares of a bank prior to the time it is authorized to commence operations; (11) "De novo branch" means a branch of a bank that: (A) Is originally established by the bank as a branch; and (B) Does not become a branch of the bank as a result of: (i) The acquisition by the bank of an insured depository institution or a branch of an insured depository institution; or (ii) The conversion, merger, or consolidation of the institution or branch; (12) "Home state" means: (A) With respect to a national bank, the state in which the main office of the bank is located; (B) With respect to a state bank, the state by which the bank is chartered; and (C) With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of: (i) July 1, 1966; or (ii) The date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956; (13) "Host state" means a state, other than the home state of a bank, in which the bank maintains or seeks to establish and maintain a branch; (14) "Interim bank merger" means the technique by which a new bank charter is obtained solely for the purpose of merging an existing bank into the bank for which the charter is sought, or solely for the purpose of merging the bank for which the charter is sought into an existing bank; the technique is a transaction intended to qualify the exchange of stock between the bank holding company and the stockholders of the existing bank as a reorganization within the meaning of § 368(a) of the Internal Revenue Code of 1986 ( 26 U.S.C. § 368(a) ); (15) "Out-of-state bank" or "out-of-state bank holding company" means a bank or bank holding company of which Tennessee is not the home state; and (16) "Tennessee bank" or "Tennessee bank holding company" means a bank or bank holding company for which Tennessee is the home state of the bank or company. Acts 1974, ch. 469, § 2; T.C.A., § 45-620; Acts 1995, ch. 165, § 2; 1996, ch. 562, § 3; 1998, ch. 742, § 1; 2001, ch. 54, § 24; 2001, ch. 140, § 1; 2003 , ch. 32, § 3; 2007 ch. 5, §§ 1, 2.
As used in this part, unless the context otherwise requires:
(1) "Acquisition of a branch" means the acquisition of all or substantially all of the assets other than loans, cash or securities and the assumption of all or substantially all of the liabilities of or related to a branch that has been open and engaged in the business of banking for at least three (3) continuous years without the acquisition of the entire bank;
(2) "Affiliate" means any company that controls, is controlled by, or is under common control with another company;
(3) "Appropriate regulatory official" means: (A) For any national bank, the comptroller of the currency of the United States; and (B) For any Tennessee-chartered bank, the commissioner of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system, if the bank is a member bank;
(A) For any national bank, the comptroller of the currency of the United States; and
(B) For any Tennessee-chartered bank, the commissioner of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system, if the bank is a member bank;
(4) "Bank" has the meaning stated in § 3(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813(a)(1) );
(5) "Bank holding company" has the meaning set forth in § 2(a)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(1) );
(6) "Branch" means a branch as defined in § 45-1-103 ;
(7) "Commercial activities" means any activities in which a bank holding company, financial holding company, a national bank, or a national bank subsidiary, may not engage under federal law;
(8) "Company" has the meaning set forth in § 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) );
(9) "Control" has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) );
(10) "De novo acquisition" means acquisition of shares of a bank prior to the time it is authorized to commence operations;
(11) "De novo branch" means a branch of a bank that: (A) Is originally established by the bank as a branch; and (B) Does not become a branch of the bank as a result of: (i) The acquisition by the bank of an insured depository institution or a branch of an insured depository institution; or (ii) The conversion, merger, or consolidation of the institution or branch;
(A) Is originally established by the bank as a branch; and
(B) Does not become a branch of the bank as a result of: (i) The acquisition by the bank of an insured depository institution or a branch of an insured depository institution; or (ii) The conversion, merger, or consolidation of the institution or branch;
(i) The acquisition by the bank of an insured depository institution or a branch of an insured depository institution; or
(ii) The conversion, merger, or consolidation of the institution or branch;
(12) "Home state" means: (A) With respect to a national bank, the state in which the main office of the bank is located; (B) With respect to a state bank, the state by which the bank is chartered; and (C) With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of: (i) July 1, 1966; or (ii) The date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956;
(A) With respect to a national bank, the state in which the main office of the bank is located;
(B) With respect to a state bank, the state by which the bank is chartered; and
(C) With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of: (i) July 1, 1966; or (ii) The date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956;
(i) July 1, 1966; or
(ii) The date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956;
(13) "Host state" means a state, other than the home state of a bank, in which the bank maintains or seeks to establish and maintain a branch;
(14) "Interim bank merger" means the technique by which a new bank charter is obtained solely for the purpose of merging an existing bank into the bank for which the charter is sought, or solely for the purpose of merging the bank for which the charter is sought into an existing bank; the technique is a transaction intended to qualify the exchange of stock between the bank holding company and the stockholders of the existing bank as a reorganization within the meaning of § 368(a) of the Internal Revenue Code of 1986 ( 26 U.S.C. § 368(a) );
(15) "Out-of-state bank" or "out-of-state bank holding company" means a bank or bank holding company of which Tennessee is not the home state; and
(16) "Tennessee bank" or "Tennessee bank holding company" means a bank or bank holding company for which Tennessee is the home state of the bank or company.
Acts 1974, ch. 469, § 2; T.C.A., § 45-620; Acts 1995, ch. 165, § 2; 1996, ch. 562, § 3; 1998, ch. 742, § 1; 2001, ch. 54, § 24; 2001, ch. 140, § 1; 2003 , ch. 32, § 3; 2007 ch. 5, §§ 1, 2.
Tenn. Code Ann. § 45-13-302 — TN Code / Title 45 / Chapter 13 / Section 45-13-302
Issuance of mortgage loan originator license
Status: in_force

(a) Individuals applying for a mortgage loan originator license shall complete and file a form as prescribed by the commissioner and shall pay a nonrefundable licensing fee of one hundred dollars ($100). The fee may be decreased or increased by rule of the commissioner, and constitutes the licensing fee for the first year of licensing or part of the first year. Each such application form shall be in writing and under oath and shall contain any information the commissioner deems necessary, including the following: (1) The individual's name, date of birth, social security number and address; (2) The name of any person for whom the individual intends to provide origination services and the address of the office at which the individual will be stationed; (3) Information pertaining to the individual's personal history and experience; and (4) The individual's authorization for the commissioner or the Nationwide Mortgage Licensing System and Registry, or both, to obtain: (A) An independent credit report obtained from a consumer reporting agency, as defined in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and (B) Information related to any administrative, civil or criminal findings by any governmental jurisdiction. (b) In connection with an application for a mortgage loan originator license, the applicant shall furnish fingerprints to the commissioner or the commissioner's duly authorized agent, such as the Nationwide Mortgage Licensing System and Registry, for submission to the federal bureau of investigation or any other governmental agency or entity, or both, authorized to receive the information, such as the Tennessee bureau of investigation, for a state, and/or national and/or international criminal history background check, as well as authorization for a criminal history background check. The results of the criminal history background check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other application and investigative fees. (c) No mortgage loan originator license shall be issued unless the commissioner makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; provided, that a subsequent formal vacation of the revocation shall not be deemed a revocation; (2) (A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in any domestic, foreign or military court: (i) During the seven-year period preceding the date of application for a mortgage loan originator license; or (ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering; (B) Provided, that any pardon of a conviction shall not be a conviction for purposes of subdivisions (c)(2)(A)(i) and (ii); (3) The applicant has demonstrated the financial responsibility, character and general fitness to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly and efficiently within the purposes of this chapter. An individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual's own financial condition; (4) The applicant has completed the prelicensing education requirements set forth in § 45-13-304 ; and (5) The applicant has passed a written test that meets the test requirement described in § 45-13-305 . (d) Upon submission of a properly completed application form, including submission of fingerprints and payment of all applicable fees, the commissioner shall investigate the application to determine whether the applicant qualifies for a license. If the commissioner finds the applicant so qualified, the commissioner shall issue the applicant a mortgage loan originator license that shall expire on December 31 in the year it was issued. If the commissioner does not find the applicant so qualified, the commissioner shall notify the applicant in writing, stating the basis for denial. If the commissioner denies an application or fails to act on a complete application within ninety (90) days, the applicant may make a written demand to the commissioner for a hearing on the question of whether the license should be granted. Any hearing requested under this subsection (d) shall be conducted under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the individual has requested the hearing in writing within thirty (30) days following the date of the commissioner's denial. At the hearing, the burden of proving that the individual is entitled to a mortgage loan originator license shall be on the individual. (e) The commissioner shall keep a current roster showing the names of all licensed mortgage loan originators. (f) The commissioner shall have the authority to require a criminal history background check under subsection (b) at any time as a condition of continued licensure of a mortgage loan originator. Upon request of the commissioner, a mortgage loan originator shall furnish written consent to a criminal history record check and a set of the mortgage loan originator's fingerprints in a form acceptable to the commissioner. Failure to provide the consent and fingerprints within thirty (30) days of the commissioner's request constitutes grounds for the commissioner to suspend or revoke the mortgage loan originator's license or to deny renewal of the license. (g) Any costs associated with a credit report pulled under this section shall be paid by the applicant. Acts 2009 , ch. 499, § 8.
(a) Individuals applying for a mortgage loan originator license shall complete and file a form as prescribed by the commissioner and shall pay a nonrefundable licensing fee of one hundred dollars ($100). The fee may be decreased or increased by rule of the commissioner, and constitutes the licensing fee for the first year of licensing or part of the first year. Each such application form shall be in writing and under oath and shall contain any information the commissioner deems necessary, including the following: (1) The individual's name, date of birth, social security number and address; (2) The name of any person for whom the individual intends to provide origination services and the address of the office at which the individual will be stationed; (3) Information pertaining to the individual's personal history and experience; and (4) The individual's authorization for the commissioner or the Nationwide Mortgage Licensing System and Registry, or both, to obtain: (A) An independent credit report obtained from a consumer reporting agency, as defined in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and (B) Information related to any administrative, civil or criminal findings by any governmental jurisdiction.
(1) The individual's name, date of birth, social security number and address;
(2) The name of any person for whom the individual intends to provide origination services and the address of the office at which the individual will be stationed;
(3) Information pertaining to the individual's personal history and experience; and
(4) The individual's authorization for the commissioner or the Nationwide Mortgage Licensing System and Registry, or both, to obtain: (A) An independent credit report obtained from a consumer reporting agency, as defined in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and (B) Information related to any administrative, civil or criminal findings by any governmental jurisdiction.
(A) An independent credit report obtained from a consumer reporting agency, as defined in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and
(B) Information related to any administrative, civil or criminal findings by any governmental jurisdiction.
(b) In connection with an application for a mortgage loan originator license, the applicant shall furnish fingerprints to the commissioner or the commissioner's duly authorized agent, such as the Nationwide Mortgage Licensing System and Registry, for submission to the federal bureau of investigation or any other governmental agency or entity, or both, authorized to receive the information, such as the Tennessee bureau of investigation, for a state, and/or national and/or international criminal history background check, as well as authorization for a criminal history background check. The results of the criminal history background check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other application and investigative fees.
(c) No mortgage loan originator license shall be issued unless the commissioner makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; provided, that a subsequent formal vacation of the revocation shall not be deemed a revocation; (2) (A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in any domestic, foreign or military court: (i) During the seven-year period preceding the date of application for a mortgage loan originator license; or (ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering; (B) Provided, that any pardon of a conviction shall not be a conviction for purposes of subdivisions (c)(2)(A)(i) and (ii); (3) The applicant has demonstrated the financial responsibility, character and general fitness to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly and efficiently within the purposes of this chapter. An individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual's own financial condition; (4) The applicant has completed the prelicensing education requirements set forth in § 45-13-304 ; and (5) The applicant has passed a written test that meets the test requirement described in § 45-13-305 .
(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; provided, that a subsequent formal vacation of the revocation shall not be deemed a revocation;
(2) (A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in any domestic, foreign or military court: (i) During the seven-year period preceding the date of application for a mortgage loan originator license; or (ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering; (B) Provided, that any pardon of a conviction shall not be a conviction for purposes of subdivisions (c)(2)(A)(i) and (ii);
(A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in any domestic, foreign or military court: (i) During the seven-year period preceding the date of application for a mortgage loan originator license; or (ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering;
(i) During the seven-year period preceding the date of application for a mortgage loan originator license; or
(ii) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering;
(B) Provided, that any pardon of a conviction shall not be a conviction for purposes of subdivisions (c)(2)(A)(i) and (ii);
(3) The applicant has demonstrated the financial responsibility, character and general fitness to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly and efficiently within the purposes of this chapter. An individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual's own financial condition;
(4) The applicant has completed the prelicensing education requirements set forth in § 45-13-304 ; and
(5) The applicant has passed a written test that meets the test requirement described in § 45-13-305 .
(d) Upon submission of a properly completed application form, including submission of fingerprints and payment of all applicable fees, the commissioner shall investigate the application to determine whether the applicant qualifies for a license. If the commissioner finds the applicant so qualified, the commissioner shall issue the applicant a mortgage loan originator license that shall expire on December 31 in the year it was issued. If the commissioner does not find the applicant so qualified, the commissioner shall notify the applicant in writing, stating the basis for denial. If the commissioner denies an application or fails to act on a complete application within ninety (90) days, the applicant may make a written demand to the commissioner for a hearing on the question of whether the license should be granted. Any hearing requested under this subsection (d) shall be conducted under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the individual has requested the hearing in writing within thirty (30) days following the date of the commissioner's denial. At the hearing, the burden of proving that the individual is entitled to a mortgage loan originator license shall be on the individual.
(e) The commissioner shall keep a current roster showing the names of all licensed mortgage loan originators.
(f) The commissioner shall have the authority to require a criminal history background check under subsection (b) at any time as a condition of continued licensure of a mortgage loan originator. Upon request of the commissioner, a mortgage loan originator shall furnish written consent to a criminal history record check and a set of the mortgage loan originator's fingerprints in a form acceptable to the commissioner. Failure to provide the consent and fingerprints within thirty (30) days of the commissioner's request constitutes grounds for the commissioner to suspend or revoke the mortgage loan originator's license or to deny renewal of the license.
(g) Any costs associated with a credit report pulled under this section shall be paid by the applicant.
Acts 2009 , ch. 499, § 8.
Tenn. Code Ann. § 45-14-108 — TN Code / Title 45 / Chapter 14 / Section 45-14-108
Accounting requirements
Status: in_force

Savings banks are subject to the same accounting requirements as are commercial banks chartered under the laws of this state. Acts 1991, ch. 177, § 9.
Savings banks are subject to the same accounting requirements as are commercial banks chartered under the laws of this state.
Acts 1991, ch. 177, § 9.