Tenn. Code Ann. § 45-11-108 — TN Code / Title 45 / Chapter 11 / Section 45-11-108
Continuation of corporate entity
Status: in_force

(a) From and after the effective date of conversion, the resulting institution shall be deemed to be a continuation of the converting institution such that all property of the converting institution, including all right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things and action, and all rights, privileges and interests, and assets of any conceivable value or benefit that are then existing, or pertaining to it, or that would inure to it, shall immediately be vested in and continue to be the property of the resulting institution, by act of law and without any conveyance or transfer or without further act or deed; and the institution shall have, hold and enjoy the property in its own right as fully and to the same extent as the property that was possessed, held and enjoyed by the converting institution; and, as of the effective date of the conversion, the resulting institution shall have and shall succeed to all the rights, obligations and relations of the converting institution. (b) If the resulting institution is a savings and loan association or bank or a savings bank, it may continue to operate as branch offices all offices of the converting institution in existence or applications filed for branches pending approval by the appropriate authority. For the purpose of § 45-3-301 and chapter 2 of this title, the date chartered will be the date the converting institution was chartered prior to conversion. (c) Any pending action or other judicial proceeding to which the converting institution is a party shall not be deemed to have been abated or to have been discontinued by reason of the conversion but may be prosecuted to a final judgment, order or decree in the same manner as if the action had not been taken; and the institution resulting from the conversion may continue the action in its new name; and any judgment, order or decree may be rendered for or against it that might have been rendered for or against the converting institution previously involved in the judicial proceeding. (d) The resulting institution shall be liable for all obligations of the converting institution that existed prior to the action; and the action taken shall not prejudice the right of a creditor of the converting institution to have its debts paid out of the assets throughout, nor shall the creditor be deprived of, or prejudiced in, any action against the officers, directors, incorporators or members of the converting institution for neglect or misconduct. Acts 1985, ch. 174, § 2; 1985, ch. 268, § 2; 1991, ch. 33, § 3.
(a) From and after the effective date of conversion, the resulting institution shall be deemed to be a continuation of the converting institution such that all property of the converting institution, including all right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things and action, and all rights, privileges and interests, and assets of any conceivable value or benefit that are then existing, or pertaining to it, or that would inure to it, shall immediately be vested in and continue to be the property of the resulting institution, by act of law and without any conveyance or transfer or without further act or deed; and the institution shall have, hold and enjoy the property in its own right as fully and to the same extent as the property that was possessed, held and enjoyed by the converting institution; and, as of the effective date of the conversion, the resulting institution shall have and shall succeed to all the rights, obligations and relations of the converting institution.
(b) If the resulting institution is a savings and loan association or bank or a savings bank, it may continue to operate as branch offices all offices of the converting institution in existence or applications filed for branches pending approval by the appropriate authority. For the purpose of § 45-3-301 and chapter 2 of this title, the date chartered will be the date the converting institution was chartered prior to conversion.
(c) Any pending action or other judicial proceeding to which the converting institution is a party shall not be deemed to have been abated or to have been discontinued by reason of the conversion but may be prosecuted to a final judgment, order or decree in the same manner as if the action had not been taken; and the institution resulting from the conversion may continue the action in its new name; and any judgment, order or decree may be rendered for or against it that might have been rendered for or against the converting institution previously involved in the judicial proceeding.
(d) The resulting institution shall be liable for all obligations of the converting institution that existed prior to the action; and the action taken shall not prejudice the right of a creditor of the converting institution to have its debts paid out of the assets throughout, nor shall the creditor be deprived of, or prejudiced in, any action against the officers, directors, incorporators or members of the converting institution for neglect or misconduct.
Acts 1985, ch. 174, § 2; 1985, ch. 268, § 2; 1991, ch. 33, § 3.
Tenn. Code Ann. § 45-2-403 — TN Code / Title 45 / Chapter 2 / Section 45-2-403
Fidelity bonds and other insurance - Special reserve fund
Status: in_force

(a) The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to the bank on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule or blanket form, and the premiums for the bonds may be paid by the bank. (b) The directors shall also direct and require suitable insurance protection to the bank against burglary, robbery, theft, liability and other similar insurable hazards to which the bank may be exposed in the operations of its business on the premises or elsewhere. (c) The directors shall be responsible for prescribing at least once in each year the amount of penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to the approval of the commissioner. (d) (1) In lieu of providing a good and sufficient fidelity bond on all active officers and employees as required by subsection (a), a state bank with sufficient capital to assets ratio as established by the commissioner may establish a special reserve fund in such form, amount, and including such assets, as approved by the commissioner. (2) The commissioner shall promulgate necessary rules and regulations to implement subdivision (d)(1). Acts 1969, ch. 36, § 1 (3.317); 1973, ch. 294, § 6; T.C.A., § 45-228; Acts 1986, ch. 865, § 1.
(a) The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to the bank on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule or blanket form, and the premiums for the bonds may be paid by the bank.
(b) The directors shall also direct and require suitable insurance protection to the bank against burglary, robbery, theft, liability and other similar insurable hazards to which the bank may be exposed in the operations of its business on the premises or elsewhere.
(c) The directors shall be responsible for prescribing at least once in each year the amount of penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to the approval of the commissioner.
(d) (1) In lieu of providing a good and sufficient fidelity bond on all active officers and employees as required by subsection (a), a state bank with sufficient capital to assets ratio as established by the commissioner may establish a special reserve fund in such form, amount, and including such assets, as approved by the commissioner. (2) The commissioner shall promulgate necessary rules and regulations to implement subdivision (d)(1).
(1) In lieu of providing a good and sufficient fidelity bond on all active officers and employees as required by subsection (a), a state bank with sufficient capital to assets ratio as established by the commissioner may establish a special reserve fund in such form, amount, and including such assets, as approved by the commissioner.
(2) The commissioner shall promulgate necessary rules and regulations to implement subdivision (d)(1).
Acts 1969, ch. 36, § 1 (3.317); 1973, ch. 294, § 6; T.C.A., § 45-228; Acts 1986, ch. 865, § 1.
Tenn. Code Ann. § 45-10-113 — TN Code / Title 45 / Chapter 10 / Section 45-10-113
Affidavit of custodian
Status: in_force

(a) The records shall be accompanied by an affidavit of a custodian stating in substance that: (1) The affiant is duly authorized custodian of the records and has authority to certify the records; (2) The copy is a true copy of all the records described in the subpoena; and (3) The records were prepared by the personnel of the financial institution's business at or near the time of the act, condition or event reported therein. (b) If the financial institution has none of the records described, or only part of the records, the custodian shall so state in the affidavit and file the affidavit and the records that are available in the manner prescribed in this chapter. The filing of an affidavit with respect to reasonable charges shall be sufficient proof of the expense, which shall be taxed as costs of court. Acts 1983, ch. 224, § 13.
(a) The records shall be accompanied by an affidavit of a custodian stating in substance that: (1) The affiant is duly authorized custodian of the records and has authority to certify the records; (2) The copy is a true copy of all the records described in the subpoena; and (3) The records were prepared by the personnel of the financial institution's business at or near the time of the act, condition or event reported therein.
(1) The affiant is duly authorized custodian of the records and has authority to certify the records;
(2) The copy is a true copy of all the records described in the subpoena; and
(3) The records were prepared by the personnel of the financial institution's business at or near the time of the act, condition or event reported therein.
(b) If the financial institution has none of the records described, or only part of the records, the custodian shall so state in the affidavit and file the affidavit and the records that are available in the manner prescribed in this chapter. The filing of an affidavit with respect to reasonable charges shall be sufficient proof of the expense, which shall be taxed as costs of court.
Acts 1983, ch. 224, § 13.
Tenn. Code Ann. § 45-2-212 — TN Code / Title 45 / Chapter 2 / Section 45-2-212
Application for certificate of authority - Contents
Status: in_force

After the applicant has received notification from the commissioner that the application for charter has been approved and subscription proceeds have been accepted and collected for at least the minimum capital of the proposed state bank as required by the commissioner, the proposed state bank shall file a request with the commissioner for the issuance of a certificate of authority, which request shall contain: (1) A statement that the capital and surplus have been paid in; (2) The name and address of each stockholder and the number of shares held by the stockholders; and (3) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued. Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-212; Acts 1996, ch. 768, § 11; 2006, ch. 660, § 3.
After the applicant has received notification from the commissioner that the application for charter has been approved and subscription proceeds have been accepted and collected for at least the minimum capital of the proposed state bank as required by the commissioner, the proposed state bank shall file a request with the commissioner for the issuance of a certificate of authority, which request shall contain:
(1) A statement that the capital and surplus have been paid in;
(2) The name and address of each stockholder and the number of shares held by the stockholders; and
(3) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-212; Acts 1996, ch. 768, § 11; 2006, ch. 660, § 3.
Tenn. Code Ann. § 45-1-201 — TN Code / Title 45 / Chapter 1 / Section 45-1-201
Short title
Status: in_force

This part shall be known and may be cited as the "Bank Customer Dispute Resolution Act of 1981." Acts 1981, ch. 25, § 1; T.C.A., § 45-1-301 .
This part shall be known and may be cited as the "Bank Customer Dispute Resolution Act of 1981."
Acts 1981, ch. 25, § 1; T.C.A., § 45-1-301 .
Tenn. Code Ann. § 45-5-502 — TN Code / Title 45 / Chapter 5 / Section 45-5-502
Examination or investigation fees
Status: in_force

The costs for an examination or investigation of registrants shall be assessed pursuant to § 45-1-118(i) . An unregistered person subject to the certificate of registration 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. Amended by 2014 Tenn. Acts, ch. 736,s 6, eff. 7/1/2015. Acts 1979, ch. 204, § 17; T.C.A., § 45-2017; Acts 1981, ch. 416, § 3; 1984, ch. 698, § 1; 1986, ch. 576, § 4; 2004, ch. 747, § 13.
The costs for an examination or investigation of registrants shall be assessed pursuant to § 45-1-118(i) . An unregistered person subject to the certificate of registration 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.
Amended by 2014 Tenn. Acts, ch. 736,s 6, eff. 7/1/2015.
Acts 1979, ch. 204, § 17; T.C.A., § 45-2017; Acts 1981, ch. 416, § 3; 1984, ch. 698, § 1; 1986, ch. 576, § 4; 2004, ch. 747, § 13.
Tenn. Code Ann. § 45-2-701 — TN Code / Title 45 / Chapter 2 / Section 45-2-701
Interest on accounts
Status: in_force

Banks shall be invested with the right and power to receive money on deposit, allowing therefor to the depositor, if the corporation chooses so to contract, interest at a rate not in excess of the maximum rate of interest authorized by the laws of the United States or by regulations issued under authority of these laws to be paid on deposits by member banks of the federal reserve system or by nonmember banks whose deposits are insured by the federal deposit insurance corporation, whichever is lower. Acts 1969, ch. 36, § 1 (3.201); T.C.A., § 45-404.
Banks shall be invested with the right and power to receive money on deposit, allowing therefor to the depositor, if the corporation chooses so to contract, interest at a rate not in excess of the maximum rate of interest authorized by the laws of the United States or by regulations issued under authority of these laws to be paid on deposits by member banks of the federal reserve system or by nonmember banks whose deposits are insured by the federal deposit insurance corporation, whichever is lower.
Acts 1969, ch. 36, § 1 (3.201); T.C.A., § 45-404.
Tenn. Code Ann. § 45-2-803 — TN Code / Title 45 / Chapter 2 / Section 45-2-803
Subrogation rights of federal deposit insurance corporation on payment of insured deposits
Status: in_force

Whenever any state bank is closed and the federal deposit insurance corporation has paid or made available for payment the insured deposit liabilities of the closed institution, the corporation, regardless of whether it has become liquidating agent, shall be and become subrogated to all rights against the closed bank of the owners of the deposits in the same manner and to the same extent as subrogation of the corporation is provided for in subsection (1) of § 12B of the Federal Reserve Act, § 8 of the Banking Act of 1933, in the case of the closing of a national bank, and shall be generally subrogated to all rights of the depositors as provided by the laws of Tennessee; provided, that the rights of depositors and other creditors of the closed institution shall be determined in accordance with the applicable provisions of the laws of this state. Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-503.
Whenever any state bank is closed and the federal deposit insurance corporation has paid or made available for payment the insured deposit liabilities of the closed institution, the corporation, regardless of whether it has become liquidating agent, shall be and become subrogated to all rights against the closed bank of the owners of the deposits in the same manner and to the same extent as subrogation of the corporation is provided for in subsection (1) of § 12B of the Federal Reserve Act, § 8 of the Banking Act of 1933, in the case of the closing of a national bank, and shall be generally subrogated to all rights of the depositors as provided by the laws of Tennessee; provided, that the rights of depositors and other creditors of the closed institution shall be determined in accordance with the applicable provisions of the laws of this state.
Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-503.
Tenn. Code Ann. § 45-2-1004 — TN Code / Title 45 / Chapter 2 / Section 45-2-1004
Investment in undivided interest in property
Status: in_force

(a) A bank may, subject to the limitations of this section, create undivided interests in property of any nature for the purpose of sale from time to time to accounts held by the bank in any fiduciary capacity. The bank may retain a portion of the undivided interests for its own account if the property is one that it would be authorized to acquire pursuant to this chapter wholly for its own account. (b) The limitations on the undivided interest shall be: (1) The interest shall be one that: (A) The bank would be authorized to acquire pursuant to this chapter and chapter 1 of this title wholly for its own account, and, in the absence of broader investment powers under the terms upon which it was designated as fiduciary, would also be authorized to acquire as a legal investment for funds held by fiduciaries; or (B) The bank would be authorized to acquire as an investment by the terms upon which it was designated as fiduciary of each account in which it acquires an undivided interest; (2) Interests not retained by the bank may be sold only to a fiduciary account. (c) The bank shall exercise all rights of ownership in respect of an interest in which undivided interests have been sold pursuant to this section, and in respect of any property acquired by foreclosure or otherwise in connection with the interest, in its own name but for the benefit of itself and all other owners of the undivided interests in the property. (d) The bank shall at all times maintain records of all undivided interests created pursuant to this section showing the extent of the undivided interest of each owner of the interest. (e) The bank may issue a certificate evidencing each undivided interest created pursuant to this section, keep records showing the holders of the certificates, provide for transfer of a certificate by the registered holder of the certificate upon surrender of the certificate and deal with the registered holder of a certificate as the owner of the undivided interest represented by the certificate. Each certificate shall contain a summary of the rights of an owner of the undivided interest represented thereby and expressly disclaim any guarantee by the bank of payment of any amount. Acts 1969, ch. 36, § 1 (3.233); T.C.A., § 45-425.
(a) A bank may, subject to the limitations of this section, create undivided interests in property of any nature for the purpose of sale from time to time to accounts held by the bank in any fiduciary capacity. The bank may retain a portion of the undivided interests for its own account if the property is one that it would be authorized to acquire pursuant to this chapter wholly for its own account.
(b) The limitations on the undivided interest shall be: (1) The interest shall be one that: (A) The bank would be authorized to acquire pursuant to this chapter and chapter 1 of this title wholly for its own account, and, in the absence of broader investment powers under the terms upon which it was designated as fiduciary, would also be authorized to acquire as a legal investment for funds held by fiduciaries; or (B) The bank would be authorized to acquire as an investment by the terms upon which it was designated as fiduciary of each account in which it acquires an undivided interest; (2) Interests not retained by the bank may be sold only to a fiduciary account.
(1) The interest shall be one that: (A) The bank would be authorized to acquire pursuant to this chapter and chapter 1 of this title wholly for its own account, and, in the absence of broader investment powers under the terms upon which it was designated as fiduciary, would also be authorized to acquire as a legal investment for funds held by fiduciaries; or (B) The bank would be authorized to acquire as an investment by the terms upon which it was designated as fiduciary of each account in which it acquires an undivided interest;
(A) The bank would be authorized to acquire pursuant to this chapter and chapter 1 of this title wholly for its own account, and, in the absence of broader investment powers under the terms upon which it was designated as fiduciary, would also be authorized to acquire as a legal investment for funds held by fiduciaries; or
(B) The bank would be authorized to acquire as an investment by the terms upon which it was designated as fiduciary of each account in which it acquires an undivided interest;
(2) Interests not retained by the bank may be sold only to a fiduciary account.
(c) The bank shall exercise all rights of ownership in respect of an interest in which undivided interests have been sold pursuant to this section, and in respect of any property acquired by foreclosure or otherwise in connection with the interest, in its own name but for the benefit of itself and all other owners of the undivided interests in the property.
(d) The bank shall at all times maintain records of all undivided interests created pursuant to this section showing the extent of the undivided interest of each owner of the interest.
(e) The bank may issue a certificate evidencing each undivided interest created pursuant to this section, keep records showing the holders of the certificates, provide for transfer of a certificate by the registered holder of the certificate upon surrender of the certificate and deal with the registered holder of a certificate as the owner of the undivided interest represented by the certificate. Each certificate shall contain a summary of the rights of an owner of the undivided interest represented thereby and expressly disclaim any guarantee by the bank of payment of any amount.
Acts 1969, ch. 36, § 1 (3.233); T.C.A., § 45-425.
Tenn. Code Ann. § 45-2-1012 — TN Code / Title 45 / Chapter 2 / Section 45-2-1012
State trust company principal office
Status: in_force

(a) Each state trust company must have and continuously maintain a principal office in this state. (b) A state trust company shall apply to the commissioner to change its location or the location of any of its offices pursuant to § 45-2-218 . Acts 1999, ch. 112, § 10.
(a) Each state trust company must have and continuously maintain a principal office in this state.
(b) A state trust company shall apply to the commissioner to change its location or the location of any of its offices pursuant to § 45-2-218 .
Acts 1999, ch. 112, § 10.
Tenn. Code Ann. § 45-5-509 — TN Code / Title 45 / Chapter 5 / Section 45-5-509
Consent orders
Status: in_force

(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule, regulation or order promulgated or issued under this chapter. (b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order. (c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the commissioner within twenty (20) days after receipt of the notice to the commissioner's emergency action. Acts 2004, ch. 747, § 16.
(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule, regulation or order promulgated or issued under this chapter.
(b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the commissioner within twenty (20) days after receipt of the notice to the commissioner's emergency action.
Acts 2004, ch. 747, § 16.
Tenn. Code Ann. § 45-2-1203 — TN Code / Title 45 / Chapter 2 / Section 45-2-1203
[Repealed] Refusal or delay of financial transaction due to suspicion of financial exploitation
Status: repealed

(a) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse a financial transaction or delay a financial transaction on an account: (1) Of the elderly or vulnerable adult; (2) On which the elderly or vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account; or (3) Of a person suspected of perpetrating financial exploitation. (b) (1) A financial service provider may also refuse a financial transaction or delay a financial transaction under this section if the department of human services or a law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted. (2) Except as ordered by a court, a financial service provider is not required to refuse a financial transaction or delay a financial transaction when provided with information by the department of human services or a law enforcement agency alleging that financial exploitation may have occurred, may have been attempted, or is being attempted, but may use its discretion to determine whether to refuse a financial transaction or hold a financial transaction based on the information available to the financial service provider. (c) A financial service provider that refuses a financial transaction or holds a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted shall: (1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing; and (2) Report the incident, if it involves financial exploitation, to the department of human services adult protective services division, as provided in § 71-6-103 . (d) No notice under this section shall be required to be provided to any party authorized to conduct business on the account if the party is the suspected perpetrator of financial exploitation. (e) Any refusal by a financial service provider to conduct a financial transaction or hold a financial transaction as authorized by this section based on the financial service provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted expires upon the earlier of: (1) Ten (10) business days after the date on which the financial service provider first refused or held the financial transaction unless earlier terminated by an order of a court of competent jurisdiction, if the transaction involved the sale of a security or offer to sell a security and the person selling or offering to sell is not required to register pursuant to title 48, chapter 1, part 1; (2) Five (5) business days after the date on which the financial service provider first refused a financial transaction or held the financial transaction, if the transaction did not involve the sale of a security or offer to sell a security, unless earlier terminated by an order of a court of competent jurisdiction; (3) The time when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation; or (4) The time when the customer requesting the transaction has been advised of a potential risk in the transaction and the customer has requested the transaction to continue as long as the customer is not the suspected perpetrator of financial exploitation. (f) A financial service provider may extend the time permitted in this section to refuse a financial transaction or hold a financial transaction based on a reasonable belief that additional time is needed to investigate the financial transaction or to prevent financial exploitation. (g) Notwithstanding subsection (e), a court of competent jurisdiction may enter an order extending the time that a financial service provider must refuse a financial transaction or hold a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted. (h) A financial service provider, or an employee of a financial service provider, is immune from all criminal, civil, and administrative liability: (1) For refusing or not refusing a financial transaction, or holding or not holding a financial transaction under this section; or (2) For actions taken in furtherance of the determination made under subdivision (h)(1) if the determination was based upon a reasonable belief. Repealed by 2017 Tenn. Acts, ch. 264, s 7, eff. 6/30/2022. Added by 2017 Tenn. Acts, ch. 264, s 1, eff. 7/1/2017.
(a) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse a financial transaction or delay a financial transaction on an account: (1) Of the elderly or vulnerable adult; (2) On which the elderly or vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account; or (3) Of a person suspected of perpetrating financial exploitation.
(1) Of the elderly or vulnerable adult;
(2) On which the elderly or vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account; or
(3) Of a person suspected of perpetrating financial exploitation.
(b) (1) A financial service provider may also refuse a financial transaction or delay a financial transaction under this section if the department of human services or a law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted. (2) Except as ordered by a court, a financial service provider is not required to refuse a financial transaction or delay a financial transaction when provided with information by the department of human services or a law enforcement agency alleging that financial exploitation may have occurred, may have been attempted, or is being attempted, but may use its discretion to determine whether to refuse a financial transaction or hold a financial transaction based on the information available to the financial service provider.
(1) A financial service provider may also refuse a financial transaction or delay a financial transaction under this section if the department of human services or a law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.
(2) Except as ordered by a court, a financial service provider is not required to refuse a financial transaction or delay a financial transaction when provided with information by the department of human services or a law enforcement agency alleging that financial exploitation may have occurred, may have been attempted, or is being attempted, but may use its discretion to determine whether to refuse a financial transaction or hold a financial transaction based on the information available to the financial service provider.
(c) A financial service provider that refuses a financial transaction or holds a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted shall: (1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing; and (2) Report the incident, if it involves financial exploitation, to the department of human services adult protective services division, as provided in § 71-6-103 .
(1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing; and
(2) Report the incident, if it involves financial exploitation, to the department of human services adult protective services division, as provided in § 71-6-103 .
(d) No notice under this section shall be required to be provided to any party authorized to conduct business on the account if the party is the suspected perpetrator of financial exploitation.
(e) Any refusal by a financial service provider to conduct a financial transaction or hold a financial transaction as authorized by this section based on the financial service provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted expires upon the earlier of: (1) Ten (10) business days after the date on which the financial service provider first refused or held the financial transaction unless earlier terminated by an order of a court of competent jurisdiction, if the transaction involved the sale of a security or offer to sell a security and the person selling or offering to sell is not required to register pursuant to title 48, chapter 1, part 1; (2) Five (5) business days after the date on which the financial service provider first refused a financial transaction or held the financial transaction, if the transaction did not involve the sale of a security or offer to sell a security, unless earlier terminated by an order of a court of competent jurisdiction; (3) The time when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation; or (4) The time when the customer requesting the transaction has been advised of a potential risk in the transaction and the customer has requested the transaction to continue as long as the customer is not the suspected perpetrator of financial exploitation.
(1) Ten (10) business days after the date on which the financial service provider first refused or held the financial transaction unless earlier terminated by an order of a court of competent jurisdiction, if the transaction involved the sale of a security or offer to sell a security and the person selling or offering to sell is not required to register pursuant to title 48, chapter 1, part 1;
(2) Five (5) business days after the date on which the financial service provider first refused a financial transaction or held the financial transaction, if the transaction did not involve the sale of a security or offer to sell a security, unless earlier terminated by an order of a court of competent jurisdiction;
(3) The time when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation; or
(4) The time when the customer requesting the transaction has been advised of a potential risk in the transaction and the customer has requested the transaction to continue as long as the customer is not the suspected perpetrator of financial exploitation.
(f) A financial service provider may extend the time permitted in this section to refuse a financial transaction or hold a financial transaction based on a reasonable belief that additional time is needed to investigate the financial transaction or to prevent financial exploitation.
(g) Notwithstanding subsection (e), a court of competent jurisdiction may enter an order extending the time that a financial service provider must refuse a financial transaction or hold a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted.
(h) A financial service provider, or an employee of a financial service provider, is immune from all criminal, civil, and administrative liability: (1) For refusing or not refusing a financial transaction, or holding or not holding a financial transaction under this section; or (2) For actions taken in furtherance of the determination made under subdivision (h)(1) if the determination was based upon a reasonable belief.
(1) For refusing or not refusing a financial transaction, or holding or not holding a financial transaction under this section; or
(2) For actions taken in furtherance of the determination made under subdivision (h)(1) if the determination was based upon a reasonable belief.
Repealed by 2017 Tenn. Acts, ch. 264, s 7, eff. 6/30/2022.
Added by 2017 Tenn. Acts, ch. 264, s 1, eff. 7/1/2017.
Tenn. Code Ann. § 45-4-1001 — TN Code / Title 45 / Chapter 4 / Section 45-4-1001
Supervision of credit unions - Financial report - Failure to file - Promulgation of rules and regulations
Status: in_force

(a) Credit unions shall be subject to the supervision of the commissioner and shall make a report of conditions to the commissioner at least semiannually, on blank forms to be supplied by the commissioner, on the dates of the second and fifth calls made to national banks, notice of which calls shall be sent out by the commissioner; returns shall be verified under oath of the president and treasurer, and additional reports may be required by the commissioner. Any credit union that neglects to make the reports shall forfeit to the state treasury fifty dollars ($50.00) for each day of neglect unless excused. (b) The commissioner may promulgate rules for the implementation of the credit union laws of this state and the sound operation of state chartered credit unions pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a11; Code 1932, § 3839; Acts 1973, ch. 294, § 6; 1977, ch. 117, § 1; T.C.A. (orig. ed.), § 45-1808; Acts 1985, ch. 17, § 9; 1986, ch. 558, § 5.
(a) Credit unions shall be subject to the supervision of the commissioner and shall make a report of conditions to the commissioner at least semiannually, on blank forms to be supplied by the commissioner, on the dates of the second and fifth calls made to national banks, notice of which calls shall be sent out by the commissioner; returns shall be verified under oath of the president and treasurer, and additional reports may be required by the commissioner. Any credit union that neglects to make the reports shall forfeit to the state treasury fifty dollars ($50.00) for each day of neglect unless excused.
(b) The commissioner may promulgate rules for the implementation of the credit union laws of this state and the sound operation of state chartered credit unions pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a11; Code 1932, § 3839; Acts 1973, ch. 294, § 6; 1977, ch. 117, § 1; T.C.A. (orig. ed.), § 45-1808; Acts 1985, ch. 17, § 9; 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-12-112 — TN Code / Title 45 / Chapter 12 / Section 45-12-112
Licensee to provide to prospective customers written explanation of interest, fees, and charges - Requirements for account-opening statement - Billing statements
Status: in_force

(a) A licensee shall provide each prospective customer, before consummation of a flex loan plan, a written explanation, in clear, understandable language, of the interest, fees, and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with federal truth-in-lending laws and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure of the interest, fees, and charges to be charged by a licensee under a flex loan plan. (b) The account-opening statement for any flex loan plan shall include, along with other state or federal law requirements: (1) A next-business-day customer's right of rescission for any requested draw under the flex loan plan; and (2) A notice informing the customer that complaints may be made to the department, including the department's telephone number and address. (c) The account-opening statement for any flex loan plan shall not require or provide the licensee the authority to require the customer to draw the full amount of credit available under a flex loan plan at any time. (d) A licensee shall provide customers with a periodic billing statement in compliance with federal truth-in-lending laws. (e) If two (2) or more customers having the same residence are authorized to obtain extensions of credit under the flex loan plan, the statement of provisions of the plan shall be provided to one (1) of the customers as may be designated in the plan, and the billing statements required by law shall be rendered to such customer. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) A licensee shall provide each prospective customer, before consummation of a flex loan plan, a written explanation, in clear, understandable language, of the interest, fees, and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with federal truth-in-lending laws and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure of the interest, fees, and charges to be charged by a licensee under a flex loan plan.
(b) The account-opening statement for any flex loan plan shall include, along with other state or federal law requirements: (1) A next-business-day customer's right of rescission for any requested draw under the flex loan plan; and (2) A notice informing the customer that complaints may be made to the department, including the department's telephone number and address.
(1) A next-business-day customer's right of rescission for any requested draw under the flex loan plan; and
(2) A notice informing the customer that complaints may be made to the department, including the department's telephone number and address.
(c) The account-opening statement for any flex loan plan shall not require or provide the licensee the authority to require the customer to draw the full amount of credit available under a flex loan plan at any time.
(d) A licensee shall provide customers with a periodic billing statement in compliance with federal truth-in-lending laws.
(e) If two (2) or more customers having the same residence are authorized to obtain extensions of credit under the flex loan plan, the statement of provisions of the plan shall be provided to one (1) of the customers as may be designated in the plan, and the billing statements required by law shall be rendered to such customer.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-10-102 — TN Code / Title 45 / Chapter 10 / Section 45-10-102
Chapter definitions
Status: in_force

As used in this chapter, and in any subpoena issued pursuant to this chapter, unless the context otherwise requires: (1) "Custodian" means either the "immediate custodian," or any person to whom the "immediate custodian" reports, the auditor or any other person designated by a corporation's board of directors to respond to a subpoena issued pursuant to this chapter. "Immediate custodian" means the person preparing, preserving, using, supervising the using or preparation of the financial records, and also includes any person to whom the person reports who is familiar with the preparation, use and maintenance of the records; (2) "Customer" means a depositor, borrower, member, lessee, other person, or the personal or legal representative or estate thereof, who has, has had, or has contemplated a relationship with the financial institution that caused the financial institution to create, obtain, preserve or maintain financial records pertaining to the person or the person's affairs; (3) "Financial institution" means a bank, savings and loan association, industrial loan and thrift company, credit union, mortgage broker, mortgage banker, or leasing company accepting deposits, making or arranging loans and making or arranging leases; (4) "Financial records" or "records" means any original document, any copy of an original document, or any information contained in the document, other than a customer's name, address, and account number, held by or in the custody of a financial institution, where the document, copy or information is identifiable as pertaining to one (1) or more customers of the institution; (5) "Government authority" means an agency or department of the state, or any officer, employee, or agent thereof; (6) "Issuer" means any person that causes to be issued a subpoena for the production of records; (7) "Person" means any individual, partnership, corporation, association, trust or any other legal entity organized under the laws of this state, including any department or agency of this state, any county or municipal corporation located in this state, and any court of this state or of the United States; (8) "Subpoena" means any writ, order, or other writing directed to a financial institution, or an officer thereof, and requiring the production of a financial record or records; and (9) "Supervisory agency" means: (A) The federal deposit insurance corporation; (B) The national credit union administration; (C) The federal reserve board; (D) The United States comptroller of the currency; (E) The department of financial institutions; and (F) Any other agency of this state or the United States that is empowered to regulate financial institutions. Acts 1983, ch. 224, § 2; 1984, ch. 616, §§ 1-3; 1995, ch. 309, §§ 1, 2.
As used in this chapter, and in any subpoena issued pursuant to this chapter, unless the context otherwise requires:
(1) "Custodian" means either the "immediate custodian," or any person to whom the "immediate custodian" reports, the auditor or any other person designated by a corporation's board of directors to respond to a subpoena issued pursuant to this chapter. "Immediate custodian" means the person preparing, preserving, using, supervising the using or preparation of the financial records, and also includes any person to whom the person reports who is familiar with the preparation, use and maintenance of the records;
(2) "Customer" means a depositor, borrower, member, lessee, other person, or the personal or legal representative or estate thereof, who has, has had, or has contemplated a relationship with the financial institution that caused the financial institution to create, obtain, preserve or maintain financial records pertaining to the person or the person's affairs;
(3) "Financial institution" means a bank, savings and loan association, industrial loan and thrift company, credit union, mortgage broker, mortgage banker, or leasing company accepting deposits, making or arranging loans and making or arranging leases;
(4) "Financial records" or "records" means any original document, any copy of an original document, or any information contained in the document, other than a customer's name, address, and account number, held by or in the custody of a financial institution, where the document, copy or information is identifiable as pertaining to one (1) or more customers of the institution;
(5) "Government authority" means an agency or department of the state, or any officer, employee, or agent thereof;
(6) "Issuer" means any person that causes to be issued a subpoena for the production of records;
(7) "Person" means any individual, partnership, corporation, association, trust or any other legal entity organized under the laws of this state, including any department or agency of this state, any county or municipal corporation located in this state, and any court of this state or of the United States;
(8) "Subpoena" means any writ, order, or other writing directed to a financial institution, or an officer thereof, and requiring the production of a financial record or records; and
(9) "Supervisory agency" means: (A) The federal deposit insurance corporation; (B) The national credit union administration; (C) The federal reserve board; (D) The United States comptroller of the currency; (E) The department of financial institutions; and (F) Any other agency of this state or the United States that is empowered to regulate financial institutions.
(A) The federal deposit insurance corporation;
(B) The national credit union administration;
(C) The federal reserve board;
(D) The United States comptroller of the currency;
(E) The department of financial institutions; and
(F) Any other agency of this state or the United States that is empowered to regulate financial institutions.
Acts 1983, ch. 224, § 2; 1984, ch. 616, §§ 1-3; 1995, ch. 309, §§ 1, 2.
Tenn. Code Ann. § 45-6-204 — TN Code / Title 45 / Chapter 6 / Section 45-6-204
Authority of licensed pawnbrokers
Status: in_force

(a) A pawnbroker licensed pursuant to this part has the power to: (1) Make loans on the security of pledged goods as a pawn or pawn transaction; (2) Purchase tangible personal property under a buy-sell agreement from individuals as a pawn or pawn transaction on the condition it may be redeemed or repurchased by the seller at a fixed price within a fixed time not to be less than sixty (60) days; (3) Lend money on bottomry and respondentia security, at marine interest; (4) Deal in bullion, stocks and public securities; (5) Make loans on real estate, stocks and personal property; (6) Purchase merchandise for resale from dealers and traders; (7) Make over-the-counter purchases of goods that the seller does not intend to buy back. The pawnbroker shall hold the goods for a period of not less than twenty (20) business days before offering the merchandise for resale; and (8) Use its capital and funds in any lawful manner within the general scope and purposes of its creation. (b) Notwithstanding this section, except for a pawn or pawn transaction authorized by Acts 1995, ch. 186, no pawnbroker shall have the power as enumerated in this section without first complying with the law regulating the particular transactions involved. Acts 1988, ch. 724, § 4; 1995, ch. 186, § 3; 1997 , ch. 409, § 1.
(a) A pawnbroker licensed pursuant to this part has the power to: (1) Make loans on the security of pledged goods as a pawn or pawn transaction; (2) Purchase tangible personal property under a buy-sell agreement from individuals as a pawn or pawn transaction on the condition it may be redeemed or repurchased by the seller at a fixed price within a fixed time not to be less than sixty (60) days; (3) Lend money on bottomry and respondentia security, at marine interest; (4) Deal in bullion, stocks and public securities; (5) Make loans on real estate, stocks and personal property; (6) Purchase merchandise for resale from dealers and traders; (7) Make over-the-counter purchases of goods that the seller does not intend to buy back. The pawnbroker shall hold the goods for a period of not less than twenty (20) business days before offering the merchandise for resale; and (8) Use its capital and funds in any lawful manner within the general scope and purposes of its creation.
(1) Make loans on the security of pledged goods as a pawn or pawn transaction;
(2) Purchase tangible personal property under a buy-sell agreement from individuals as a pawn or pawn transaction on the condition it may be redeemed or repurchased by the seller at a fixed price within a fixed time not to be less than sixty (60) days;
(3) Lend money on bottomry and respondentia security, at marine interest;
(4) Deal in bullion, stocks and public securities;
(5) Make loans on real estate, stocks and personal property;
(6) Purchase merchandise for resale from dealers and traders;
(7) Make over-the-counter purchases of goods that the seller does not intend to buy back. The pawnbroker shall hold the goods for a period of not less than twenty (20) business days before offering the merchandise for resale; and
(8) Use its capital and funds in any lawful manner within the general scope and purposes of its creation.
(b) Notwithstanding this section, except for a pawn or pawn transaction authorized by Acts 1995, ch. 186, no pawnbroker shall have the power as enumerated in this section without first complying with the law regulating the particular transactions involved.
Acts 1988, ch. 724, § 4; 1995, ch. 186, § 3; 1997 , ch. 409, § 1.
Tenn. Code Ann. § 45-3-1105 — TN Code / Title 45 / Chapter 3 / Section 45-3-1105
Conversion of state mutual or federal association to state capital stock association
Status: in_force

Any state mutual association or any federal association, if otherwise permitted by federal law and regulations, may become a capital stock association operating under this chapter by following the procedures set forth as follows: (1) Approval by Board of Directors. The board of directors of the state mutual association or federal association shall approve a plan of conversion by resolution adopted by a majority vote of the existing members of the board; (2) Approval by Commissioner. Upon approval of the plan of conversion by the board of directors, the plan and the resolution approving it shall be submitted to the commissioner. If the commissioner, after appropriate examination, finds that the converting association complies sufficiently with the requirements of this chapter to entitle it to become a capital stock association operating under this chapter, and if the commissioner finds that the plan of conversion is fair and equitable and that the interests of the association and the public are adequately protected, the commissioner shall approve the plan of conversion. However, the commissioner may prescribe terms and conditions, to be fulfilled either prior to or after the conversion, to cause the association to conform with the requirements of this chapter. If the commissioner disapproves the plan of conversion, the commissioner shall state the commissioner's objections in writing and send the same by certified mail to the home office of the converting association, and afford the association an opportunity to amend and resubmit the plan so as to obviate the objections. In the event that the commissioner disapproves the plan after the resubmission, the commissioner shall send written notice of the final disapproval by certified mail to the home office of the association; (3) Submission to Members. After receipt of the commissioner's approval, the plan of conversion shall be submitted to an annual or special meeting of the members of the converting state mutual association or federal association. The plan of conversion shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding votes of members. Thereupon, action shall be taken to adopt a charter and bylaws, to elect directors and officers and take other action as is prescribed for a capital stock association under this chapter and by rules and regulations of the commissioner. A certified report of the proceedings at the meeting shall be filed promptly with the commissioner; and (4) Certificate of Conversion. If the commissioner finds that the proceedings have been in accordance with this section, the commissioner shall issue a certificate of conversion, attaching, as a part of this certificate, a copy of the charter and the report of proceedings filed pursuant to subdivision (3), and the commissioner shall forward the requisite number of copies of the materials to the secretary of state, who shall, when all required procedures have been met and taxes or fees have been paid, file the same. The conversion shall become effective upon the filing of the charter and other materials by the secretary of state in accordance with law. Acts 1978, ch. 708, § 4.13; T.C.A., § 45-1613.
Any state mutual association or any federal association, if otherwise permitted by federal law and regulations, may become a capital stock association operating under this chapter by following the procedures set forth as follows:
(1) Approval by Board of Directors. The board of directors of the state mutual association or federal association shall approve a plan of conversion by resolution adopted by a majority vote of the existing members of the board;
(2) Approval by Commissioner. Upon approval of the plan of conversion by the board of directors, the plan and the resolution approving it shall be submitted to the commissioner. If the commissioner, after appropriate examination, finds that the converting association complies sufficiently with the requirements of this chapter to entitle it to become a capital stock association operating under this chapter, and if the commissioner finds that the plan of conversion is fair and equitable and that the interests of the association and the public are adequately protected, the commissioner shall approve the plan of conversion. However, the commissioner may prescribe terms and conditions, to be fulfilled either prior to or after the conversion, to cause the association to conform with the requirements of this chapter. If the commissioner disapproves the plan of conversion, the commissioner shall state the commissioner's objections in writing and send the same by certified mail to the home office of the converting association, and afford the association an opportunity to amend and resubmit the plan so as to obviate the objections. In the event that the commissioner disapproves the plan after the resubmission, the commissioner shall send written notice of the final disapproval by certified mail to the home office of the association;
(3) Submission to Members. After receipt of the commissioner's approval, the plan of conversion shall be submitted to an annual or special meeting of the members of the converting state mutual association or federal association. The plan of conversion shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding votes of members. Thereupon, action shall be taken to adopt a charter and bylaws, to elect directors and officers and take other action as is prescribed for a capital stock association under this chapter and by rules and regulations of the commissioner. A certified report of the proceedings at the meeting shall be filed promptly with the commissioner; and
(4) Certificate of Conversion. If the commissioner finds that the proceedings have been in accordance with this section, the commissioner shall issue a certificate of conversion, attaching, as a part of this certificate, a copy of the charter and the report of proceedings filed pursuant to subdivision (3), and the commissioner shall forward the requisite number of copies of the materials to the secretary of state, who shall, when all required procedures have been met and taxes or fees have been paid, file the same. The conversion shall become effective upon the filing of the charter and other materials by the secretary of state in accordance with law.
Acts 1978, ch. 708, § 4.13; T.C.A., § 45-1613.
Tenn. Code Ann. § 45-2-801 — TN Code / Title 45 / Chapter 2 / Section 45-2-801
Membership in federal deposit insurance corporation authorized
Status: in_force

Any state bank is empowered, on the authority of its board of directors or the majority of the board, and with the approval of the commissioner, to enter into contracts, incur obligations and generally to do and perform any and all acts and things whatsoever necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges that may at any time be available or inure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of § 8 of the Federal Banking Act of 1933, § 12B of the Federal Reserve Act, which established the federal deposit insurance corporation, and in order to provide for the insurance of deposits or to take advantage of any other provisions of that or any other act or resolution of congress to aid, regulate or safeguard banking institutions or their depositors, including any amendments or substitutions; and to subscribe for and acquire any stock debentures or other types of insurance of the federal deposit insurance corporation and to comply with all lawful regulations and requirements from time to time issued or made by that corporation. Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-501.
Any state bank is empowered, on the authority of its board of directors or the majority of the board, and with the approval of the commissioner, to enter into contracts, incur obligations and generally to do and perform any and all acts and things whatsoever necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges that may at any time be available or inure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of § 8 of the Federal Banking Act of 1933, § 12B of the Federal Reserve Act, which established the federal deposit insurance corporation, and in order to provide for the insurance of deposits or to take advantage of any other provisions of that or any other act or resolution of congress to aid, regulate or safeguard banking institutions or their depositors, including any amendments or substitutions; and to subscribe for and acquire any stock debentures or other types of insurance of the federal deposit insurance corporation and to comply with all lawful regulations and requirements from time to time issued or made by that corporation.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-501.
Tenn. Code Ann. § 45-3-203 — TN Code / Title 45 / Chapter 3 / Section 45-3-203
Denial of application
Status: in_force

(a) The commissioner, if unable to make the findings as required by the preceding section, shall endorse upon each copy of the application the word "denied" with the date of the endorsement and attach a written statement of the grounds for the denial. (b) One (1) copy of the proposed application and attached grounds of refusal shall be promptly mailed to at least one (1) of the incorporators by registered or certified mail. Acts 1978, ch. 708, § 1.17; T.C.A., § 45-1317.
(a) The commissioner, if unable to make the findings as required by the preceding section, shall endorse upon each copy of the application the word "denied" with the date of the endorsement and attach a written statement of the grounds for the denial.
(b) One (1) copy of the proposed application and attached grounds of refusal shall be promptly mailed to at least one (1) of the incorporators by registered or certified mail.
Acts 1978, ch. 708, § 1.17; T.C.A., § 45-1317.
Tenn. Code Ann. § 45-2-1408 — TN Code / Title 45 / Chapter 2 / Section 45-2-1408
Examinations - Periodic reports - Cooperative agreements - Assessment of fees
Status: in_force

(a) To the extent consistent with subsection (c), the commissioner may make the examinations of any branch established and maintained in this state pursuant to this part by an out-of-state state bank that the commissioner deems necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The commissioner may also participate in examinations of out-of-state state banks that have branches located in Tennessee. The applicable provisions of § 45-2-1602 shall apply to the examinations. (b) The commissioner may prescribe requirements for periodic reports regarding any out-of-state bank that operates a branch in Tennessee pursuant to this part. The required reports shall be provided by the bank or may be provided by the bank supervisory agency having primary responsibility for the bank. (c) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in Tennessee of an out-of-state state bank, or any branch of a Tennessee state bank in any host state, and the commissioner may accept the parties' reports of examination and reports of investigation in lieu of conducting the commissioner's own examinations or investigations. (d) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a Tennessee state bank or an out-of-state state bank operating a branch in this state pursuant to this part to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to the agency at a reasonable rate of compensation to be paid by either the other bank supervisory agency or by the out-of-state state bank. The contract shall be deemed a sole source contract under Tennessee law. (e) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in Tennessee of an out-of-state state bank or any branch of a Tennessee state bank in any host state; provided, that the commissioner may at any time take such actions independently if the commissioner deems the actions to be necessary or appropriate to carry out the commissioner's responsibilities under this part or to ensure compliance with the laws of this state. (f) Each out-of-state state bank that maintains one (1) or more branches in this state may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this state and regulations of the commissioner. The fees, as well as a portion of the banking fee assessed on a Tennessee state bank that maintains one (1) or more branches in other states, may be shared with other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements between the parties and the commissioner. (g) In order to encourage the effective coordination and implementation of home state laws and host state laws with respect to interstate branching, the commissioner has the authority and the discretion to determine the applicability of Tennessee laws that are within the commissioner's regulatory authority as conferred by law to the operation of branches in Tennessee by out-of-state state banks. Acts 1996, ch. 562, § 1; 1998, ch. 593, § 1.
(a) To the extent consistent with subsection (c), the commissioner may make the examinations of any branch established and maintained in this state pursuant to this part by an out-of-state state bank that the commissioner deems necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The commissioner may also participate in examinations of out-of-state state banks that have branches located in Tennessee. The applicable provisions of § 45-2-1602 shall apply to the examinations.
(b) The commissioner may prescribe requirements for periodic reports regarding any out-of-state bank that operates a branch in Tennessee pursuant to this part. The required reports shall be provided by the bank or may be provided by the bank supervisory agency having primary responsibility for the bank.
(c) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in Tennessee of an out-of-state state bank, or any branch of a Tennessee state bank in any host state, and the commissioner may accept the parties' reports of examination and reports of investigation in lieu of conducting the commissioner's own examinations or investigations.
(d) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a Tennessee state bank or an out-of-state state bank operating a branch in this state pursuant to this part to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to the agency at a reasonable rate of compensation to be paid by either the other bank supervisory agency or by the out-of-state state bank. The contract shall be deemed a sole source contract under Tennessee law.
(e) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in Tennessee of an out-of-state state bank or any branch of a Tennessee state bank in any host state; provided, that the commissioner may at any time take such actions independently if the commissioner deems the actions to be necessary or appropriate to carry out the commissioner's responsibilities under this part or to ensure compliance with the laws of this state.
(f) Each out-of-state state bank that maintains one (1) or more branches in this state may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this state and regulations of the commissioner. The fees, as well as a portion of the banking fee assessed on a Tennessee state bank that maintains one (1) or more branches in other states, may be shared with other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements between the parties and the commissioner.
(g) In order to encourage the effective coordination and implementation of home state laws and host state laws with respect to interstate branching, the commissioner has the authority and the discretion to determine the applicability of Tennessee laws that are within the commissioner's regulatory authority as conferred by law to the operation of branches in Tennessee by out-of-state state banks.
Acts 1996, ch. 562, § 1; 1998, ch. 593, § 1.
Tenn. Code Ann. § 45-13-501 — TN Code / Title 45 / Chapter 13 / Section 45-13-501
Authority to participate in the Nationwide Mortgage Licensing System and Registry
Status: in_force

(a) In addition to any other duties imposed upon the commissioner by law, the commissioner is authorized to require mortgage lenders, mortgage loan brokers and mortgage loan servicers, and shall require all mortgage loan originators, to be licensed or registered, or both, through the Nationwide Mortgage Licensing System and Registry. In order to carry out this subsection (a), the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may: (1) Promulgate whatever rules and regulations necessary for participation in, transition to or operation of the Nationwide Mortgage Licensing System and Registry; (2) Establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter; (3) Require that applications for licensing under this chapter, as well as renewals of such licenses, be filed with the Nationwide Mortgage Licensing System and Registry; (4) Require that any fees required to be paid under this chapter be paid through the Nationwide Mortgage Licensing System and Registry; and (5) Establish for licensees deadlines for transitioning to the Nationwide Mortgage Licensing System and Registry, which authority includes the refusal to accept any applications or renewal applications not filed with the Nationwide Mortgage Licensing System and Registry after the deadlines, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of the deadlines pertaining to transitioning. (b) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion. (c) Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to the Nationwide Mortgage Licensing System and Registry, as well as all costs required by the Nationwide Mortgage Licensing System and Registry for maintaining and renewing any license issued by the commissioner on the Nationwide Mortgage Licensing System and Registry. Acts 2009, ch. 499, § 8.
(a) In addition to any other duties imposed upon the commissioner by law, the commissioner is authorized to require mortgage lenders, mortgage loan brokers and mortgage loan servicers, and shall require all mortgage loan originators, to be licensed or registered, or both, through the Nationwide Mortgage Licensing System and Registry. In order to carry out this subsection (a), the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may: (1) Promulgate whatever rules and regulations necessary for participation in, transition to or operation of the Nationwide Mortgage Licensing System and Registry; (2) Establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter; (3) Require that applications for licensing under this chapter, as well as renewals of such licenses, be filed with the Nationwide Mortgage Licensing System and Registry; (4) Require that any fees required to be paid under this chapter be paid through the Nationwide Mortgage Licensing System and Registry; and (5) Establish for licensees deadlines for transitioning to the Nationwide Mortgage Licensing System and Registry, which authority includes the refusal to accept any applications or renewal applications not filed with the Nationwide Mortgage Licensing System and Registry after the deadlines, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of the deadlines pertaining to transitioning.
(1) Promulgate whatever rules and regulations necessary for participation in, transition to or operation of the Nationwide Mortgage Licensing System and Registry;
(2) Establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter;
(3) Require that applications for licensing under this chapter, as well as renewals of such licenses, be filed with the Nationwide Mortgage Licensing System and Registry;
(4) Require that any fees required to be paid under this chapter be paid through the Nationwide Mortgage Licensing System and Registry; and
(5) Establish for licensees deadlines for transitioning to the Nationwide Mortgage Licensing System and Registry, which authority includes the refusal to accept any applications or renewal applications not filed with the Nationwide Mortgage Licensing System and Registry after the deadlines, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of the deadlines pertaining to transitioning.
(b) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.
(c) Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to the Nationwide Mortgage Licensing System and Registry, as well as all costs required by the Nationwide Mortgage Licensing System and Registry for maintaining and renewing any license issued by the commissioner on the Nationwide Mortgage Licensing System and Registry.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-2-1908 — TN Code / Title 45 / Chapter 2 / Section 45-2-1908
Security for cardholders' obligations
Status: in_force

A bank may take security of any type, including, but not limited to, a mortgage or deed of trust on residential property or a deposit account or certificate of deposit, for a cardholder's obligations under a credit card account. Acts 1993, ch. 447, § 11.
A bank may take security of any type, including, but not limited to, a mortgage or deed of trust on residential property or a deposit account or certificate of deposit, for a cardholder's obligations under a credit card account.
Acts 1993, ch. 447, § 11.
Tenn. Code Ann. § 45-2-1315 — TN Code / Title 45 / Chapter 2 / Section 45-2-1315
Review of exchange by commissioner - Hearings - Costs
Status: in_force

Upon the request of any person or entity that proposes to issue any security in exchange for one (1) or more bona fide outstanding securities of a bank or bank holding company or partly in exchange for outstanding securities of a bank or bank holding company and partly for cash, the commissioner is authorized to approve the terms and conditions of the issuance and exchange after a hearing on the fairness of the terms and conditions at which all persons to whom it is proposed to issue securities in the exchange shall have the right to appear. Nothing in this section shall require the commissioner to hold a hearing or to approve the terms or conditions of any specific exchange of securities. Any party requesting a hearing shall agree to pay the cost for the hearing, including the cost for the department to retain outside legal or investment advice as deemed necessary by the commissioner. The commissioner may require the requesting party to post a bond in cash or by accepted sureties to cover the cost. Acts 1994, ch. 551, § 17.
Upon the request of any person or entity that proposes to issue any security in exchange for one (1) or more bona fide outstanding securities of a bank or bank holding company or partly in exchange for outstanding securities of a bank or bank holding company and partly for cash, the commissioner is authorized to approve the terms and conditions of the issuance and exchange after a hearing on the fairness of the terms and conditions at which all persons to whom it is proposed to issue securities in the exchange shall have the right to appear. Nothing in this section shall require the commissioner to hold a hearing or to approve the terms or conditions of any specific exchange of securities. Any party requesting a hearing shall agree to pay the cost for the hearing, including the cost for the department to retain outside legal or investment advice as deemed necessary by the commissioner. The commissioner may require the requesting party to post a bond in cash or by accepted sureties to cover the cost.
Acts 1994, ch. 551, § 17.
Tenn. Code Ann. § 45-2-1006 — TN Code / Title 45 / Chapter 2 / Section 45-2-1006
Deposit of securities in federal reserve bank when acting as fiduciary authorized
Status: in_force

(a) (1) Any bank or trust company, when acting as a fiduciary, or when holding securities as custodian for a fiduciary, is authorized to deposit, or arrange for the deposit of, with the federal reserve bank in its district, any securities, the principal of and interest on which the United States, or any department, agency or instrumentality thereof, has agreed to pay, has guaranteed to pay, or has guaranteed payment in the manner so as to be credited to one (1) or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts. (2) The bank or trust company so depositing securities with the federal reserve bank shall be subject to the rules and regulations with respect to the making and maintenance of the deposits that, 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. (3) The records of the bank or trust company shall at all times show the ownership of the securities held in the account. (4) Ownership of, and other interest in, the securities credited to the account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. (5) A bank or trust company acting as a custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company with the federal reserve bank for the account of the fiduciary. (6) A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary. (b) This section shall apply to all fiduciaries and custodians for fiduciaries, acting on May 3, 1973, or who thereafter may act, regardless of the date of the instrument or court order by which they are appointed. Acts 1973, ch. 294, § 6; 1973, ch. 384, §§ 1, 2; T.C.A. § 45-447.
(a) (1) Any bank or trust company, when acting as a fiduciary, or when holding securities as custodian for a fiduciary, is authorized to deposit, or arrange for the deposit of, with the federal reserve bank in its district, any securities, the principal of and interest on which the United States, or any department, agency or instrumentality thereof, has agreed to pay, has guaranteed to pay, or has guaranteed payment in the manner so as to be credited to one (1) or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts. (2) The bank or trust company so depositing securities with the federal reserve bank shall be subject to the rules and regulations with respect to the making and maintenance of the deposits that, 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. (3) The records of the bank or trust company shall at all times show the ownership of the securities held in the account. (4) Ownership of, and other interest in, the securities credited to the account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. (5) A bank or trust company acting as a custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company with the federal reserve bank for the account of the fiduciary. (6) A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary.
(1) Any bank or trust company, when acting as a fiduciary, or when holding securities as custodian for a fiduciary, is authorized to deposit, or arrange for the deposit of, with the federal reserve bank in its district, any securities, the principal of and interest on which the United States, or any department, agency or instrumentality thereof, has agreed to pay, has guaranteed to pay, or has guaranteed payment in the manner so as to be credited to one (1) or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts.
(2) The bank or trust company so depositing securities with the federal reserve bank shall be subject to the rules and regulations with respect to the making and maintenance of the deposits that, 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.
(3) The records of the bank or trust company shall at all times show the ownership of the securities held in the account.
(4) Ownership of, and other interest in, the securities credited to the account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities.
(5) A bank or trust company acting as a custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company with the federal reserve bank for the account of the fiduciary.
(6) A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary.
(b) This section shall apply to all fiduciaries and custodians for fiduciaries, acting on May 3, 1973, or who thereafter may act, regardless of the date of the instrument or court order by which they are appointed.
Acts 1973, ch. 294, § 6; 1973, ch. 384, §§ 1, 2; T.C.A. § 45-447.
Tenn. Code Ann. § 45-17-121 — TN Code / Title 45 / Chapter 17 / Section 45-17-121
Commissioner's authority to use multi-state automated licensing system as agent for information channeling
Status: in_force

The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, whether derived from or distributed to the United States department of justice or any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter. Acts 2012, ch. 679, § 8.
The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, whether derived from or distributed to the United States department of justice or any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter.
Acts 2012, ch. 679, § 8.
Tenn. Code Ann. § 45-4-505 — TN Code / Title 45 / Chapter 4 / Section 45-4-505
Application for insurance - Time limit - Failure - Effect
Status: in_force

(a) Any new credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in either the state credit union share insurance corporation or the National Credit Union Association. (b) If it appears at any time that any credit union within this section has failed to maintain the insurance, the commissioner shall, after hearing, or opportunity for hearing, order the credit union to correct the condition and shall grant it not less than thirty (30) days to comply. Upon failure to do so, the commissioner may suspend or revoke the charter, place the credit union in involuntary liquidation and appoint a liquidating agent for the credit union under part 9 of this chapter. Acts 1976, ch. 428, § 1; T.C.A., § 45-1850; Acts 1986, ch. 558, § 5.
(a) Any new credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in either the state credit union share insurance corporation or the National Credit Union Association.
(b) If it appears at any time that any credit union within this section has failed to maintain the insurance, the commissioner shall, after hearing, or opportunity for hearing, order the credit union to correct the condition and shall grant it not less than thirty (30) days to comply. Upon failure to do so, the commissioner may suspend or revoke the charter, place the credit union in involuntary liquidation and appoint a liquidating agent for the credit union under part 9 of this chapter.
Acts 1976, ch. 428, § 1; T.C.A., § 45-1850; Acts 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-2-105 — TN Code / Title 45 / Chapter 2 / Section 45-2-105
Exemption of nonprofit general welfare corporations
Status: in_force

The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is: (1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons; (2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and (3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons. Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024. Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is:
(1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons;
(2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and
(3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons.
Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024.
Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
Tenn. Code Ann. § 45-5-508 — TN Code / Title 45 / Chapter 5 / Section 45-5-508
Preservation of records - Reproduction
Status: in_force

All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation, or regulatory guideline, as applicable to each registrant, shall be preserved and made available to the commissioner, as provided in this chapter, for a period of twenty-five (25) months on all rejected applications and for a period of twenty-four (24) months on loans paid in full. The registrant may cause any or all records at any time in its custody to be reproduced or preserved, or both, by itself or by any other person who agrees in writing to submit its operations to the examination of the commissioner to the extent that the operations directly affect recordkeeping by any microphotographic process, electronic or mechanical data storage technique or any other means. A record reproduced or preserved, or both, by those processes, techniques or means shall have the same force and effect as the original record and be admitted into evidence equally with the original. Acts 2001, ch. 165, § 9.
All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation, or regulatory guideline, as applicable to each registrant, shall be preserved and made available to the commissioner, as provided in this chapter, for a period of twenty-five (25) months on all rejected applications and for a period of twenty-four (24) months on loans paid in full. The registrant may cause any or all records at any time in its custody to be reproduced or preserved, or both, by itself or by any other person who agrees in writing to submit its operations to the examination of the commissioner to the extent that the operations directly affect recordkeeping by any microphotographic process, electronic or mechanical data storage technique or any other means. A record reproduced or preserved, or both, by those processes, techniques or means shall have the same force and effect as the original record and be admitted into evidence equally with the original.
Acts 2001, ch. 165, § 9.
Tenn. Code Ann. § 45-4-610 — TN Code / Title 45 / Chapter 4 / Section 45-4-610
State chartered credit unions - Power to make loans - Interest rate
Status: in_force

Subject to the limitations on maximum effective rates of interest and service charges contained in §§ 45-4-601 - 45-4-604, a credit union chartered by the state of Tennessee has the power to make loans upon the same terms and conditions as permitted credit unions chartered by the federal government. Acts 1976, ch. 278, § 1; 1979, ch. 207, § 2; T.C.A., § 45-1849.
Subject to the limitations on maximum effective rates of interest and service charges contained in §§ 45-4-601 - 45-4-604, a credit union chartered by the state of Tennessee has the power to make loans upon the same terms and conditions as permitted credit unions chartered by the federal government.
Acts 1976, ch. 278, § 1; 1979, ch. 207, § 2; T.C.A., § 45-1849.
Tenn. Code Ann. § 45-12-102 — TN Code / Title 45 / Chapter 12 / Section 45-12-102
Chapter definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Commissioner" means the commissioner of financial institutions or the commissioner's designee; (2) (A) "Control" means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise; provided, that no individual shall be deemed to control a person solely on account of being a director, officer, or employee of the person; (B) For purposes of this subdivision (2), a person who, directly or indirectly, owns, controls, holds the power to vote, or holds proxies representing twenty-five percent (25%) or more of the then outstanding voting securities issued by another person, is presumed to control the other person. For purposes of this subdivision (2), the commissioner may determine whether a person, in fact, controls another person; (3) "Controlling person" means any person in control of a licensee; (4) "Department" means the department of financial institutions; (5) "Flex loan" means a loan made pursuant to a flex loan plan; (6) "Flex loan plan" means a written agreement subject to this chapter between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that: (A) May be unsecured or secured by personal property; (B) May be without fixed maturities or limitation as to the length of term; and (C) Are subject to prepayment in whole or in part at any time without penalty; (7) "Licensee" means a person licensed to offer flex loans pursuant to this chapter; and (8) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
As used in this chapter, unless the context otherwise requires:
(1) "Commissioner" means the commissioner of financial institutions or the commissioner's designee;
(2) (A) "Control" means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise; provided, that no individual shall be deemed to control a person solely on account of being a director, officer, or employee of the person; (B) For purposes of this subdivision (2), a person who, directly or indirectly, owns, controls, holds the power to vote, or holds proxies representing twenty-five percent (25%) or more of the then outstanding voting securities issued by another person, is presumed to control the other person. For purposes of this subdivision (2), the commissioner may determine whether a person, in fact, controls another person;
(A) "Control" means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise; provided, that no individual shall be deemed to control a person solely on account of being a director, officer, or employee of the person;
(B) For purposes of this subdivision (2), a person who, directly or indirectly, owns, controls, holds the power to vote, or holds proxies representing twenty-five percent (25%) or more of the then outstanding voting securities issued by another person, is presumed to control the other person. For purposes of this subdivision (2), the commissioner may determine whether a person, in fact, controls another person;
(3) "Controlling person" means any person in control of a licensee;
(4) "Department" means the department of financial institutions;
(5) "Flex loan" means a loan made pursuant to a flex loan plan;
(6) "Flex loan plan" means a written agreement subject to this chapter between a licensee and a customer establishing an open-end credit plan under which the licensee contemplates repeated noncommercial loans for personal, family, or household purposes, that: (A) May be unsecured or secured by personal property; (B) May be without fixed maturities or limitation as to the length of term; and (C) Are subject to prepayment in whole or in part at any time without penalty;
(A) May be unsecured or secured by personal property;
(B) May be without fixed maturities or limitation as to the length of term; and
(C) Are subject to prepayment in whole or in part at any time without penalty;
(7) "Licensee" means a person licensed to offer flex loans pursuant to this chapter; and
(8) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-2-302 — TN Code / Title 45 / Chapter 2 / Section 45-2-302
Voting of shares
Status: in_force

The bank may not vote shares that it holds in any capacity other than as fiduciary. Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-220; Acts 1994, ch. 551, § 9.
The bank may not vote shares that it holds in any capacity other than as fiduciary.
Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-220; Acts 1994, ch. 551, § 9.
Tenn. Code Ann. § 45-17-118 — TN Code / Title 45 / Chapter 17 / Section 45-17-118
Construction with other statutes
Status: in_force

The business of deferred presentment services conducted in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including but not limited to, § 47-14-104 . A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§ 47-9-610 , 47-14-112 , 47-14-115 and 47-14-117 . Acts 1997 , ch. 255, § 19; 1999, ch. 14, § 1; 2000, ch. 846, § 29.
The business of deferred presentment services conducted in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including but not limited to, § 47-14-104 . A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§ 47-9-610 , 47-14-112 , 47-14-115 and 47-14-117 .
Acts 1997 , ch. 255, § 19; 1999, ch. 14, § 1; 2000, ch. 846, § 29.
Tenn. Code Ann. § 45-7-122 — TN Code / Title 45 / Chapter 7 / Section 45-7-122
Authorized delegate reporting
Status: in_force

(a) Each licensee shall submit a report of authorized delegates within forty-five (45) days after the end of the calendar quarter. (b) The authorized delegate report must include, at a minimum, each authorized delegate's: (1) Company legal name; (2) Taxpayer employer identification number; (3) Principal provider identifier; (4) Physical address; (5) Mailing address; (6) Business conducted in other states; (7) Any fictitious or trade name; (8) Contact person name, phone number, and email; (9) Start date as licensee's authorized delegate; (10) End date acting as licensee's authorized delegate, if applicable; and (11) Any other information the commissioner reasonably requires with respect to the authorized delegate. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-222 .
(a) Each licensee shall submit a report of authorized delegates within forty-five (45) days after the end of the calendar quarter.
(b) The authorized delegate report must include, at a minimum, each authorized delegate's: (1) Company legal name; (2) Taxpayer employer identification number; (3) Principal provider identifier; (4) Physical address; (5) Mailing address; (6) Business conducted in other states; (7) Any fictitious or trade name; (8) Contact person name, phone number, and email; (9) Start date as licensee's authorized delegate; (10) End date acting as licensee's authorized delegate, if applicable; and (11) Any other information the commissioner reasonably requires with respect to the authorized delegate.
(1) Company legal name;
(2) Taxpayer employer identification number;
(3) Principal provider identifier;
(4) Physical address;
(5) Mailing address;
(6) Business conducted in other states;
(7) Any fictitious or trade name;
(8) Contact person name, phone number, and email;
(9) Start date as licensee's authorized delegate;
(10) End date acting as licensee's authorized delegate, if applicable; and
(11) Any other information the commissioner reasonably requires with respect to the authorized delegate.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-222 .
Tenn. Code Ann. § 45-2-1503 — TN Code / Title 45 / Chapter 2 / Section 45-2-1503
Requirements of reorganization plan
Status: in_force

(a) A plan of reorganization shall not be prescribed under this chapter unless: (1) The plan is feasible and fair to all classes of depositors, creditors and stockholders; (2) The face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation, less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan; (3) The plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits; (4) Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interest of the respective classes that will be produced by the exchange; (5) The plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of an unsound condition; and (6) Any merger or consolidation provided by the plan conforms to the requirements this chapter and chapter 1 of this title. (b) Whenever, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner may modify the plan or liquidate the institution. The action shall be taken by order upon appropriate notice. Acts 1969, ch. 36, § 1 (3.503); 1973, ch. 294, § 6; T.C.A., § 45-903.
(a) A plan of reorganization shall not be prescribed under this chapter unless: (1) The plan is feasible and fair to all classes of depositors, creditors and stockholders; (2) The face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation, less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan; (3) The plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits; (4) Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interest of the respective classes that will be produced by the exchange; (5) The plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of an unsound condition; and (6) Any merger or consolidation provided by the plan conforms to the requirements this chapter and chapter 1 of this title.
(1) The plan is feasible and fair to all classes of depositors, creditors and stockholders;
(2) The face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation, less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan;
(3) The plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits;
(4) Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interest of the respective classes that will be produced by the exchange;
(5) The plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of an unsound condition; and
(6) Any merger or consolidation provided by the plan conforms to the requirements this chapter and chapter 1 of this title.
(b) Whenever, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner may modify the plan or liquidate the institution. The action shall be taken by order upon appropriate notice.
Acts 1969, ch. 36, § 1 (3.503); 1973, ch. 294, § 6; T.C.A., § 45-903.
Tenn. Code Ann. § 45-3-111 — TN Code / Title 45 / Chapter 3 / Section 45-3-111
Capital stock and mutual associations - Minimum capital requirements
Status: in_force

(a) (1) The minimum capital with which an association shall commence business shall be determined by reference to, in the case of a capital stock association, the sum of the par or stated value of all issued and outstanding shares of voting common capital stock, and, in the case of a mutual association, the total of all subscribed and paid-in deposit accounts. The minimum capital of an association shall be prescribed by the commissioner; provided, that the minimum capital shall not be less than: (A) One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants; (B) Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and (C) Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more. (2) The population of each county shall be based upon the latest federal census. (b) Notwithstanding the above requirements, if the home office of an association is to be located in a county that is contiguous to a county the population of which would require higher minimum capital requirements, and if the commissioner determines that the association will draw a substantial amount of its depositors from the contiguous county, the commissioner shall require that the association meet the higher capital requirements of the contiguous county. Acts 1978, ch. 708, § 1.11; T.C.A., § 45-1311.
(a) (1) The minimum capital with which an association shall commence business shall be determined by reference to, in the case of a capital stock association, the sum of the par or stated value of all issued and outstanding shares of voting common capital stock, and, in the case of a mutual association, the total of all subscribed and paid-in deposit accounts. The minimum capital of an association shall be prescribed by the commissioner; provided, that the minimum capital shall not be less than: (A) One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants; (B) Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and (C) Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more. (2) The population of each county shall be based upon the latest federal census.
(1) The minimum capital with which an association shall commence business shall be determined by reference to, in the case of a capital stock association, the sum of the par or stated value of all issued and outstanding shares of voting common capital stock, and, in the case of a mutual association, the total of all subscribed and paid-in deposit accounts. The minimum capital of an association shall be prescribed by the commissioner; provided, that the minimum capital shall not be less than: (A) One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants; (B) Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and (C) Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more.
(A) One hundred thousand dollars ($100,000) if the home office of the association is to be located in a county having less than ten thousand (10,000) inhabitants;
(B) Two hundred fifty thousand dollars ($250,000) if the home office is to be located in a county having between ten thousand (10,000) and one hundred thousand (100,000) inhabitants; and
(C) Five hundred thousand dollars ($500,000) if the home office is to be located in a county having one hundred thousand (100,000) inhabitants or more.
(2) The population of each county shall be based upon the latest federal census.
(b) Notwithstanding the above requirements, if the home office of an association is to be located in a county that is contiguous to a county the population of which would require higher minimum capital requirements, and if the commissioner determines that the association will draw a substantial amount of its depositors from the contiguous county, the commissioner shall require that the association meet the higher capital requirements of the contiguous county.
Acts 1978, ch. 708, § 1.11; T.C.A., § 45-1311.
Tenn. Code Ann. § 45-2-1708 — TN Code / Title 45 / Chapter 2 / Section 45-2-1708
Unlawful use of term "safe deposit."
Status: in_force

(a) It is unlawful for any person to use the terms "safe deposit," "safety deposit," or other words deceptively similar, in connection with the rental of storage space, or in the title or name under that business is done, except: (1) A person subject to the jurisdiction of the department; (2) A manufacturer or dealer in safe deposit facilities or equipment; or (3) An association, the membership of which is composed of officers or institutions subject to regulation under this chapter and chapter 1 of this title, or the laws of the United States or any state. (b) A violation of this section is a Class C misdemeanor. Acts 1969, ch. 36, § 1 (3.608); T.C.A., § 45-1108; Acts 1989, ch. 591, § 113.
(a) It is unlawful for any person to use the terms "safe deposit," "safety deposit," or other words deceptively similar, in connection with the rental of storage space, or in the title or name under that business is done, except: (1) A person subject to the jurisdiction of the department; (2) A manufacturer or dealer in safe deposit facilities or equipment; or (3) An association, the membership of which is composed of officers or institutions subject to regulation under this chapter and chapter 1 of this title, or the laws of the United States or any state.
(1) A person subject to the jurisdiction of the department;
(2) A manufacturer or dealer in safe deposit facilities or equipment; or
(3) An association, the membership of which is composed of officers or institutions subject to regulation under this chapter and chapter 1 of this title, or the laws of the United States or any state.
(b) A violation of this section is a Class C misdemeanor.
Acts 1969, ch. 36, § 1 (3.608); T.C.A., § 45-1108; Acts 1989, ch. 591, § 113.
Tenn. Code Ann. § 45-4-1204 — TN Code / Title 45 / Chapter 4 / Section 45-4-1204
Use of name exclusive
Status: in_force

This corporation shall have the sole right to use the names "volunteer state corporate central credit union," "Volunteer Corporate Credit Union" and "VolCorp." Acts 1981, ch. 76, § 4; 1995, ch. 23, § 2.
This corporation shall have the sole right to use the names "volunteer state corporate central credit union," "Volunteer Corporate Credit Union" and "VolCorp."
Acts 1981, ch. 76, § 4; 1995, ch. 23, § 2.
Tenn. Code Ann. § 45-4-703 — TN Code / Title 45 / Chapter 4 / Section 45-4-703
Reserve fund for contingencies - Capital contributions - Special assessments - Administrative fees
Status: in_force

(a) (1) A regular reserve fund, belonging to the credit union, shall be maintained for contingencies. It shall not be distributed to the members except upon dissolution of the credit union. This fund shall be built up to and held at one thousand dollars ($1,000) or five percent (5%) of the outstanding loans (excluding unearned interest), whichever is greater. Transfers in an amount as hereinafter provided shall be made to the regular reserve fund at the close of each dividend period and at the close of each fiscal year for the period since the close of its last fiscal year or the close of the last dividend payment period, whichever last occurred. Each credit union shall transfer seven and one-half percent (7½%) of the gross income of the credit union to the regular reserve fund until the regular reserve fund shall equal two percent (2%) of outstanding loans; then five percent (5%) of gross income until the regular reserve fund shall equal three percent (3%) of outstanding loans; then two and one-half percent (2½%) of gross income until the regular reserve fund shall equal five percent (5%) of outstanding loans. Whenever the regular reserve fund falls below the stated percent of outstanding loans, transfer shall be made in amounts that may be needed to maintain the stated reserve levels. (2) The commissioner may either waive in whole or in part the reserve requirement pursuant to subdivision (a)(1) or increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members. (b) (1) In addition to the regular reserve fund requirement stated in subsection (a), a credit union shall maintain in or transfer to contingency reserves an additional amount so that the sum held in reserve satisfies the requirements of the credit union's share insuror. (2) The commissioner may increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members. (c) Transfers out of the fund may be made to profit and loss of the amounts that are in excess of the level specified at the end of any fiscal year. (d) Capital contributions paid to the state credit union share insurance corporation pursuant to § 45-4-1108(a) and special assessments to the capital fund paid thereto pursuant to § 45-4-1108(d) shall constitute the credit union's only equity interest in the state credit union share insurance corporation. Capital contributions paid pursuant to § 45-4-1108(a) and special assessments to the capital fund paid pursuant to § 45-4-1108(d) shall be included as a part of the credit union's assets and shall be valued: (1) At the full value of the capital contributions paid pursuant to § 45-4-1108(a) , or special assessments to the capital fund paid pursuant to § 45-4-1108(d) ; (2) At the value of the capital contributions or special assessments to the capital fund recoverable by the credit union should it voluntarily withdraw from membership in the state credit union share insurance corporation; or (3) At an eventual value of zero ($0) after amortizing the capital contributions or special assessments to the capital fund over a specified period of time. (e) Administrative fees paid by a credit union to the state credit union share insurance corporation pursuant to § 45-4-1109(a) shall be treated as annual expenses of the credit union. Any credit union that has capitalized any prior administrative fees shall be required to amortize the amount against reserves established under subsection (a) within a period not exceeding ten (10) years as approved by the commissioner. Acts 1923, ch. 68, § 20; Shan. Supp., § 2198a27; Code 1932, § 3854; Acts 1947, ch. 125, § 1; C. Supp. 1950, § 3854; Acts 1967, ch. 227, § 5; 1974, ch. 577, § 16; T.C.A. (orig. ed.), § 45-1825; Acts 1981, ch. 89, § 1; 1982, ch. 722, § 5; 1984, ch. 715, § 1.
(a) (1) A regular reserve fund, belonging to the credit union, shall be maintained for contingencies. It shall not be distributed to the members except upon dissolution of the credit union. This fund shall be built up to and held at one thousand dollars ($1,000) or five percent (5%) of the outstanding loans (excluding unearned interest), whichever is greater. Transfers in an amount as hereinafter provided shall be made to the regular reserve fund at the close of each dividend period and at the close of each fiscal year for the period since the close of its last fiscal year or the close of the last dividend payment period, whichever last occurred. Each credit union shall transfer seven and one-half percent (7½%) of the gross income of the credit union to the regular reserve fund until the regular reserve fund shall equal two percent (2%) of outstanding loans; then five percent (5%) of gross income until the regular reserve fund shall equal three percent (3%) of outstanding loans; then two and one-half percent (2½%) of gross income until the regular reserve fund shall equal five percent (5%) of outstanding loans. Whenever the regular reserve fund falls below the stated percent of outstanding loans, transfer shall be made in amounts that may be needed to maintain the stated reserve levels. (2) The commissioner may either waive in whole or in part the reserve requirement pursuant to subdivision (a)(1) or increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members.
(1) A regular reserve fund, belonging to the credit union, shall be maintained for contingencies. It shall not be distributed to the members except upon dissolution of the credit union. This fund shall be built up to and held at one thousand dollars ($1,000) or five percent (5%) of the outstanding loans (excluding unearned interest), whichever is greater. Transfers in an amount as hereinafter provided shall be made to the regular reserve fund at the close of each dividend period and at the close of each fiscal year for the period since the close of its last fiscal year or the close of the last dividend payment period, whichever last occurred. Each credit union shall transfer seven and one-half percent (7½%) of the gross income of the credit union to the regular reserve fund until the regular reserve fund shall equal two percent (2%) of outstanding loans; then five percent (5%) of gross income until the regular reserve fund shall equal three percent (3%) of outstanding loans; then two and one-half percent (2½%) of gross income until the regular reserve fund shall equal five percent (5%) of outstanding loans. Whenever the regular reserve fund falls below the stated percent of outstanding loans, transfer shall be made in amounts that may be needed to maintain the stated reserve levels.
(2) The commissioner may either waive in whole or in part the reserve requirement pursuant to subdivision (a)(1) or increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members.
(b) (1) In addition to the regular reserve fund requirement stated in subsection (a), a credit union shall maintain in or transfer to contingency reserves an additional amount so that the sum held in reserve satisfies the requirements of the credit union's share insuror. (2) The commissioner may increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members.
(1) In addition to the regular reserve fund requirement stated in subsection (a), a credit union shall maintain in or transfer to contingency reserves an additional amount so that the sum held in reserve satisfies the requirements of the credit union's share insuror.
(2) The commissioner may increase the reserve requirement as deemed necessary for the protection of the interests of the credit union and its members.
(c) Transfers out of the fund may be made to profit and loss of the amounts that are in excess of the level specified at the end of any fiscal year.
(d) Capital contributions paid to the state credit union share insurance corporation pursuant to § 45-4-1108(a) and special assessments to the capital fund paid thereto pursuant to § 45-4-1108(d) shall constitute the credit union's only equity interest in the state credit union share insurance corporation. Capital contributions paid pursuant to § 45-4-1108(a) and special assessments to the capital fund paid pursuant to § 45-4-1108(d) shall be included as a part of the credit union's assets and shall be valued: (1) At the full value of the capital contributions paid pursuant to § 45-4-1108(a) , or special assessments to the capital fund paid pursuant to § 45-4-1108(d) ; (2) At the value of the capital contributions or special assessments to the capital fund recoverable by the credit union should it voluntarily withdraw from membership in the state credit union share insurance corporation; or (3) At an eventual value of zero ($0) after amortizing the capital contributions or special assessments to the capital fund over a specified period of time.
(1) At the full value of the capital contributions paid pursuant to § 45-4-1108(a) , or special assessments to the capital fund paid pursuant to § 45-4-1108(d) ;
(2) At the value of the capital contributions or special assessments to the capital fund recoverable by the credit union should it voluntarily withdraw from membership in the state credit union share insurance corporation; or
(3) At an eventual value of zero ($0) after amortizing the capital contributions or special assessments to the capital fund over a specified period of time.
(e) Administrative fees paid by a credit union to the state credit union share insurance corporation pursuant to § 45-4-1109(a) shall be treated as annual expenses of the credit union. Any credit union that has capitalized any prior administrative fees shall be required to amortize the amount against reserves established under subsection (a) within a period not exceeding ten (10) years as approved by the commissioner.
Acts 1923, ch. 68, § 20; Shan. Supp., § 2198a27; Code 1932, § 3854; Acts 1947, ch. 125, § 1; C. Supp. 1950, § 3854; Acts 1967, ch. 227, § 5; 1974, ch. 577, § 16; T.C.A. (orig. ed.), § 45-1825; Acts 1981, ch. 89, § 1; 1982, ch. 722, § 5; 1984, ch. 715, § 1.
Tenn. Code Ann. § 45-1-204 — TN Code / Title 45 / Chapter 1 / Section 45-1-204
Informal conference or hearing - Mediation or arbitration - Award
Status: in_force

(a) In resolving a complaint, the commissioner may conduct an informal conference or informal hearing or may require that the parties submit written statements or sworn affidavits. (b) In addition, the commissioner may designate a qualified person, whether or not an employee of the department, to mediate or arbitrate the complaint. (c) When the commissioner conducts an informal hearing or conference, the parties are not bound by the rules of procedure and evidence pertaining to contested cases. (d) Upon reaching a decision, the commissioner shall notify the parties with a written award. Acts 1981, ch. 25, § 4; T.C.A., § 45-1-304 .
(a) In resolving a complaint, the commissioner may conduct an informal conference or informal hearing or may require that the parties submit written statements or sworn affidavits.
(b) In addition, the commissioner may designate a qualified person, whether or not an employee of the department, to mediate or arbitrate the complaint.
(c) When the commissioner conducts an informal hearing or conference, the parties are not bound by the rules of procedure and evidence pertaining to contested cases.
(d) Upon reaching a decision, the commissioner shall notify the parties with a written award.
Acts 1981, ch. 25, § 4; T.C.A., § 45-1-304 .
Tenn. Code Ann. § 45-2-1801 — TN Code / Title 45 / Chapter 2 / Section 45-2-1801
Legislative intent
Status: in_force

(a) It is the intention of the general assembly both to broaden the permissible activities available to state chartered banks and to ensure the soundness of the state's banking system by protecting depositors. (b) It is further the intention of the general assembly to provide for the sound conduct of the business of banks while authorizing the availability of expanded services under the authority of the appropriate state regulatory entities. Acts 1989, ch. 168, § 1.
(a) It is the intention of the general assembly both to broaden the permissible activities available to state chartered banks and to ensure the soundness of the state's banking system by protecting depositors.
(b) It is further the intention of the general assembly to provide for the sound conduct of the business of banks while authorizing the availability of expanded services under the authority of the appropriate state regulatory entities.
Acts 1989, ch. 168, § 1.
Tenn. Code Ann. § 45-4-302 — TN Code / Title 45 / Chapter 4 / Section 45-4-302
Expulsion or withdrawal of members - Settlement thereon
Status: in_force

(a) At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention. (b) All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member. (c) All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member. (d) The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation. Acts 1923, ch. 68, § 22; Shan. Supp., § 2198a29; Code 1932, § 3856; Acts 1963, ch. 30, § 7; T.C.A. (orig. ed.), § 45-1827.
(a) At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention.
(b) All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member.
(c) All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member.
(d) The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation.
Acts 1923, ch. 68, § 22; Shan. Supp., § 2198a29; Code 1932, § 3856; Acts 1963, ch. 30, § 7; T.C.A. (orig. ed.), § 45-1827.
Tenn. Code Ann. § 45-2-1104 — TN Code / Title 45 / Chapter 2 / Section 45-2-1104
Loans and transactions involving banks own stock as collateral or otherwise
Status: in_force

(a) (1) A state bank may make a loan secured by not more than fifty percent (50%) of the book value of its own stock upon the approval of a majority of the bank's board of directors; provided, that this subsection (a) shall not permit a purchase money loan for the initial acquisition of the bank's own stock. Loans secured by the bank's own stock shall be limited to and shall not exceed: (A) In the aggregate, twenty percent (20%) of the bank's capital, surplus and undivided profits; or (B) To any one (1) borrower, ten percent (10%) of the bank's capital, surplus and undivided profits. (2) A loan that is otherwise adequately secured to the extent required of loans of the type provided and in which the bank's stock is taken as additional or secondary collateral shall not be included in the limits provided in this subsection (a). (b) (1) Except as expressly limited or restricted in this title, a state bank may engage in transactions involving its own stock, including, but not limited to, the transfer, repurchase, holding, sale or division, to the same extent permitted to corporations under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. (2) The bank shall give the commissioner thirty (30) days' advance notice of any proposed transaction and may consummate the transaction at the end of the thirty-day period unless the commissioner advises the bank in writing of the commissioner's objection to the proposed transaction. Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-431; Acts 1996, ch. 768, § 23; 2001, ch. 54, § 20.
(a) (1) A state bank may make a loan secured by not more than fifty percent (50%) of the book value of its own stock upon the approval of a majority of the bank's board of directors; provided, that this subsection (a) shall not permit a purchase money loan for the initial acquisition of the bank's own stock. Loans secured by the bank's own stock shall be limited to and shall not exceed: (A) In the aggregate, twenty percent (20%) of the bank's capital, surplus and undivided profits; or (B) To any one (1) borrower, ten percent (10%) of the bank's capital, surplus and undivided profits. (2) A loan that is otherwise adequately secured to the extent required of loans of the type provided and in which the bank's stock is taken as additional or secondary collateral shall not be included in the limits provided in this subsection (a).
(1) A state bank may make a loan secured by not more than fifty percent (50%) of the book value of its own stock upon the approval of a majority of the bank's board of directors; provided, that this subsection (a) shall not permit a purchase money loan for the initial acquisition of the bank's own stock. Loans secured by the bank's own stock shall be limited to and shall not exceed: (A) In the aggregate, twenty percent (20%) of the bank's capital, surplus and undivided profits; or (B) To any one (1) borrower, ten percent (10%) of the bank's capital, surplus and undivided profits.
(A) In the aggregate, twenty percent (20%) of the bank's capital, surplus and undivided profits; or
(B) To any one (1) borrower, ten percent (10%) of the bank's capital, surplus and undivided profits.
(2) A loan that is otherwise adequately secured to the extent required of loans of the type provided and in which the bank's stock is taken as additional or secondary collateral shall not be included in the limits provided in this subsection (a).
(b) (1) Except as expressly limited or restricted in this title, a state bank may engage in transactions involving its own stock, including, but not limited to, the transfer, repurchase, holding, sale or division, to the same extent permitted to corporations under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. (2) The bank shall give the commissioner thirty (30) days' advance notice of any proposed transaction and may consummate the transaction at the end of the thirty-day period unless the commissioner advises the bank in writing of the commissioner's objection to the proposed transaction.
(1) Except as expressly limited or restricted in this title, a state bank may engage in transactions involving its own stock, including, but not limited to, the transfer, repurchase, holding, sale or division, to the same extent permitted to corporations under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27.
(2) The bank shall give the commissioner thirty (30) days' advance notice of any proposed transaction and may consummate the transaction at the end of the thirty-day period unless the commissioner advises the bank in writing of the commissioner's objection to the proposed transaction.
Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-431; Acts 1996, ch. 768, § 23; 2001, ch. 54, § 20.
Tenn. Code Ann. § 45-18-116 — TN Code / Title 45 / Chapter 18 / Section 45-18-116
Hearing
Status: in_force

The Uniform Administrative Procedures Act, compiled in title 4, chapter 5, applies to any hearing afforded pursuant to this chapter. Acts 1997, ch. 309, § 16.
The Uniform Administrative Procedures Act, compiled in title 4, chapter 5, applies to any hearing afforded pursuant to this chapter.
Acts 1997, ch. 309, § 16.
Tenn. Code Ann. § 45-15-112 — TN Code / Title 45 / Chapter 15 / Section 45-15-112
Right to redeem
Status: in_force

Except as otherwise provided in this chapter, the pledgor, upon presentation of suitable identification, shall be entitled to redeem the titled personal property and/or certificate of title described therein upon satisfaction of all outstanding obligations pursuant to the title pledge or property pledge agreement and this chapter. Acts 1995, ch. 186, § 13.
Except as otherwise provided in this chapter, the pledgor, upon presentation of suitable identification, shall be entitled to redeem the titled personal property and/or certificate of title described therein upon satisfaction of all outstanding obligations pursuant to the title pledge or property pledge agreement and this chapter.
Acts 1995, ch. 186, § 13.
Tenn. Code Ann. § 45-2-1905 — TN Code / Title 45 / Chapter 2 / Section 45-2-1905
Variable interest rates
Status: in_force

If the agreement governing the credit card plan so provides, the rate or rates of interest under the plan may vary in accordance with a schedule or formula, and/or upon the happening of any event or circumstance specified in the agreement, including, but not limited to, the failure of the cardholder to perform in accordance with the terms of the agreement. The interest rates, as so varied, may be made applicable to all or any part of the outstanding indebtedness under the plan on or after the effective date of the variation, including the indebtedness arising out of extensions of credit made prior to the variation in the interest rates. Acts 1993, ch. 447, § 8.
If the agreement governing the credit card plan so provides, the rate or rates of interest under the plan may vary in accordance with a schedule or formula, and/or upon the happening of any event or circumstance specified in the agreement, including, but not limited to, the failure of the cardholder to perform in accordance with the terms of the agreement. The interest rates, as so varied, may be made applicable to all or any part of the outstanding indebtedness under the plan on or after the effective date of the variation, including the indebtedness arising out of extensions of credit made prior to the variation in the interest rates.
Acts 1993, ch. 447, § 8.
Tenn. Code Ann. § 45-2-1306 — TN Code / Title 45 / Chapter 2 / Section 45-2-1306
Effective date of merger - Certificate of merger
Status: in_force

(a) A merger that is to result in a state bank shall, unless a later date is specified in the agreement, become effective upon the filing with the commissioner of the executed agreement, together with copies of the resolutions of the stockholders of each merging bank approving it, certified by the bank's president or a vice president and a cashier. The charters of the merging banks, other than the continuing bank, shall thereupon automatically terminate. (b) The commissioner shall then issue to the resulting bank a certificate of merger, which shall constitute a continuing charter, specifying the name of each merging bank and the name of the resulting state bank. The certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and shall be recorded in the same manner as is provided for the recording of a charter of a new bank in § 45-2-205(c) . Acts 1969, ch. 36, § 1 (3.406); 1973, ch. 294, § 6; T.C.A., § 45-606.
(a) A merger that is to result in a state bank shall, unless a later date is specified in the agreement, become effective upon the filing with the commissioner of the executed agreement, together with copies of the resolutions of the stockholders of each merging bank approving it, certified by the bank's president or a vice president and a cashier. The charters of the merging banks, other than the continuing bank, shall thereupon automatically terminate.
(b) The commissioner shall then issue to the resulting bank a certificate of merger, which shall constitute a continuing charter, specifying the name of each merging bank and the name of the resulting state bank. The certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and shall be recorded in the same manner as is provided for the recording of a charter of a new bank in § 45-2-205(c) .
Acts 1969, ch. 36, § 1 (3.406); 1973, ch. 294, § 6; T.C.A., § 45-606.
Tenn. Code Ann. § 45-3-525 — TN Code / Title 45 / Chapter 3 / Section 45-3-525
Acknowledgement or affidavit - Guaranty
Status: in_force

(a) A savings institution shall require any persons seeking to cash checks payable to a decedent as provided in § 45-2-711 to deliver to the savings institution an affidavit, given under the penalty of perjury, in a form acceptable to the savings institution or in a form that, at the minimum, contains the following: (1) The name of the decedent; (2) The decedent's date of death; (3) The amount and payor of any checks, if the funds are from checks or electronic payments; (4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and (5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law. (b) A savings institution may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in § 45-2-708 , to deliver to the savings institution an affidavit, given under penalty of perjury in a form acceptable to the savings institution as provided in subsection (a). (c) A savings institution may require any person who obtains funds from a deposit account pursuant to § 45-2-708 or to negotiate checks pursuant to § 45-2-711 to provide an indemnity and guarantee to the savings institution in the amount of the funds obtained. Acts 2014, ch. 597, § 3.
(a) A savings institution shall require any persons seeking to cash checks payable to a decedent as provided in § 45-2-711 to deliver to the savings institution an affidavit, given under the penalty of perjury, in a form acceptable to the savings institution or in a form that, at the minimum, contains the following: (1) The name of the decedent; (2) The decedent's date of death; (3) The amount and payor of any checks, if the funds are from checks or electronic payments; (4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and (5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(1) The name of the decedent;
(2) The decedent's date of death;
(3) The amount and payor of any checks, if the funds are from checks or electronic payments;
(4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and
(5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and
(B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(i) There are no unpaid creditors of the decedent;
(ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and
(iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(b) A savings institution may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in § 45-2-708 , to deliver to the savings institution an affidavit, given under penalty of perjury in a form acceptable to the savings institution as provided in subsection (a).
(c) A savings institution may require any person who obtains funds from a deposit account pursuant to § 45-2-708 or to negotiate checks pursuant to § 45-2-711 to provide an indemnity and guarantee to the savings institution in the amount of the funds obtained.
Acts 2014, ch. 597, § 3.
Tenn. Code Ann. § 45-2-1805 — TN Code / Title 45 / Chapter 2 / Section 45-2-1805
Lending limits
Status: in_force

(a) The lending limit provisions of § 45-2-1102 shall apply to extensions of credit by a state bank to any subsidiary engaging in one (1) or more of the activities permitted in § 45-2-1802 , and the sale and purchase of classified loans or loan participations restrictions of § 45-2-1102 shall apply to sales or purchases of classified loans from a state bank to any subsidiary engaged in one (1) or more of the activities permitted in § 45-2-1802 . (b) The amount of any outstanding underwriting commitment or obligation of a state bank or its subsidiary with respect to any single issuer shall not exceed: (1) The total of the combined lending limits, state and federal, of the state bank and all other banks that are controlled by the same holding company as the state bank; less (2) The total of all outstanding extensions of credit to the issuer from the state bank and from all other banks that are controlled by the same bank holding company as the state bank; provided, that: (A) The distribution of open-end mutual funds shall not be considered underwriting; and (B) An obligation authorized by § 45-2-607 that is held as an investment by a state bank shall not be considered an extension of credit by the bank. Acts 1989, ch. 168, § 1.
(a) The lending limit provisions of § 45-2-1102 shall apply to extensions of credit by a state bank to any subsidiary engaging in one (1) or more of the activities permitted in § 45-2-1802 , and the sale and purchase of classified loans or loan participations restrictions of § 45-2-1102 shall apply to sales or purchases of classified loans from a state bank to any subsidiary engaged in one (1) or more of the activities permitted in § 45-2-1802 .
(b) The amount of any outstanding underwriting commitment or obligation of a state bank or its subsidiary with respect to any single issuer shall not exceed: (1) The total of the combined lending limits, state and federal, of the state bank and all other banks that are controlled by the same holding company as the state bank; less (2) The total of all outstanding extensions of credit to the issuer from the state bank and from all other banks that are controlled by the same bank holding company as the state bank; provided, that: (A) The distribution of open-end mutual funds shall not be considered underwriting; and (B) An obligation authorized by § 45-2-607 that is held as an investment by a state bank shall not be considered an extension of credit by the bank.
(1) The total of the combined lending limits, state and federal, of the state bank and all other banks that are controlled by the same holding company as the state bank; less
(2) The total of all outstanding extensions of credit to the issuer from the state bank and from all other banks that are controlled by the same bank holding company as the state bank; provided, that: (A) The distribution of open-end mutual funds shall not be considered underwriting; and (B) An obligation authorized by § 45-2-607 that is held as an investment by a state bank shall not be considered an extension of credit by the bank.
(A) The distribution of open-end mutual funds shall not be considered underwriting; and
(B) An obligation authorized by § 45-2-607 that is held as an investment by a state bank shall not be considered an extension of credit by the bank.
Acts 1989, ch. 168, § 1.
Tenn. Code Ann. § 45-13-211 — TN Code / Title 45 / Chapter 13 / Section 45-13-211
Managing principals and branch managers
Status: in_force

(a) Each mortgage lender or mortgage loan broker licensed under this chapter shall have a managing principal who operates the business under that person's full charge, control and supervision. Each principal and branch office of a mortgage lender or mortgage loan broker shall have a manager. The mortgage lender or mortgage loan broker shall have the responsibility of ensuring that the manager has sufficient experience in the mortgage lending industry to operate the business of the mortgage lender or mortgage loan broker lawfully. The managing principal for a mortgage lender's or mortgage loan broker's business may also serve as the branch manager of one (1) of the mortgage lender's or mortgage loan broker's branch offices. Any individual mortgage lender or mortgage loan broker who operates a sole proprietorship shall be considered a managing principal for purposes of this chapter. (b) Each mortgage lender or mortgage loan broker shall file a form as prescribed by the commissioner indicating the business's designation of managing principal and branch manager for each branch and each individual's acceptance of the responsibility. (c) Each mortgage lender or mortgage loan broker shall notify the commissioner in writing within fourteen (14) business days of any change in its managing principal or branch manager designated for each branch. Acts 2009, ch. 499, § 8.
(a) Each mortgage lender or mortgage loan broker licensed under this chapter shall have a managing principal who operates the business under that person's full charge, control and supervision. Each principal and branch office of a mortgage lender or mortgage loan broker shall have a manager. The mortgage lender or mortgage loan broker shall have the responsibility of ensuring that the manager has sufficient experience in the mortgage lending industry to operate the business of the mortgage lender or mortgage loan broker lawfully. The managing principal for a mortgage lender's or mortgage loan broker's business may also serve as the branch manager of one (1) of the mortgage lender's or mortgage loan broker's branch offices. Any individual mortgage lender or mortgage loan broker who operates a sole proprietorship shall be considered a managing principal for purposes of this chapter.
(b) Each mortgage lender or mortgage loan broker shall file a form as prescribed by the commissioner indicating the business's designation of managing principal and branch manager for each branch and each individual's acceptance of the responsibility.
(c) Each mortgage lender or mortgage loan broker shall notify the commissioner in writing within fourteen (14) business days of any change in its managing principal or branch manager designated for each branch.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-2-502 — TN Code / Title 45 / Chapter 2 / Section 45-2-502
Power to subscribe to stock
Status: in_force

Any state bank has the power to subscribe to the capital stock and become a member of a federal reserve bank. Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-302.
Any state bank has the power to subscribe to the capital stock and become a member of a federal reserve bank.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-302.
Tenn. Code Ann. § 45-8-204 — TN Code / Title 45 / Chapter 8 / Section 45-8-204
Relation to other acts
Status: in_force

A corporation licensed under and pursuant to this part shall be known as a BIDCO, shall be subject to regulation by the commissioner, and shall be deemed subject to the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, or the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68, to the extent that the law is not inconsistent with the express provisions of this part. Acts 1989, ch. 124, § 4.
A corporation licensed under and pursuant to this part shall be known as a BIDCO, shall be subject to regulation by the commissioner, and shall be deemed subject to the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, or the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68, to the extent that the law is not inconsistent with the express provisions of this part.
Acts 1989, ch. 124, § 4.
Tenn. Code Ann. § 45-3-206 — TN Code / Title 45 / Chapter 3 / Section 45-3-206
Certificate of authority
Status: in_force

(a) Filing of Required Information. After approval by the commissioner of the application for authority to organize, the proposed association shall: (1) File with the commissioner its charter and bylaws for approval; and (2) File with the commissioner a statement in a form and with supporting data and proof that the commissioner may require, showing that the entire capital including paid-in surplus or expense fund has been fully paid in lawful money unconditionally and that the funds representing the capital and, as the case may be, paid-in surplus or expense fund less sums spent with the approval of the commissioner for organization are on hand, and that it has acquired a commitment for the insurance of deposit accounts as provided in this chapter. (b) Issuance of Certificate of Authority. If the commissioner finds that the proposed association has in good faith complied with all the requirements of law, the commissioner shall approve the issuance of a certificate of authority and shall within thirty (30) days after the filing of the statement specified in this section, issue, in triplicate, a certificate of authority to transact a general savings and loan business. The commissioner shall then transmit a copy of the charter and the certificate of authority, together with all required supporting documents, to the secretary of state for filing as provided under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. Upon filing by the secretary of state, the existence of the association shall begin. Until that time, and except for the limited activities of incorporators and officers during the period of interim organization under this chapter, any proposed association shall not engage in any savings and loan business. (c) Opportunity to Answer Objections. If the commissioner does not approve the issuance of a certificate of authority, the commissioner shall state any objections in writing and give an opportunity to the proposed association to obviate the objections. Acts 1978, ch. 708, § 1.20; T.C.A., § 45-1320; Acts 1994, ch. 551, § 19.
(a) Filing of Required Information. After approval by the commissioner of the application for authority to organize, the proposed association shall: (1) File with the commissioner its charter and bylaws for approval; and (2) File with the commissioner a statement in a form and with supporting data and proof that the commissioner may require, showing that the entire capital including paid-in surplus or expense fund has been fully paid in lawful money unconditionally and that the funds representing the capital and, as the case may be, paid-in surplus or expense fund less sums spent with the approval of the commissioner for organization are on hand, and that it has acquired a commitment for the insurance of deposit accounts as provided in this chapter.
(1) File with the commissioner its charter and bylaws for approval; and
(2) File with the commissioner a statement in a form and with supporting data and proof that the commissioner may require, showing that the entire capital including paid-in surplus or expense fund has been fully paid in lawful money unconditionally and that the funds representing the capital and, as the case may be, paid-in surplus or expense fund less sums spent with the approval of the commissioner for organization are on hand, and that it has acquired a commitment for the insurance of deposit accounts as provided in this chapter.
(b) Issuance of Certificate of Authority. If the commissioner finds that the proposed association has in good faith complied with all the requirements of law, the commissioner shall approve the issuance of a certificate of authority and shall within thirty (30) days after the filing of the statement specified in this section, issue, in triplicate, a certificate of authority to transact a general savings and loan business. The commissioner shall then transmit a copy of the charter and the certificate of authority, together with all required supporting documents, to the secretary of state for filing as provided under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. Upon filing by the secretary of state, the existence of the association shall begin. Until that time, and except for the limited activities of incorporators and officers during the period of interim organization under this chapter, any proposed association shall not engage in any savings and loan business.
(c) Opportunity to Answer Objections. If the commissioner does not approve the issuance of a certificate of authority, the commissioner shall state any objections in writing and give an opportunity to the proposed association to obviate the objections.
Acts 1978, ch. 708, § 1.20; T.C.A., § 45-1320; Acts 1994, ch. 551, § 19.
Tenn. Code Ann. § 45-13-404 — TN Code / Title 45 / Chapter 13 / Section 45-13-404
Investigation and examinations
Status: in_force

(a) In addition to any authority allowed the commissioner elsewhere, the commissioner shall have the authority to conduct investigations and examinations of persons subject to this chapter, including those suspected to be engaging in business subject to this chapter, as often as necessary in order to carry out the purposes of this chapter. In order to carry out the purposes of this section, the commissioner may: (1) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures and documents, records, information or evidence obtained under this section; (2) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate persons subject to this chapter; (3) Accept and rely on examination or investigation reports made by other government officials, within or without this state; and (4) Accept audit reports made by independent certified public accountants for the person subject to this chapter in the course of that part of the examination covering the same general subject matter as the audit and incorporate the audit report in the report of examination, report of investigation or other writing of the commissioner. (b) For purposes of initial licensing, renewal, suspension or revocation, or for general or specific inquiry relative to any other investigation or examination, the commissioner shall have the authority to access, receive, review and use any books, accounts, records, files, documents, information or evidence, including, but not limited to, the following: (1) Criminal, civil and administrative history information; (2) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and (3) Any other documents, information or evidence the commissioner deems relevant to the inquiry or investigation, regardless of the location, possession, control or custody of the documents, information or evidence. (c) To carry out an investigation or examination, the commissioner may issue subpoenas, administer oaths, compel attendance, examine under oath all persons whose testimony may be relevant and compel the production of any relevant records, books, papers, contracts, accounts, files or other documents. This power shall include the authority to interview the officers, principals, loan originators, employees, independent contractors, agents and customers of the subject of the investigation or examination concerning the business of the licensee or other person subject to this chapter. (d) Each person subject to investigation or examination shall make available to the commissioner upon request the books and records relating to the operations of the person and shall permit the commissioner to have access to the person's offices and places of business. In addition, the person shall make or compile reports or prepare other information as directed by the commissioner in order to carry out the purposes of this section, including, but not limited to: (1) Accounting compilations; (2) Information lists and data concerning loan transactions in a format prescribed by the commissioner; or (3) Other information deemed necessary to carry out the purposes of this section. (e) If any person fails to comply with a subpoena of the commissioner under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the commissioner may petition any court of competent jurisdiction for enforcement and may additionally suspend any license issued to the person pending compliance with the subpoena. (f) A mortgage lender, mortgage loan broker, mortgage loan servicer or registrant that is investigated or examined under this section from July 1, 2015, through December 31, 2015, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. After December 31, 2015, the costs for an examination or investigation of licensees or registrants shall be assessed pursuant to § 45-1-118(i) . An unlicensed person subject to the licensing 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) Any person aggrieved by the conduct of a person subject to this chapter in connection with a residential mortgage loan or in connection with any other activities of a mortgage lender, mortgage loan servicer or mortgage loan broker may file a written complaint with the commissioner, who is authorized to investigate the complaint. (h) The commissioner has exclusive administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaints relate to mortgage lenders, mortgage loan brokers, mortgage servicers or mortgage loan originators. (i) No person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information that the commissioner may lawfully examine or investigate. (j) The authority of this section shall remain in effect whether the person subject to investigation or examination acts or claims to act under any licensing or registration law or claims to act without such authority. Amended by 2014 Tenn. Acts, ch. 736, s 12, eff. 7/1/2015. Amended by 2014 Tenn. Acts, ch. 736, s 11, eff. 7/1/2015. Acts 2009 , ch. 499, § 8; 2012 , ch. 729, § 1.
(a) In addition to any authority allowed the commissioner elsewhere, the commissioner shall have the authority to conduct investigations and examinations of persons subject to this chapter, including those suspected to be engaging in business subject to this chapter, as often as necessary in order to carry out the purposes of this chapter. In order to carry out the purposes of this section, the commissioner may: (1) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures and documents, records, information or evidence obtained under this section; (2) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate persons subject to this chapter; (3) Accept and rely on examination or investigation reports made by other government officials, within or without this state; and (4) Accept audit reports made by independent certified public accountants for the person subject to this chapter in the course of that part of the examination covering the same general subject matter as the audit and incorporate the audit report in the report of examination, report of investigation or other writing of the commissioner.
(1) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures and documents, records, information or evidence obtained under this section;
(2) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate persons subject to this chapter;
(3) Accept and rely on examination or investigation reports made by other government officials, within or without this state; and
(4) Accept audit reports made by independent certified public accountants for the person subject to this chapter in the course of that part of the examination covering the same general subject matter as the audit and incorporate the audit report in the report of examination, report of investigation or other writing of the commissioner.
(b) For purposes of initial licensing, renewal, suspension or revocation, or for general or specific inquiry relative to any other investigation or examination, the commissioner shall have the authority to access, receive, review and use any books, accounts, records, files, documents, information or evidence, including, but not limited to, the following: (1) Criminal, civil and administrative history information; (2) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and (3) Any other documents, information or evidence the commissioner deems relevant to the inquiry or investigation, regardless of the location, possession, control or custody of the documents, information or evidence.
(1) Criminal, civil and administrative history information;
(2) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act ( 15 U.S.C. § 1681a(p) ); and
(3) Any other documents, information or evidence the commissioner deems relevant to the inquiry or investigation, regardless of the location, possession, control or custody of the documents, information or evidence.
(c) To carry out an investigation or examination, the commissioner may issue subpoenas, administer oaths, compel attendance, examine under oath all persons whose testimony may be relevant and compel the production of any relevant records, books, papers, contracts, accounts, files or other documents. This power shall include the authority to interview the officers, principals, loan originators, employees, independent contractors, agents and customers of the subject of the investigation or examination concerning the business of the licensee or other person subject to this chapter.
(d) Each person subject to investigation or examination shall make available to the commissioner upon request the books and records relating to the operations of the person and shall permit the commissioner to have access to the person's offices and places of business. In addition, the person shall make or compile reports or prepare other information as directed by the commissioner in order to carry out the purposes of this section, including, but not limited to: (1) Accounting compilations; (2) Information lists and data concerning loan transactions in a format prescribed by the commissioner; or (3) Other information deemed necessary to carry out the purposes of this section.
(1) Accounting compilations;
(2) Information lists and data concerning loan transactions in a format prescribed by the commissioner; or
(3) Other information deemed necessary to carry out the purposes of this section.
(e) If any person fails to comply with a subpoena of the commissioner under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the commissioner may petition any court of competent jurisdiction for enforcement and may additionally suspend any license issued to the person pending compliance with the subpoena.
(f) A mortgage lender, mortgage loan broker, mortgage loan servicer or registrant that is investigated or examined under this section from July 1, 2015, through December 31, 2015, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. After December 31, 2015, the costs for an examination or investigation of licensees or registrants shall be assessed pursuant to § 45-1-118(i) . An unlicensed person subject to the licensing 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) Any person aggrieved by the conduct of a person subject to this chapter in connection with a residential mortgage loan or in connection with any other activities of a mortgage lender, mortgage loan servicer or mortgage loan broker may file a written complaint with the commissioner, who is authorized to investigate the complaint.
(h) The commissioner has exclusive administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaints relate to mortgage lenders, mortgage loan brokers, mortgage servicers or mortgage loan originators.
(i) No person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information that the commissioner may lawfully examine or investigate.
(j) The authority of this section shall remain in effect whether the person subject to investigation or examination acts or claims to act under any licensing or registration law or claims to act without such authority.
Amended by 2014 Tenn. Acts, ch. 736, s 12, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736, s 11, eff. 7/1/2015.
Acts 2009 , ch. 499, § 8; 2012 , ch. 729, § 1.
Tenn. Code Ann. § 45-10-119 — TN Code / Title 45 / Chapter 10 / Section 45-10-119
Administrative subpoena for records relevant to financial exploitation
Status: in_force

(a) A financial institution shall provide access to or copies of records that are relevant to suspected actual or attempted financial exploitation, as defined in § 45-2-1202 , in response to an administrative subpoena that satisfies the requirements of § 45-10-103(8) issued by the department of human services, adult protective services as provided in § 71-6-103(j)(4)(A) . The records requested pursuant to this subsection (a) must be limited to historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation not to exceed thirty (30) calendar days prior to the first transaction that was reported, or thirty (30) calendar days after the last transaction that was reported. (b) The administrative subpoena and records provided under this section are exempt from the customer consent and customer notice requirements of §§ 45-10-105 and 45-10-106 . (c) A financial institution has up to fourteen (14) business days to respond to an administrative subpoena described in subsection (a). (d) The department of human services must provide notice to the customer whose records are requested pursuant to subsection (a) not later than thirty (30) days after receipt of the records from the financial institution. However, the department may delay the notice to the customer by seeking a judicial delay pursuant to § 45-10-117 . Added by 2017 Tenn. Acts, ch. 264,s 3, eff. 7/1/2017.
(a) A financial institution shall provide access to or copies of records that are relevant to suspected actual or attempted financial exploitation, as defined in § 45-2-1202 , in response to an administrative subpoena that satisfies the requirements of § 45-10-103(8) issued by the department of human services, adult protective services as provided in § 71-6-103(j)(4)(A) . The records requested pursuant to this subsection (a) must be limited to historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation not to exceed thirty (30) calendar days prior to the first transaction that was reported, or thirty (30) calendar days after the last transaction that was reported.
(b) The administrative subpoena and records provided under this section are exempt from the customer consent and customer notice requirements of §§ 45-10-105 and 45-10-106 .
(c) A financial institution has up to fourteen (14) business days to respond to an administrative subpoena described in subsection (a).
(d) The department of human services must provide notice to the customer whose records are requested pursuant to subsection (a) not later than thirty (30) days after receipt of the records from the financial institution. However, the department may delay the notice to the customer by seeking a judicial delay pursuant to § 45-10-117 .
Added by 2017 Tenn. Acts, ch. 264,s 3, eff. 7/1/2017.
Tenn. Code Ann. § 45-2-1105 — TN Code / Title 45 / Chapter 2 / Section 45-2-1105
Participation with other lenders
Status: in_force

A state bank may participate in a loan with another lender to the extent that its participation does not exceed its legal limit for the type of loan except that participation may not violate § 45-2-1102(c) . Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-432; Acts 1984, ch. 573, § 2.
A state bank may participate in a loan with another lender to the extent that its participation does not exceed its legal limit for the type of loan except that participation may not violate § 45-2-1102(c) .
Acts 1969, ch. 36, § 1 (3.241); T.C.A., § 45-432; Acts 1984, ch. 573, § 2.
Tenn. Code Ann. § 45-3-1104 — TN Code / Title 45 / Chapter 3 / Section 45-3-1104
Procedure to effect sale of assets
Status: in_force

The procedure to effect a sale of all or substantially all of the assets of an association shall be as follows: (1) Resolution by Board of Directors. The board of directors shall, by resolution adopted by a majority of the existing members of the board, approve the sale and set forth in the resolution the terms and conditions of the sale; (2) Approval by Commissioner. The resolution approving and setting forth the terms of the proposed sale shall be submitted to the commissioner for the commissioner's approval and shall be supplemented by additional information that the commissioner may require. If the commissioner finds that the proposed sale is fair to all depositors, other creditors, and stockholders or members of the association and to any other persons concerned, and that provision has been made for the disposition of the remaining assets, if any, of the association as provided in this chapter for voluntary liquidation, then the commissioner shall, in writing, approve the sale and shall send notice of approval by certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove all or any part of the sale, the commissioner shall state the disapproval, together with the written objections therefor, and send the same by certified mail to the home office of the association, giving an opportunity to the association to amend the terms or conditions of the sale and resubmit the resolution so as to obviate the objections. In the event that the commissioner disapproves the proposed sale after the resubmission, the commissioner shall send written notice of the final disapproval by certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed sale by the commissioner; and (3) Approval by Stockholders or Members. Upon approval of the proposed sale by the commissioner, the same shall be submitted to a vote at any annual or special meeting of the stockholders or members. The proposed sale shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A proposal for the voluntary liquidation of the association shall be submitted to the stockholders at the same meeting or at any adjournment thereof, or at any later meeting called for that purpose in accordance with this chapter concerning voluntary liquidation. A certified report of the proceedings setting forth the terms of the proposed sale, the number of votes present in person or by proxy and the number of votes for and against any proposal, respectively, shall be filed with the commissioner. Acts 1978, ch. 708, § 4.12; T.C.A., § 45-1612.
The procedure to effect a sale of all or substantially all of the assets of an association shall be as follows:
(1) Resolution by Board of Directors. The board of directors shall, by resolution adopted by a majority of the existing members of the board, approve the sale and set forth in the resolution the terms and conditions of the sale;
(2) Approval by Commissioner. The resolution approving and setting forth the terms of the proposed sale shall be submitted to the commissioner for the commissioner's approval and shall be supplemented by additional information that the commissioner may require. If the commissioner finds that the proposed sale is fair to all depositors, other creditors, and stockholders or members of the association and to any other persons concerned, and that provision has been made for the disposition of the remaining assets, if any, of the association as provided in this chapter for voluntary liquidation, then the commissioner shall, in writing, approve the sale and shall send notice of approval by certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove all or any part of the sale, the commissioner shall state the disapproval, together with the written objections therefor, and send the same by certified mail to the home office of the association, giving an opportunity to the association to amend the terms or conditions of the sale and resubmit the resolution so as to obviate the objections. In the event that the commissioner disapproves the proposed sale after the resubmission, the commissioner shall send written notice of the final disapproval by certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed sale by the commissioner; and
(3) Approval by Stockholders or Members. Upon approval of the proposed sale by the commissioner, the same shall be submitted to a vote at any annual or special meeting of the stockholders or members. The proposed sale shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A proposal for the voluntary liquidation of the association shall be submitted to the stockholders at the same meeting or at any adjournment thereof, or at any later meeting called for that purpose in accordance with this chapter concerning voluntary liquidation. A certified report of the proceedings setting forth the terms of the proposed sale, the number of votes present in person or by proxy and the number of votes for and against any proposal, respectively, shall be filed with the commissioner.
Acts 1978, ch. 708, § 4.12; T.C.A., § 45-1612.
Tenn. Code Ann. § 45-2-1719 — TN Code / Title 45 / Chapter 2 / Section 45-2-1719
Injunction
Status: in_force

Whenever a violation of this chapter and chapter 1 of this title by a bank or an officer, director or employee thereof is threatened or impending and will cause substantial injury to the institution or to the depositors, or stockholders thereof, a court of competent jurisdiction shall, upon the suit of the commissioner, issue an injunction restraining the violation. Acts 1969, ch. 36, § 1 (3.619); T.C.A., § 45-1119.
Whenever a violation of this chapter and chapter 1 of this title by a bank or an officer, director or employee thereof is threatened or impending and will cause substantial injury to the institution or to the depositors, or stockholders thereof, a court of competent jurisdiction shall, upon the suit of the commissioner, issue an injunction restraining the violation.
Acts 1969, ch. 36, § 1 (3.619); T.C.A., § 45-1119.
Tenn. Code Ann. § 45-20-110 — TN Code / Title 45 / Chapter 20 / Section 45-20-110
Restrictions on local regulation
Status: in_force

All counties, municipalities, or political subdivisions of this state are prohibited from enacting and enforcing ordinances, resolutions, and rules regulating financial and lending activities, including ordinances, resolutions, and rules disqualifying persons from doing business with a city, county, or municipality based upon lending practices, interest rates or imposing reporting requirements or any other obligations upon persons regarding financial services or lending practices of persons or entities, and any subsidiaries or affiliates thereof, who: (1) Are subject to the jurisdiction of the department of financial institutions, including activities subject to this chapter; (2) Are subject to the jurisdiction of the office of thrift supervision, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission, or the United States department of housing and urban development; (3) Originate, purchase, sell, buy, secure, or service property interests or obligations created by financial transactions or loans made, executed, or originated by persons referred to in subdivision (1) or (2) to assist or facilitate the transactions; or (4) Are chartered by the United States congress to engage in secondary market mortgage transactions. Acts 2006, ch. 801, § 12.
All counties, municipalities, or political subdivisions of this state are prohibited from enacting and enforcing ordinances, resolutions, and rules regulating financial and lending activities, including ordinances, resolutions, and rules disqualifying persons from doing business with a city, county, or municipality based upon lending practices, interest rates or imposing reporting requirements or any other obligations upon persons regarding financial services or lending practices of persons or entities, and any subsidiaries or affiliates thereof, who:
(1) Are subject to the jurisdiction of the department of financial institutions, including activities subject to this chapter;
(2) Are subject to the jurisdiction of the office of thrift supervision, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission, or the United States department of housing and urban development;
(3) Originate, purchase, sell, buy, secure, or service property interests or obligations created by financial transactions or loans made, executed, or originated by persons referred to in subdivision (1) or (2) to assist or facilitate the transactions; or
(4) Are chartered by the United States congress to engage in secondary market mortgage transactions.
Acts 2006, ch. 801, § 12.
Tenn. Code Ann. § 45-12-116 — TN Code / Title 45 / Chapter 12 / Section 45-12-116
Grounds for suspension or revocation of license - Revocation or suspension of multiple licenses - Hearing
Status: in_force

(a) The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care: (1) Failed to pay any fees, expenses, or costs imposed by the commissioner under the authority of this chapter; (2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations; (3) Has violated any provision of this chapter, any rule issued pursuant to this chapter, or any other law in the course of the licensee's dealings as a licensee; (4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or (5) Has demonstrated incompetency or untrustworthiness to act as a licensee. (b) If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee. (c) A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care: (1) Failed to pay any fees, expenses, or costs imposed by the commissioner under the authority of this chapter; (2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations; (3) Has violated any provision of this chapter, any rule issued pursuant to this chapter, or any other law in the course of the licensee's dealings as a licensee; (4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or (5) Has demonstrated incompetency or untrustworthiness to act as a licensee.
(1) Failed to pay any fees, expenses, or costs imposed by the commissioner under the authority of this chapter;
(2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations;
(3) Has violated any provision of this chapter, any rule issued pursuant to this chapter, or any other law in the course of the licensee's dealings as a licensee;
(4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or
(5) Has demonstrated incompetency or untrustworthiness to act as a licensee.
(b) If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee.
(c) A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-2-1311 — TN Code / Title 45 / Chapter 2 / Section 45-2-1311
Nonconforming assets or business
Status: in_force

If a merging or converting bank has assets that do not conform to the requirements of state law for the resulting state bank, or carries on business activities that are not permitted for the resulting state bank, the commissioner may permit a reasonable time to conform with state law. Acts 1969, ch. 36, § 1 (3.411); 1973, ch. 294, § 6; T.C.A., § 45-611.
If a merging or converting bank has assets that do not conform to the requirements of state law for the resulting state bank, or carries on business activities that are not permitted for the resulting state bank, the commissioner may permit a reasonable time to conform with state law.
Acts 1969, ch. 36, § 1 (3.411); 1973, ch. 294, § 6; T.C.A., § 45-611.