Tenn. Code Ann. § 45-3-1403 — TN Code / Title 45 / Chapter 3 / Section 45-3-1403
Acquisitions by out-of-state savings and loan holding companies or out-of-state associations
Status: in_force

(a) An out-of-state savings and loan holding company or out-of-state association that does not have a Tennessee association subsidiary (other than a Tennessee association subsidiary that was acquired either pursuant to § 123 of the Garn-St. Germain Depository Institutions Act of 1982 ( 12 U.S.C. § 1730a(m) ) [repealed], or comparable provisions in state law, or in the regular course of securing or collecting a debt previously contracted in good faith) may acquire a Tennessee savings and loan holding company or a Tennessee association with the approval of the commissioner. (b) The out-of-state savings and loan holding company or out-of-state association shall submit to the commissioner an application for approval of the acquisition, which application shall be approved only if: (1) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit Tennessee savings and loan holding companies and Tennessee associations to acquire associations and savings and loan holding companies in that state; and (2) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit the out-of-state savings and loan holding company or out-of-state association to be acquired by the Tennessee savings and loan holding company or Tennessee association sought to be acquired. Acts 1985, ch. 268, § 1; 1990, ch. 650, § 3.
(a) An out-of-state savings and loan holding company or out-of-state association that does not have a Tennessee association subsidiary (other than a Tennessee association subsidiary that was acquired either pursuant to § 123 of the Garn-St. Germain Depository Institutions Act of 1982 ( 12 U.S.C. § 1730a(m) ) [repealed], or comparable provisions in state law, or in the regular course of securing or collecting a debt previously contracted in good faith) may acquire a Tennessee savings and loan holding company or a Tennessee association with the approval of the commissioner.
(b) The out-of-state savings and loan holding company or out-of-state association shall submit to the commissioner an application for approval of the acquisition, which application shall be approved only if: (1) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit Tennessee savings and loan holding companies and Tennessee associations to acquire associations and savings and loan holding companies in that state; and (2) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit the out-of-state savings and loan holding company or out-of-state association to be acquired by the Tennessee savings and loan holding company or Tennessee association sought to be acquired.
(1) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit Tennessee savings and loan holding companies and Tennessee associations to acquire associations and savings and loan holding companies in that state; and
(2) The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit the out-of-state savings and loan holding company or out-of-state association to be acquired by the Tennessee savings and loan holding company or Tennessee association sought to be acquired.
Acts 1985, ch. 268, § 1; 1990, ch. 650, § 3.
Tenn. Code Ann. § 45-2-1304 — TN Code / Title 45 / Chapter 2 / Section 45-2-1304
Merger procedure - Resulting state bank
Status: in_force

(a) The board of directors of each merging state bank shall, by a majority of the entire board, approve a merger agreement, which shall contain: (1) The name of each merging bank and location of each office; (2) With respect to the resulting bank: (A) Its name and the location of the principal and of each additional office, which shall not be at places other than pre-existing offices of any merging bank; (B) The name and residence of each director to serve until the next annual meeting of the stockholders; (C) The name and residence of each officer; (D) The amount of capital, the number of shares and the par value of each share; (E) Whether preferred stock is to be issued and the amount, terms, and preference; and (F) The designation of the continuing bank, the charter of which is to be the charter of the resulting bank, together with the amendments to the continuing charter and to the continuing bylaws; (3) Provisions governing the manner of converting the shares of the merging banks into shares of the resulting state bank; (4) A statement that the agreement is subject to approval by the commissioner and by the stockholders of each merging bank; (5) Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting stockholders of merging banks; (6) Provisions for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution when the merger involves an association; and (7) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the merger. (b) After approval by the board of directors of each merging state bank, the merger agreement shall be submitted to the commissioner for approval, together with certified copies of the authorizing resolutions of each board of directors showing approval by a majority of the entire board and evidence of proper action by the board of directors of any merging national bank. (c) The commissioner shall approve the agreement if it appears that: (1) The resulting state bank meets the requirements of state law as to the formation of a new state bank; (2) The agreement provides an adequate capital structure, including surplus, in relation to the deposit liabilities of the resulting state bank and its other activities that are to continue or are to be undertaken; (3) The agreement is fair; (4) The merger is not contrary to the public interest; and (5) When the merger involves an association, the schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe and unsound practices. (d) If the commissioner disapproves an agreement, the commissioner shall state any objections and give an opportunity to the merging banks to amend the merger agreement to obviate the objections. (e) The merger procedure prescribed in this section shall also apply to the merger of an association and state bank resulting in a state bank. Acts 1969, ch. 36, § 1 (3.404); 1973, ch. 294, § 6; T.C.A., § 45-604; Acts 1985, ch. 174, §§ 5-7.
(a) The board of directors of each merging state bank shall, by a majority of the entire board, approve a merger agreement, which shall contain: (1) The name of each merging bank and location of each office; (2) With respect to the resulting bank: (A) Its name and the location of the principal and of each additional office, which shall not be at places other than pre-existing offices of any merging bank; (B) The name and residence of each director to serve until the next annual meeting of the stockholders; (C) The name and residence of each officer; (D) The amount of capital, the number of shares and the par value of each share; (E) Whether preferred stock is to be issued and the amount, terms, and preference; and (F) The designation of the continuing bank, the charter of which is to be the charter of the resulting bank, together with the amendments to the continuing charter and to the continuing bylaws; (3) Provisions governing the manner of converting the shares of the merging banks into shares of the resulting state bank; (4) A statement that the agreement is subject to approval by the commissioner and by the stockholders of each merging bank; (5) Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting stockholders of merging banks; (6) Provisions for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution when the merger involves an association; and (7) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the merger.
(1) The name of each merging bank and location of each office;
(2) With respect to the resulting bank: (A) Its name and the location of the principal and of each additional office, which shall not be at places other than pre-existing offices of any merging bank; (B) The name and residence of each director to serve until the next annual meeting of the stockholders; (C) The name and residence of each officer; (D) The amount of capital, the number of shares and the par value of each share; (E) Whether preferred stock is to be issued and the amount, terms, and preference; and (F) The designation of the continuing bank, the charter of which is to be the charter of the resulting bank, together with the amendments to the continuing charter and to the continuing bylaws;
(A) Its name and the location of the principal and of each additional office, which shall not be at places other than pre-existing offices of any merging bank;
(B) The name and residence of each director to serve until the next annual meeting of the stockholders;
(C) The name and residence of each officer;
(D) The amount of capital, the number of shares and the par value of each share;
(E) Whether preferred stock is to be issued and the amount, terms, and preference; and
(F) The designation of the continuing bank, the charter of which is to be the charter of the resulting bank, together with the amendments to the continuing charter and to the continuing bylaws;
(3) Provisions governing the manner of converting the shares of the merging banks into shares of the resulting state bank;
(4) A statement that the agreement is subject to approval by the commissioner and by the stockholders of each merging bank;
(5) Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting stockholders of merging banks;
(6) Provisions for terminating any activities and disposing of any assets that do not conform to the requirements of the resulting institution when the merger involves an association; and
(7) Other provisions that the commissioner requires in order to discharge the commissioner's duties with respect to the merger.
(b) After approval by the board of directors of each merging state bank, the merger agreement shall be submitted to the commissioner for approval, together with certified copies of the authorizing resolutions of each board of directors showing approval by a majority of the entire board and evidence of proper action by the board of directors of any merging national bank.
(c) The commissioner shall approve the agreement if it appears that: (1) The resulting state bank meets the requirements of state law as to the formation of a new state bank; (2) The agreement provides an adequate capital structure, including surplus, in relation to the deposit liabilities of the resulting state bank and its other activities that are to continue or are to be undertaken; (3) The agreement is fair; (4) The merger is not contrary to the public interest; and (5) When the merger involves an association, the schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe and unsound practices.
(1) The resulting state bank meets the requirements of state law as to the formation of a new state bank;
(2) The agreement provides an adequate capital structure, including surplus, in relation to the deposit liabilities of the resulting state bank and its other activities that are to continue or are to be undertaken;
(3) The agreement is fair;
(4) The merger is not contrary to the public interest; and
(5) When the merger involves an association, the schedule for termination of any nonconforming activities and disposition of any nonconforming assets is timely, and the plan for termination and disposition does not include any unsafe and unsound practices.
(d) If the commissioner disapproves an agreement, the commissioner shall state any objections and give an opportunity to the merging banks to amend the merger agreement to obviate the objections.
(e) The merger procedure prescribed in this section shall also apply to the merger of an association and state bank resulting in a state bank.
Acts 1969, ch. 36, § 1 (3.404); 1973, ch. 294, § 6; T.C.A., § 45-604; Acts 1985, ch. 174, §§ 5-7.
Tenn. Code Ann. § 45-4-502 — TN Code / Title 45 / Chapter 4 / Section 45-4-502
Credit union may borrow
Status: in_force

(a) A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union. (b) A central credit union, as defined in § 45-4-101 , has the power to borrow from any source, and is not subject to the limitations of subsection (a). Acts 1923, ch. 68, § 18; Shan. Supp., § 2198a25; Code 1932, § 3852; Acts 1978, ch. 552, § 5; T.C.A. (orig. ed.), § 45-1823; Acts 1982, ch. 722, § 1.
(a) A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union.
(b) A central credit union, as defined in § 45-4-101 , has the power to borrow from any source, and is not subject to the limitations of subsection (a).
Acts 1923, ch. 68, § 18; Shan. Supp., § 2198a25; Code 1932, § 3852; Acts 1978, ch. 552, § 5; T.C.A. (orig. ed.), § 45-1823; Acts 1982, ch. 722, § 1.
Tenn. Code Ann. § 45-2-2109 — TN Code / Title 45 / Chapter 2 / Section 45-2-2109
Change of control in or of controlling person of state trust company
Status: in_force

Section 45-2-103(a) , including the requirement to file an application and receive the prior approval of the commissioner, shall apply to a change of control in a state trust company or a controlling person of a state trust company. In the case of a change of control in a controlling person, the commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the public. Along with the change of control application the commissioner may, in the commissioner's discretion, require fingerprints and consent to a criminal history records check, or an international criminal background investigation, as provided in § 45-2-2103(b) . Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Section 45-2-103(a) , including the requirement to file an application and receive the prior approval of the commissioner, shall apply to a change of control in a state trust company or a controlling person of a state trust company. In the case of a change of control in a controlling person, the commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the public. Along with the change of control application the commissioner may, in the commissioner's discretion, require fingerprints and consent to a criminal history records check, or an international criminal background investigation, as provided in § 45-2-2103(b) .
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Tenn. Code Ann. § 45-5-607 — TN Code / Title 45 / Chapter 5 / Section 45-5-607
Applicability of laws pertaining to banks
Status: in_force

In order to protect the interests of holders of thrift certificates, in addition to the other provisions of chapters 1 and 2 of this title made applicable by this chapter to industrial banks, the following sections are applicable to industrial banks as to state banks generally: §§ 45-1-122 ; 45-2-101 [repealed]; 45-2-103; 45-2-203; 45-2-207(a), (d) and (e); 45-2-207(c), except the reference to "trust powers"; 45-2-208, except that loan limits for industrial banks shall be controlled by § 45-5-302 , rather than § 45-2-1102 ; 45-2-209 [repealed]; 45-2-404; 45-2-607, except that industrial banks may invest in obligations that satisfy the requirements of chapter 5 of this title; and 45-2-616. Acts 1983, ch. 274, § 20.
In order to protect the interests of holders of thrift certificates, in addition to the other provisions of chapters 1 and 2 of this title made applicable by this chapter to industrial banks, the following sections are applicable to industrial banks as to state banks generally: §§ 45-1-122 ; 45-2-101 [repealed]; 45-2-103; 45-2-203; 45-2-207(a), (d) and (e); 45-2-207(c), except the reference to "trust powers"; 45-2-208, except that loan limits for industrial banks shall be controlled by § 45-5-302 , rather than § 45-2-1102 ; 45-2-209 [repealed]; 45-2-404; 45-2-607, except that industrial banks may invest in obligations that satisfy the requirements of chapter 5 of this title; and 45-2-616.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-2-1313 — TN Code / Title 45 / Chapter 2 / Section 45-2-1313
Merger of bank in financial difficulty
Status: in_force

(a) If a bank is determined to be in financial difficulty by the appropriate regulatory officials, as defined in § 45-2-1402 , it may be merged into any other bank in this state, notwithstanding §§ 45-2-614 and 45-2-1302(a) . (b) The merger procedure shall be the same as that procedure required for a regular merger pursuant to this part except that no notice by publication need be given. (c) Prior to approving a merger pursuant to this section, the appropriate regulatory officials shall determine that alternative methods of protecting the depositors and stockholders of a bank in financial difficulty are not feasible. Acts 1981, ch. 330, § 1.
(a) If a bank is determined to be in financial difficulty by the appropriate regulatory officials, as defined in § 45-2-1402 , it may be merged into any other bank in this state, notwithstanding §§ 45-2-614 and 45-2-1302(a) .
(b) The merger procedure shall be the same as that procedure required for a regular merger pursuant to this part except that no notice by publication need be given.
(c) Prior to approving a merger pursuant to this section, the appropriate regulatory officials shall determine that alternative methods of protecting the depositors and stockholders of a bank in financial difficulty are not feasible.
Acts 1981, ch. 330, § 1.
Tenn. Code Ann. § 45-8-223 — TN Code / Title 45 / Chapter 8 / Section 45-8-223
Intentional violators - Penalties
Status: in_force

(a) A person who knowingly commits an act that violates § 45-8-222 commits a Class A misdemeanor. (b) This section does not apply to an act committed or omitted in good faith in conformity with an order or rule of the commissioner, notwithstanding that order or rule is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason. (c) Nothing in this part limits the power of the state to punish a person for an act that constitutes a crime under any statute. Acts 1989, ch. 124, § 23; 1989, ch. 591, § 1.
(a) A person who knowingly commits an act that violates § 45-8-222 commits a Class A misdemeanor.
(b) This section does not apply to an act committed or omitted in good faith in conformity with an order or rule of the commissioner, notwithstanding that order or rule is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.
(c) Nothing in this part limits the power of the state to punish a person for an act that constitutes a crime under any statute.
Acts 1989, ch. 124, § 23; 1989, ch. 591, § 1.
Tenn. Code Ann. § 45-2-220 — TN Code / Title 45 / Chapter 2 / Section 45-2-220
Organization as a limited liability company - Rules and regulations - Applicability of limited liability company laws
Status: in_force

(a) Subject to the requirements and restrictions of this chapter, including, but not limited to, deposit insurance requirements where applicable, a bank or trust company may organize as a limited liability company pursuant to title 48, chapters 201-249. (b) The department shall have the authority to promulgate rules and regulations specifying the conditions under which a bank or trust company may organize as a limited liability company. (c) To the extent title 48, chapters 201-249 is consistent with and not in conflict with this chapter and the rules and regulations of the department, title 48, chapters 201-249 shall apply to a bank or trust company that has organized as a limited liability company. Acts 2006, ch. 660, § 4.
(a) Subject to the requirements and restrictions of this chapter, including, but not limited to, deposit insurance requirements where applicable, a bank or trust company may organize as a limited liability company pursuant to title 48, chapters 201-249.
(b) The department shall have the authority to promulgate rules and regulations specifying the conditions under which a bank or trust company may organize as a limited liability company.
(c) To the extent title 48, chapters 201-249 is consistent with and not in conflict with this chapter and the rules and regulations of the department, title 48, chapters 201-249 shall apply to a bank or trust company that has organized as a limited liability company.
Acts 2006, ch. 660, § 4.
Tenn. Code Ann. § 45-18-120 — TN Code / Title 45 / Chapter 18 / Section 45-18-120
Licensee's conduct - Written complaints
Status: in_force

(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the regulated activities, may file a written complaint with the commissioner who may investigate the complaint. (b) In the course of the investigation of the complaint, the commissioner may: (1) Subpoena witnesses; (2) Administer oaths; (3) Examine any individual under oath; and (4) Compel the production of records, books, papers, contracts, or other documents relevant to the investigation. (c) 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. (d) The license of any licensee under this chapter who fails to comply with a subpoena of the commissioner may be suspended pending compliance with the subpoena. (e) The commissioner has the administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaint relates to check cashing businesses, including licensees hereunder and those who are exempt under § 45-18-103 . Acts 1997, ch. 309, § 20.
(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the regulated activities, may file a written complaint with the commissioner who may investigate the complaint.
(b) In the course of the investigation of the complaint, the commissioner may: (1) Subpoena witnesses; (2) Administer oaths; (3) Examine any individual under oath; and (4) Compel the production of records, books, papers, contracts, or other documents relevant to the investigation.
(1) Subpoena witnesses;
(2) Administer oaths;
(3) Examine any individual under oath; and
(4) Compel the production of records, books, papers, contracts, or other documents relevant to the investigation.
(c) 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.
(d) The license of any licensee under this chapter who fails to comply with a subpoena of the commissioner may be suspended pending compliance with the subpoena.
(e) The commissioner has the administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaint relates to check cashing businesses, including licensees hereunder and those who are exempt under § 45-18-103 .
Acts 1997, ch. 309, § 20.
Tenn. Code Ann. § 45-17-110 — TN Code / Title 45 / Chapter 17 / Section 45-17-110
Expiration of license
Status: in_force

(a) Licenses issued pursuant to this chapter shall expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-17-104 and the payment to the commissioner annually, between November 1 and December 31, of the nonrefundable supervision fee, as provided in § 45-1-118(i) . A licensee making timely and complete application and payment for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied. (b) Licenses issued or renewed under the former provisions of this chapter with an expiration date of September 30, 2012, shall instead expire on December 31, 2012. (c) The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time. Amended by 2014 Tenn. Acts, ch. 736, s 23, eff. 7/1/2015. Amended by 2014 Tenn. Acts, ch. 736, s 22, eff. 7/1/2015. Acts 1997 , ch. 255, § 11; 1999, ch. 14, §1; 2012 , ch. 679, § 4.
(a) Licenses issued pursuant to this chapter shall expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-17-104 and the payment to the commissioner annually, between November 1 and December 31, of the nonrefundable supervision fee, as provided in § 45-1-118(i) . A licensee making timely and complete application and payment for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.
(b) Licenses issued or renewed under the former provisions of this chapter with an expiration date of September 30, 2012, shall instead expire on December 31, 2012.
(c) The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.
Amended by 2014 Tenn. Acts, ch. 736, s 23, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736, s 22, eff. 7/1/2015.
Acts 1997 , ch. 255, § 11; 1999, ch. 14, §1; 2012 , ch. 679, § 4.
Tenn. Code Ann. § 45-3-807 — TN Code / Title 45 / Chapter 3 / Section 45-3-807
Confidentiality of records
Status: in_force

(a) An association may decline to disclose its books, papers and other records, except: (1) Pursuant to court order or subpoena; (2) To the commissioner and any authorized examiners, attorneys, or other employees of the department; (3) To the members of the board of directors of the association; or (4) To the holder of a deposit account, or a member or a stockholder to the extent of records concerning the deposit holder's, member's, or stockholder's respective account only. (b) A stockholder may make written request for access to other books, papers, and records of the association for any proper purpose, in which event the association may request a determination from the commissioner as to whether a proper purpose exists, and the determination of the commissioner shall be conclusive. (c) A stockholder may include in the stockholder's written request that a communication be transmitted to the stockholders of the association, and upon payment of reasonable costs therefor, the association shall cause the communication to be transmitted to the stockholders immediately, subject to regulation by the commissioner. Acts 1978, ch. 708, § 3.07; T.C.A., § 45-1514.
(a) An association may decline to disclose its books, papers and other records, except: (1) Pursuant to court order or subpoena; (2) To the commissioner and any authorized examiners, attorneys, or other employees of the department; (3) To the members of the board of directors of the association; or (4) To the holder of a deposit account, or a member or a stockholder to the extent of records concerning the deposit holder's, member's, or stockholder's respective account only.
(1) Pursuant to court order or subpoena;
(2) To the commissioner and any authorized examiners, attorneys, or other employees of the department;
(3) To the members of the board of directors of the association; or
(4) To the holder of a deposit account, or a member or a stockholder to the extent of records concerning the deposit holder's, member's, or stockholder's respective account only.
(b) A stockholder may make written request for access to other books, papers, and records of the association for any proper purpose, in which event the association may request a determination from the commissioner as to whether a proper purpose exists, and the determination of the commissioner shall be conclusive.
(c) A stockholder may include in the stockholder's written request that a communication be transmitted to the stockholders of the association, and upon payment of reasonable costs therefor, the association shall cause the communication to be transmitted to the stockholders immediately, subject to regulation by the commissioner.
Acts 1978, ch. 708, § 3.07; T.C.A., § 45-1514.
Tenn. Code Ann. § 45-18-121 — TN Code / Title 45 / Chapter 18 / Section 45-18-121
Check cashing - Practice and procedure
Status: in_force

(a) Before a licensee deposits with any financial institution a payment instrument that is cashed by a licensee, the item must be endorsed with the actual name under which the licensee is doing business. Additionally, the words "Licensed Check Cashing Business" must be written legibly or stamped immediately after or below the name of the endorser. (b) Licensees shall comply with all applicable federal statutes governing currency transaction reporting. (c) Every licensee shall display its license and post a notice containing its charges for services regulated under this chapter. (d) Licensees may not alter or delete the date on any check cashed. (e) Licensees shall issue a receipt for each check cashing transaction upon request. The receipt shall include, among other matters the licensee may desire to include, the amount of the check and the total fee charged. (f) The maximum fee a licensee may charge for a bad check is twenty dollars ($20.00). (g) No licensee may advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, any statement or representation that is false, misleading, or deceptive, or that omits material information. (h) Within ten (10) business days after being advised by the payor financial institution that a payment instrument has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the police department in the city or town where the office of the licensee is located at which the check was cashed. If a payment instrument is returned to the licensee by the payor financial institution for any of the aforementioned reasons, the licensee may not release the payment instrument without the consent of the city or town police department, or other investigative law enforcement authority. (i) No licensee shall issue coupons, gift certificates or tokens to be used in lieu of money when cashing a check. (j) No licensee shall require the customer to receive payment by a method that causes the customer to pay additional or further fees and charges to the licensee or other person. (k) No licensee shall conduct a business regulated under this chapter at a location other than the licensed location. (l) No licensee shall receive any other charges or fees in addition to the fees listed in this chapter. (m) Licensees shall pay to every customer tendering a payment instrument to be cashed the entire face amount of the instrument in cash, less any charges permitted by law, on the same date upon which the instrument is presented. (n) Licensees shall not require that a customer cash two (2) separate checks in a manner to avoid the limitations on the fees a licensee can charge. (o) No check casher shall: (1) Charge check cashing fees, except as otherwise provided in this chapter, in excess of five percent (5%) of the face amount of the payment instrument or five dollars ($5.00), whichever is greater; (2) Charge check cashing fees in excess of three percent (3%) of the face amount of the payment instrument, or two dollars ($2.00), whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; or (3) Charge check cashing fees for personal checks or money orders in excess of ten percent (10%) of the face amount of the personal check or money order or five dollars ($5.00), whichever is greater. (p) No licensee shall agree to hold a payment instrument for later deposit. (q) Licensees may charge a customer with a one-time membership fee not to exceed ten dollars ($10.00). Acts 1997, ch. 309, § 21.
(a) Before a licensee deposits with any financial institution a payment instrument that is cashed by a licensee, the item must be endorsed with the actual name under which the licensee is doing business. Additionally, the words "Licensed Check Cashing Business" must be written legibly or stamped immediately after or below the name of the endorser.
(b) Licensees shall comply with all applicable federal statutes governing currency transaction reporting.
(c) Every licensee shall display its license and post a notice containing its charges for services regulated under this chapter.
(d) Licensees may not alter or delete the date on any check cashed.
(e) Licensees shall issue a receipt for each check cashing transaction upon request. The receipt shall include, among other matters the licensee may desire to include, the amount of the check and the total fee charged.
(f) The maximum fee a licensee may charge for a bad check is twenty dollars ($20.00).
(g) No licensee may advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, any statement or representation that is false, misleading, or deceptive, or that omits material information.
(h) Within ten (10) business days after being advised by the payor financial institution that a payment instrument has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the police department in the city or town where the office of the licensee is located at which the check was cashed. If a payment instrument is returned to the licensee by the payor financial institution for any of the aforementioned reasons, the licensee may not release the payment instrument without the consent of the city or town police department, or other investigative law enforcement authority.
(i) No licensee shall issue coupons, gift certificates or tokens to be used in lieu of money when cashing a check.
(j) No licensee shall require the customer to receive payment by a method that causes the customer to pay additional or further fees and charges to the licensee or other person.
(k) No licensee shall conduct a business regulated under this chapter at a location other than the licensed location.
(l) No licensee shall receive any other charges or fees in addition to the fees listed in this chapter.
(m) Licensees shall pay to every customer tendering a payment instrument to be cashed the entire face amount of the instrument in cash, less any charges permitted by law, on the same date upon which the instrument is presented.
(n) Licensees shall not require that a customer cash two (2) separate checks in a manner to avoid the limitations on the fees a licensee can charge.
(o) No check casher shall: (1) Charge check cashing fees, except as otherwise provided in this chapter, in excess of five percent (5%) of the face amount of the payment instrument or five dollars ($5.00), whichever is greater; (2) Charge check cashing fees in excess of three percent (3%) of the face amount of the payment instrument, or two dollars ($2.00), whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; or (3) Charge check cashing fees for personal checks or money orders in excess of ten percent (10%) of the face amount of the personal check or money order or five dollars ($5.00), whichever is greater.
(1) Charge check cashing fees, except as otherwise provided in this chapter, in excess of five percent (5%) of the face amount of the payment instrument or five dollars ($5.00), whichever is greater;
(2) Charge check cashing fees in excess of three percent (3%) of the face amount of the payment instrument, or two dollars ($2.00), whichever is greater, if the payment instrument is the payment of any kind of state public assistance or federal social security benefit payable to the bearer of the payment instrument; or
(3) Charge check cashing fees for personal checks or money orders in excess of ten percent (10%) of the face amount of the personal check or money order or five dollars ($5.00), whichever is greater.
(p) No licensee shall agree to hold a payment instrument for later deposit.
(q) Licensees may charge a customer with a one-time membership fee not to exceed ten dollars ($10.00).
Acts 1997, ch. 309, § 21.
Tenn. Code Ann. § 45-4-903 — TN Code / Title 45 / Chapter 4 / Section 45-4-903
Merger
Status: in_force

(a) Any credit union may, with the approval of the commissioner of financial institutions, merge with any other credit union under the existing charter of the other credit union, pursuant to any plan approved by the board of directors of each credit union joining in the merger, and approved by two-thirds (2/3) of the members of each credit union represented at a meeting of members duly called for that purpose, at which a minimum of ten percent (10%) of the entire membership is present, unless the meeting of members of either credit union has been waived by the commissioner. After approval of the board and members of each credit union, the president or chair of the board and secretary of each credit union shall execute a certificate of merger, which shall set forth all of the following: (1) The time and place of the meeting of the board of directors at which the plan was agreed upon; (2) The vote in favor of adoption of the plan; (3) A copy of the resolution or other action by which the plan was agreed upon; (4) The time and place of the meeting of the members at which the plan agreed upon was approved; and (5) The vote by which the plan was approved by the members. (b) The certificates and a copy of the plan of merger agreed upon shall be forwarded to the commissioner and, upon approval, returned to the merging credit unions. The certificate of merger, with the certificate of approval of the commissioner annexed it, shall be recorded in the office of the secretary of state and in the register's office of the county in which each credit union has its principal place of business. (c) Upon a merger so effected, all property, property rights, and interests of the merged credit unions shall vest in the surviving credit union without deed, endorsement, or other instrument of transfer, and all debts, obligations, and liabilities of the merged credit unions shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected. (d) This section shall be construed, whenever possible, to permit a credit union chartered under any other act to merge with one chartered under this chapter. (e) All members of both credit unions effecting a merger shall be deemed to have a common bond of association, occupation or residence as required by § 45-4-101 , for formation of credit unions generally. (f) A merger fee of three hundred dollars ($300) shall be paid to the commissioner to cover the salary and expenses of department personnel assigned to supervise the merger. The fee shall be paid by the surviving credit union if it is chartered under the laws of Tennessee. Otherwise the fee shall be paid by the merging credit union. Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; 1979, ch. 86, § 9; T.C.A. (orig. ed.), § 45-1828; Acts 1984, ch. 714, § 1.
(a) Any credit union may, with the approval of the commissioner of financial institutions, merge with any other credit union under the existing charter of the other credit union, pursuant to any plan approved by the board of directors of each credit union joining in the merger, and approved by two-thirds (2/3) of the members of each credit union represented at a meeting of members duly called for that purpose, at which a minimum of ten percent (10%) of the entire membership is present, unless the meeting of members of either credit union has been waived by the commissioner. After approval of the board and members of each credit union, the president or chair of the board and secretary of each credit union shall execute a certificate of merger, which shall set forth all of the following: (1) The time and place of the meeting of the board of directors at which the plan was agreed upon; (2) The vote in favor of adoption of the plan; (3) A copy of the resolution or other action by which the plan was agreed upon; (4) The time and place of the meeting of the members at which the plan agreed upon was approved; and (5) The vote by which the plan was approved by the members.
(1) The time and place of the meeting of the board of directors at which the plan was agreed upon;
(2) The vote in favor of adoption of the plan;
(3) A copy of the resolution or other action by which the plan was agreed upon;
(4) The time and place of the meeting of the members at which the plan agreed upon was approved; and
(5) The vote by which the plan was approved by the members.
(b) The certificates and a copy of the plan of merger agreed upon shall be forwarded to the commissioner and, upon approval, returned to the merging credit unions. The certificate of merger, with the certificate of approval of the commissioner annexed it, shall be recorded in the office of the secretary of state and in the register's office of the county in which each credit union has its principal place of business.
(c) Upon a merger so effected, all property, property rights, and interests of the merged credit unions shall vest in the surviving credit union without deed, endorsement, or other instrument of transfer, and all debts, obligations, and liabilities of the merged credit unions shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected.
(d) This section shall be construed, whenever possible, to permit a credit union chartered under any other act to merge with one chartered under this chapter.
(e) All members of both credit unions effecting a merger shall be deemed to have a common bond of association, occupation or residence as required by § 45-4-101 , for formation of credit unions generally.
(f) A merger fee of three hundred dollars ($300) shall be paid to the commissioner to cover the salary and expenses of department personnel assigned to supervise the merger. The fee shall be paid by the surviving credit union if it is chartered under the laws of Tennessee. Otherwise the fee shall be paid by the merging credit union.
Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; 1979, ch. 86, § 9; T.C.A. (orig. ed.), § 45-1828; Acts 1984, ch. 714, § 1.
Tenn. Code Ann. § 45-4-704 — TN Code / Title 45 / Chapter 4 / Section 45-4-704
Transfer of dormant account to regular reserve
Status: in_force

(a) A credit union may transfer a dormant account to the regular reserve within thirty (30) days after written notice to the credit union member, at the credit union member's last known address as shown upon the records of the credit union, stating the credit union's intention to make the transfer, and giving the member the opportunity to request the deferral of the action or to withdraw the account prior to the transfer. (b) For the purposes of this section, "dormant account" means an account in an amount less than twenty-five dollars ($25.00) and to which the member has neither made a deposit nor withdrawal for a period of one (1) year preceding the date of the notice provided for herein. Acts 1967, ch. 227, § 7; 1979, ch. 86, § 11; T.C.A., § 45-1833.
(a) A credit union may transfer a dormant account to the regular reserve within thirty (30) days after written notice to the credit union member, at the credit union member's last known address as shown upon the records of the credit union, stating the credit union's intention to make the transfer, and giving the member the opportunity to request the deferral of the action or to withdraw the account prior to the transfer.
(b) For the purposes of this section, "dormant account" means an account in an amount less than twenty-five dollars ($25.00) and to which the member has neither made a deposit nor withdrawal for a period of one (1) year preceding the date of the notice provided for herein.
Acts 1967, ch. 227, § 7; 1979, ch. 86, § 11; T.C.A., § 45-1833.
Tenn. Code Ann. § 45-13-108 — TN Code / Title 45 / Chapter 13 / Section 45-13-108
Filing of written report with commissioner - Events impacting activities of licensee
Status: in_force

Within fifteen (15) days of the occurrence of any one (1) of the following events, a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state: (1) The filing for bankruptcy or reorganization by the licensee; (2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority; (3) The denial of the opportunity to engage in business by any state or governmental authority; (4) Any felony indictment of the licensee or any of its officers, directors or principals; (5) Any felony conviction of the licensee or any of its officers, directors or principals; and (6) Other events that the commissioner may determine and identify by rule. Acts 2009, ch. 499, § 8.
Within fifteen (15) days of the occurrence of any one (1) of the following events, a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
(3) The denial of the opportunity to engage in business by any state or governmental authority;
(4) Any felony indictment of the licensee or any of its officers, directors or principals;
(5) Any felony conviction of the licensee or any of its officers, directors or principals; and
(6) Other events that the commissioner may determine and identify by rule.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-12-118 — TN Code / Title 45 / Chapter 12 / Section 45-12-118
Grounds to suspend or bar a person from any position of employment, management or control of a licensee
Status: in_force

(a) The commissioner, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of employment, management or control of a licensee, if the commissioner finds that the: (1) Censure, suspension, or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule or order of the commissioner; or (2) Person has been: (A) Convicted or pled guilty to, or pled nolo contendere to, any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business of making flex loans pursuant to this chapter. (b) Persons suspended or barred under this section are prohibited from participating in any business activity of a licensee and from engaging in any business activity on the premises where a licensee is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a licensee. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) The commissioner, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of employment, management or control of a licensee, if the commissioner finds that the: (1) Censure, suspension, or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule or order of the commissioner; or (2) Person has been: (A) Convicted or pled guilty to, or pled nolo contendere to, any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business of making flex loans pursuant to this chapter.
(1) Censure, suspension, or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule or order of the commissioner; or
(2) Person has been: (A) Convicted or pled guilty to, or pled nolo contendere to, any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business of making flex loans pursuant to this chapter.
(A) Convicted or pled guilty to, or pled nolo contendere to, any crime; or
(B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business of making flex loans pursuant to this chapter.
(b) Persons suspended or barred under this section are prohibited from participating in any business activity of a licensee and from engaging in any business activity on the premises where a licensee is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a licensee.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-6-209 — TN Code / Title 45 / Chapter 6 / Section 45-6-209
Record of transactions required - Inspection - Fingerprinting
Status: in_force

(a) Every pawnbroker shall keep a consecutively numbered record of each and every pawn transaction, which shall correspond in all essential particulars to the detachable pawn ticket attached. The consecutive numbering process for pawnbroker transactions dealing with over-the-counter purchases, described in § 45-6-204(a)(7) shall be numbered and identified independently from a buy-sell agreement and/or a loan of money transaction. (b) The pawnbroker shall, at the time of making the pawn transaction and/or buy-sell transaction, enter upon the pawnshop copy of the records as well as on the pawn ticket, and/or buy-sell ticket, the following information, which shall be typed or written in ink and in the English language: (1) A complete and accurate description of the pledged goods including, but not limited to, the following information, if applicable: (A) Brand name; (B) Model number; (C) Serial number, if issued by the manufacturer and not intentionally defaced, altered or removed; (D) Size; (E) Color, as apparent to the untrained eye, not applicable to diamonds; (F) Precious metal type, content and weight, if indicated; (G) Gemstone description, including the number of stones; (H) Any other unique identifying marks, numbers, names or letters; and (I) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length, and finish; (2) The date of the pawn transaction; (3) The amount of cash loan advanced on the pawn transaction; (4) The exact value of property as stated by pledgor who pledges the property; (5) The maturity date of the pawn transaction, which date shall not be less than thirty (30) days after the date of the pawn transaction; (6) The name, race, sex, height, weight, date of birth, residence address and numbers from the items used as identification. Acceptable items of identification are one (1) of the following documents: (A) A state-issued driver license; (B) A state-issued identification card; (C) A passport; (D) A valid military identification; (E) A nonresident alien border crossing card; (F) A resident alien border crossing card; or (G) A United States immigration and naturalization service identification; and (7) As a pilot project, in any county having a population in excess of eight hundred thousand (800,000), and in any county having a population of not less than three hundred eighty-two thousand (382,000) nor more than three hundred eighty-two thousand one hundred (382,100), according to the 2000 federal census or any subsequent federal census, the right thumbprint of the pledgor, provided that if taking the right thumbprint is not possible the pawnbroker shall take a fingerprint from the left thumb or another finger and shall identify on the pawn ticket which finger has been used. A thumb or fingerprint taken pursuant to this subdivision (b)(7) must be clear and complete and contain no smears or smudges. A thumb or fingerprint taken pursuant to this subdivision (b)(7) shall be maintained by the pawnbroker for a period of five (5) years from the date of the pawn transaction. (c) The pledgor shall sign the stub providing the pledgor's residence address and shall receive the detached pawn ticket; the stub shall also be signed by the pawnbroker. (d) These records shall be delivered to the appropriate law enforcement agency, by mail or in person, within forty-eight (48) hours following the day of the transactions. Delivery by mail shall be deemed made when deposited in the United States mail, postage prepaid. Further, these records shall be made available for inspection each business day, except Sunday, by the sheriff of the county and the chief of police of the municipality in which the pawnshop is located. (e) These records shall be a correct copy of the entries made of the pawn transactions and/or buy-sell transactions and shall be carefully preserved without alteration and shall be available during regular business hours for inspection by the appropriate law enforcement officers as herein provided. (f) In any county having a population of more than eight hundred thousand (800,000), according to the 1990 federal census or any subsequent federal census, each licensed pawnbroker shall retain these records for a period of one (1) year. After that time these records shall be delivered to the appropriate law enforcement agency in the county. (g) (1) Notwithstanding this section to the contrary, in counties or municipalities that require a thumbprint pursuant to subdivision (b)(7), if the pawn transaction involves a firearm, the pawnbroker shall exclude from the information sent to law enforcement pursuant to subdivision (b)(1)-(6), the name, address and identification numbers required by subdivision (b)(6) of the pledgor pawning the firearm. The name, address and identification numbers of the pledgor shall remain with the pawnbroker along with the pledgor's thumbprint. A law enforcement officer inspecting a record involving a firearm pursuant to subdivision (d) or (e) shall not take or record the name, address and identification numbers of the pledgor except pursuant to a subpoena as provided in subdivision (g)(2). (2) If a court grants the request of a law enforcement officer for a subpoena to require the production of the thumbprint of a pledgor taken and maintained pursuant to subdivision (b)(7) pursuant to the procedure set out in this section, the pawnbroker shall at the same time supply the law enforcement officer with the name, address and identification numbers of the pledgor whose thumbprint was subpoenaed. (h) (1) It is an offense for a law enforcement officer or agency to use any information supplied by a pawnbroker pursuant to this section to create or maintain a separate registry, list or database of persons who own firearms. (2) A violation of subdivision (h)(1) is a Class A misdemeanor. Acts 1988, ch. 724, § 9; 1994, ch. 935, § 3; 1995, ch. 186, §§ 5, 6; 1997, ch. 409, § 3; 2001, ch. 429, §§ 1, 3; 2004, ch. 499, § 1; 2005, ch. 126, § 1.
(a) Every pawnbroker shall keep a consecutively numbered record of each and every pawn transaction, which shall correspond in all essential particulars to the detachable pawn ticket attached. The consecutive numbering process for pawnbroker transactions dealing with over-the-counter purchases, described in § 45-6-204(a)(7) shall be numbered and identified independently from a buy-sell agreement and/or a loan of money transaction.
(b) The pawnbroker shall, at the time of making the pawn transaction and/or buy-sell transaction, enter upon the pawnshop copy of the records as well as on the pawn ticket, and/or buy-sell ticket, the following information, which shall be typed or written in ink and in the English language: (1) A complete and accurate description of the pledged goods including, but not limited to, the following information, if applicable: (A) Brand name; (B) Model number; (C) Serial number, if issued by the manufacturer and not intentionally defaced, altered or removed; (D) Size; (E) Color, as apparent to the untrained eye, not applicable to diamonds; (F) Precious metal type, content and weight, if indicated; (G) Gemstone description, including the number of stones; (H) Any other unique identifying marks, numbers, names or letters; and (I) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length, and finish; (2) The date of the pawn transaction; (3) The amount of cash loan advanced on the pawn transaction; (4) The exact value of property as stated by pledgor who pledges the property; (5) The maturity date of the pawn transaction, which date shall not be less than thirty (30) days after the date of the pawn transaction; (6) The name, race, sex, height, weight, date of birth, residence address and numbers from the items used as identification. Acceptable items of identification are one (1) of the following documents: (A) A state-issued driver license; (B) A state-issued identification card; (C) A passport; (D) A valid military identification; (E) A nonresident alien border crossing card; (F) A resident alien border crossing card; or (G) A United States immigration and naturalization service identification; and (7) As a pilot project, in any county having a population in excess of eight hundred thousand (800,000), and in any county having a population of not less than three hundred eighty-two thousand (382,000) nor more than three hundred eighty-two thousand one hundred (382,100), according to the 2000 federal census or any subsequent federal census, the right thumbprint of the pledgor, provided that if taking the right thumbprint is not possible the pawnbroker shall take a fingerprint from the left thumb or another finger and shall identify on the pawn ticket which finger has been used. A thumb or fingerprint taken pursuant to this subdivision (b)(7) must be clear and complete and contain no smears or smudges. A thumb or fingerprint taken pursuant to this subdivision (b)(7) shall be maintained by the pawnbroker for a period of five (5) years from the date of the pawn transaction.
(1) A complete and accurate description of the pledged goods including, but not limited to, the following information, if applicable: (A) Brand name; (B) Model number; (C) Serial number, if issued by the manufacturer and not intentionally defaced, altered or removed; (D) Size; (E) Color, as apparent to the untrained eye, not applicable to diamonds; (F) Precious metal type, content and weight, if indicated; (G) Gemstone description, including the number of stones; (H) Any other unique identifying marks, numbers, names or letters; and (I) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length, and finish;
(A) Brand name;
(B) Model number;
(C) Serial number, if issued by the manufacturer and not intentionally defaced, altered or removed;
(D) Size;
(E) Color, as apparent to the untrained eye, not applicable to diamonds;
(F) Precious metal type, content and weight, if indicated;
(G) Gemstone description, including the number of stones;
(H) Any other unique identifying marks, numbers, names or letters; and
(I) In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length, and finish;
(2) The date of the pawn transaction;
(3) The amount of cash loan advanced on the pawn transaction;
(4) The exact value of property as stated by pledgor who pledges the property;
(5) The maturity date of the pawn transaction, which date shall not be less than thirty (30) days after the date of the pawn transaction;
(6) The name, race, sex, height, weight, date of birth, residence address and numbers from the items used as identification. Acceptable items of identification are one (1) of the following documents: (A) A state-issued driver license; (B) A state-issued identification card; (C) A passport; (D) A valid military identification; (E) A nonresident alien border crossing card; (F) A resident alien border crossing card; or (G) A United States immigration and naturalization service identification; and
(A) A state-issued driver license;
(B) A state-issued identification card;
(C) A passport;
(D) A valid military identification;
(E) A nonresident alien border crossing card;
(F) A resident alien border crossing card; or
(G) A United States immigration and naturalization service identification; and
(7) As a pilot project, in any county having a population in excess of eight hundred thousand (800,000), and in any county having a population of not less than three hundred eighty-two thousand (382,000) nor more than three hundred eighty-two thousand one hundred (382,100), according to the 2000 federal census or any subsequent federal census, the right thumbprint of the pledgor, provided that if taking the right thumbprint is not possible the pawnbroker shall take a fingerprint from the left thumb or another finger and shall identify on the pawn ticket which finger has been used. A thumb or fingerprint taken pursuant to this subdivision (b)(7) must be clear and complete and contain no smears or smudges. A thumb or fingerprint taken pursuant to this subdivision (b)(7) shall be maintained by the pawnbroker for a period of five (5) years from the date of the pawn transaction.
(c) The pledgor shall sign the stub providing the pledgor's residence address and shall receive the detached pawn ticket; the stub shall also be signed by the pawnbroker.
(d) These records shall be delivered to the appropriate law enforcement agency, by mail or in person, within forty-eight (48) hours following the day of the transactions. Delivery by mail shall be deemed made when deposited in the United States mail, postage prepaid. Further, these records shall be made available for inspection each business day, except Sunday, by the sheriff of the county and the chief of police of the municipality in which the pawnshop is located.
(e) These records shall be a correct copy of the entries made of the pawn transactions and/or buy-sell transactions and shall be carefully preserved without alteration and shall be available during regular business hours for inspection by the appropriate law enforcement officers as herein provided.
(f) In any county having a population of more than eight hundred thousand (800,000), according to the 1990 federal census or any subsequent federal census, each licensed pawnbroker shall retain these records for a period of one (1) year. After that time these records shall be delivered to the appropriate law enforcement agency in the county.
(g) (1) Notwithstanding this section to the contrary, in counties or municipalities that require a thumbprint pursuant to subdivision (b)(7), if the pawn transaction involves a firearm, the pawnbroker shall exclude from the information sent to law enforcement pursuant to subdivision (b)(1)-(6), the name, address and identification numbers required by subdivision (b)(6) of the pledgor pawning the firearm. The name, address and identification numbers of the pledgor shall remain with the pawnbroker along with the pledgor's thumbprint. A law enforcement officer inspecting a record involving a firearm pursuant to subdivision (d) or (e) shall not take or record the name, address and identification numbers of the pledgor except pursuant to a subpoena as provided in subdivision (g)(2). (2) If a court grants the request of a law enforcement officer for a subpoena to require the production of the thumbprint of a pledgor taken and maintained pursuant to subdivision (b)(7) pursuant to the procedure set out in this section, the pawnbroker shall at the same time supply the law enforcement officer with the name, address and identification numbers of the pledgor whose thumbprint was subpoenaed.
(1) Notwithstanding this section to the contrary, in counties or municipalities that require a thumbprint pursuant to subdivision (b)(7), if the pawn transaction involves a firearm, the pawnbroker shall exclude from the information sent to law enforcement pursuant to subdivision (b)(1)-(6), the name, address and identification numbers required by subdivision (b)(6) of the pledgor pawning the firearm. The name, address and identification numbers of the pledgor shall remain with the pawnbroker along with the pledgor's thumbprint. A law enforcement officer inspecting a record involving a firearm pursuant to subdivision (d) or (e) shall not take or record the name, address and identification numbers of the pledgor except pursuant to a subpoena as provided in subdivision (g)(2).
(2) If a court grants the request of a law enforcement officer for a subpoena to require the production of the thumbprint of a pledgor taken and maintained pursuant to subdivision (b)(7) pursuant to the procedure set out in this section, the pawnbroker shall at the same time supply the law enforcement officer with the name, address and identification numbers of the pledgor whose thumbprint was subpoenaed.
(h) (1) It is an offense for a law enforcement officer or agency to use any information supplied by a pawnbroker pursuant to this section to create or maintain a separate registry, list or database of persons who own firearms. (2) A violation of subdivision (h)(1) is a Class A misdemeanor.
(1) It is an offense for a law enforcement officer or agency to use any information supplied by a pawnbroker pursuant to this section to create or maintain a separate registry, list or database of persons who own firearms.
(2) A violation of subdivision (h)(1) is a Class A misdemeanor.
Acts 1988, ch. 724, § 9; 1994, ch. 935, § 3; 1995, ch. 186, §§ 5, 6; 1997, ch. 409, § 3; 2001, ch. 429, §§ 1, 3; 2004, ch. 499, § 1; 2005, ch. 126, § 1.
Tenn. Code Ann. § 45-2-1017 — TN Code / Title 45 / Chapter 2 / Section 45-2-1017
Choice of law governing trust and fiduciary investments
Status: in_force

Any trust institution that maintains a trust office in this state and its affected clients may designate as the state whose laws shall govern any written agreement between the trust institution and its client or any instrument under which the trust institution acts for a client and with respect to the fiduciary investment standards applicable to the agreements, either: (1) This state; (2) A state where affected clients reside; or (3) The state where the trust institution has its principal office. Acts 1999, ch. 112, § 10.
Any trust institution that maintains a trust office in this state and its affected clients may designate as the state whose laws shall govern any written agreement between the trust institution and its client or any instrument under which the trust institution acts for a client and with respect to the fiduciary investment standards applicable to the agreements, either:
(1) This state;
(2) A state where affected clients reside; or
(3) The state where the trust institution has its principal office.
Acts 1999, ch. 112, § 10.
Tenn. Code Ann. § 45-8-205 — TN Code / Title 45 / Chapter 8 / Section 45-8-205
Corporate names
Status: in_force

(a) Except as otherwise provided in subsection (b), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development corporation, including, but not limited to, use of the term "BIDCO," and shall not otherwise represent that the person is a business and industrial development corporation or a licensee. (b) Before being issued a license under this part, a Tennessee corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. The corporation shall not represent that it is a licensee until after the license has been obtained. (c) A BIDCO licensed under this part shall not use a name or title that would indicate that it is a bank or trust company. Acts 1989, ch. 124, § 5; 1997, ch. 131, § 2.
(a) Except as otherwise provided in subsection (b), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development corporation, including, but not limited to, use of the term "BIDCO," and shall not otherwise represent that the person is a business and industrial development corporation or a licensee.
(b) Before being issued a license under this part, a Tennessee corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. The corporation shall not represent that it is a licensee until after the license has been obtained.
(c) A BIDCO licensed under this part shall not use a name or title that would indicate that it is a bank or trust company.
Acts 1989, ch. 124, § 5; 1997, ch. 131, § 2.
Tenn. Code Ann. § 45-12-117 — TN Code / Title 45 / Chapter 12 / Section 45-12-117
Authorized actions by commissioner upon violation of chapter or rules
Status: in_force

If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any rule issued pursuant to this chapter, the commissioner may take the following actions or any combination of such actions: (1) Order the person to cease and desist violating the chapter or any rule promulgated pursuant to this chapter; (2) Require the refund of any fees collected by the person in violation of this chapter; or (3) Order the person to pay to the commissioner a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter or for each day that a violation occurs or continues. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any rule issued pursuant to this chapter, the commissioner may take the following actions or any combination of such actions:
(1) Order the person to cease and desist violating the chapter or any rule promulgated pursuant to this chapter;
(2) Require the refund of any fees collected by the person in violation of this chapter; or
(3) Order the person to pay to the commissioner a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter or for each day that a violation occurs or continues.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-4-207 — TN Code / Title 45 / Chapter 4 / Section 45-4-207
Unlawful actions
Status: in_force

(a) It is unlawful for an officer, director, employee or agent of a credit union to: (1) Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title, or by the commissioner; (2) With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report or statement of the credit union; or (3) Obstruct or endeavor to obstruct a lawful examination of the credit union by an officer or employee of the department of financial institutions. (b) A violation of this section is punishable as provided in § 45-4-208 . Acts 1988, ch. 550, § 3.
(a) It is unlawful for an officer, director, employee or agent of a credit union to: (1) Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title, or by the commissioner; (2) With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report or statement of the credit union; or (3) Obstruct or endeavor to obstruct a lawful examination of the credit union by an officer or employee of the department of financial institutions.
(1) Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title, or by the commissioner;
(2) With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report or statement of the credit union; or
(3) Obstruct or endeavor to obstruct a lawful examination of the credit union by an officer or employee of the department of financial institutions.
(b) A violation of this section is punishable as provided in § 45-4-208 .
Acts 1988, ch. 550, § 3.
Tenn. Code Ann. § 45-3-1302 — TN Code / Title 45 / Chapter 3 / Section 45-3-1302
Receipt of deposits while in an impaired condition
Status: in_force

(a) It is unlawful for an association, directly or indirectly, to receive any deposit while in an impaired condition, except with the express written consent of the commissioner, or for an officer, director, agent, or employee of an association who knows, or in the proper performance of the person's duties should know, of the impaired condition, directly or indirectly, to receive or authorize the receipt of the deposits. (b) A violation of this section is a Class B misdemeanor. Acts 1978, ch. 708, § 5.06; T.C.A., § 45-1706; Acts 1989, ch. 591, § 112.
(a) It is unlawful for an association, directly or indirectly, to receive any deposit while in an impaired condition, except with the express written consent of the commissioner, or for an officer, director, agent, or employee of an association who knows, or in the proper performance of the person's duties should know, of the impaired condition, directly or indirectly, to receive or authorize the receipt of the deposits.
(b) A violation of this section is a Class B misdemeanor.
Acts 1978, ch. 708, § 5.06; T.C.A., § 45-1706; Acts 1989, ch. 591, § 112.
Tenn. Code Ann. § 45-15-122 — TN Code / Title 45 / Chapter 15 / Section 45-15-122
Agent for channeling information
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, and whether derived from or distributed to the United States department of justice, any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter. Added by 2017 Tenn. Acts, ch. 122,s 8, eff. 7/1/2017.
The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, and whether derived from or distributed to the United States department of justice, any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter.
Added by 2017 Tenn. Acts, ch. 122,s 8, eff. 7/1/2017.
Tenn. Code Ann. § 45-4-1201 — TN Code / Title 45 / Chapter 4 / Section 45-4-1201
Corporation created - Articles of incorporation
Status: in_force

(a) There is created the volunteer corporate credit union, a nonprofit membership public corporation, sometimes referred to as "the corporation" in this part. (b) The corporation shall begin operations at any time within three (3) months after March 26, 1981, upon the adoption of articles of incorporation by the duly authorized representatives of not less than fifteen (15) credit unions chartered and existing under the laws of Tennessee. The articles of incorporation shall be subject to the approval of the commissioner, shall be filed with the secretary of state and with the commissioner of financial institutions, and shall be recorded in the register's office of Hamilton County. Acts 1981, ch. 76, § 1; 1983, ch. 94, § 1; impl. am. 1983, ch. 216, §§ 1-9.
(a) There is created the volunteer corporate credit union, a nonprofit membership public corporation, sometimes referred to as "the corporation" in this part.
(b) The corporation shall begin operations at any time within three (3) months after March 26, 1981, upon the adoption of articles of incorporation by the duly authorized representatives of not less than fifteen (15) credit unions chartered and existing under the laws of Tennessee. The articles of incorporation shall be subject to the approval of the commissioner, shall be filed with the secretary of state and with the commissioner of financial institutions, and shall be recorded in the register's office of Hamilton County.
Acts 1981, ch. 76, § 1; 1983, ch. 94, § 1; impl. am. 1983, ch. 216, §§ 1-9.
Tenn. Code Ann. § 45-15-105 — TN Code / Title 45 / Chapter 15 / Section 45-15-105
License required - Loans made without license void
Status: in_force

(a) No person shall engage in the business of title pledge lending without having first obtained a license. A separate license shall be required for each location from which the business is conducted. Any person engaged in the business of title pledge lending on November 1, 2005, under a license issued by the county clerk, may continue to engage in the business without a license issued by the commissioner, until the commissioner has acted upon the application for a license, if the application is filed by December 31, 2005. (b) Any loan made without a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the pledgor in connection with the title pledge agreement or property pledge agreement. The person making the loan shall return to the pledgor the pledged property, the titled personal property pledged, or the fair market value of the titled personal property, and all principal, interest, and any other fees paid by the pledgor. The pledgor is entitled to receive reasonable attorney's fees and costs in any action brought by a pledgor to recover from the person making the loan, the pledged property, the titled personal property, and the principal, interest and any fees paid by the pledgor. Acts 1995, ch. 186, § 13; 2005, ch. 440, § 4.
(a) No person shall engage in the business of title pledge lending without having first obtained a license. A separate license shall be required for each location from which the business is conducted. Any person engaged in the business of title pledge lending on November 1, 2005, under a license issued by the county clerk, may continue to engage in the business without a license issued by the commissioner, until the commissioner has acted upon the application for a license, if the application is filed by December 31, 2005.
(b) Any loan made without a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the pledgor in connection with the title pledge agreement or property pledge agreement. The person making the loan shall return to the pledgor the pledged property, the titled personal property pledged, or the fair market value of the titled personal property, and all principal, interest, and any other fees paid by the pledgor. The pledgor is entitled to receive reasonable attorney's fees and costs in any action brought by a pledgor to recover from the person making the loan, the pledged property, the titled personal property, and the principal, interest and any fees paid by the pledgor.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 4.
Tenn. Code Ann. § 45-2-604 — TN Code / Title 45 / Chapter 2 / Section 45-2-604
Hours of operation - Days closed - Effect on transactions
Status: in_force

(a) A bank shall establish hours of operation it deems necessary or appropriate; provided, that a bank may not be closed for more than two (2) consecutive calendar days without the prior approval of the commissioner, except a bank, without prior approval, may be closed Saturdays, Sundays, legal holidays and during emergencies as provided in § 45-2-603 . (b) Nothing in any law of this state shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank because it was done or performed during any time other than regular banking hours; provided, that nothing herein shall be construed to compel any bank that by law or custom is entitled to close or suspend business for the whole or any part of any day to keep open for the transaction of business, or to perform any of the acts or transactions aforementioned, on any optional closing day or legal holiday, except at its own option. Acts 1969, ch. 36, § 1 (3.202); 1973, ch. 294, § 6; T.C.A., § 45-405; Acts 1996, ch. 768, § 18.
(a) A bank shall establish hours of operation it deems necessary or appropriate; provided, that a bank may not be closed for more than two (2) consecutive calendar days without the prior approval of the commissioner, except a bank, without prior approval, may be closed Saturdays, Sundays, legal holidays and during emergencies as provided in § 45-2-603 .
(b) Nothing in any law of this state shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank because it was done or performed during any time other than regular banking hours; provided, that nothing herein shall be construed to compel any bank that by law or custom is entitled to close or suspend business for the whole or any part of any day to keep open for the transaction of business, or to perform any of the acts or transactions aforementioned, on any optional closing day or legal holiday, except at its own option.
Acts 1969, ch. 36, § 1 (3.202); 1973, ch. 294, § 6; T.C.A., § 45-405; Acts 1996, ch. 768, § 18.
Tenn. Code Ann. § 45-7-117 — TN Code / Title 45 / Chapter 7 / Section 45-7-117
Maintenance of license
Status: in_force

(a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the commissioner may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for such suspension or revocation. (b) An applicant for a money transmission license must demonstrate that it meets or will meet the requirements in §§ 45-7-135 , 45-7-136 , and 45-7-137 . A money transmission licensee must at all times meet the requirements in §§ 45-7-135 , 45-7-136 , and 45-7-137 . Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-217 .
(a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the commissioner may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for such suspension or revocation.
(b) An applicant for a money transmission license must demonstrate that it meets or will meet the requirements in §§ 45-7-135 , 45-7-136 , and 45-7-137 . A money transmission licensee must at all times meet the requirements in §§ 45-7-135 , 45-7-136 , and 45-7-137 .
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-217 .
Tenn. Code Ann. § 45-3-501 — TN Code / Title 45 / Chapter 3 / Section 45-3-501
Deposit liability
Status: in_force

(a) The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments. (b) Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect. (c) Deposit accounts shall be open for cash. (d) Interest shall be declared in accordance with this chapter. (e) No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association. Acts 1978, ch. 708, § 2.01; T.C.A., § 45-1401.
(a) The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments.
(b) Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect.
(c) Deposit accounts shall be open for cash.
(d) Interest shall be declared in accordance with this chapter.
(e) No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.
Acts 1978, ch. 708, § 2.01; T.C.A., § 45-1401.
Tenn. Code Ann. § 45-2-805 — TN Code / Title 45 / Chapter 2 / Section 45-2-805
Loans to closed banks - Security - Sale of assets
Status: in_force

(a) With respect to any bank that is now or may hereafter be closed on account of inability to meet the demands of its depositors, or by action of the commissioner or of a court, or by action of its directors, or in the event of its insolvency or suspension, the commissioner and/or the receiver or liquidator of the institution, with the permission of the commissioner, may borrow from the federal deposit insurance corporation and pledge or mortgage any part or all of the assets of the institution to the corporation as security for a loan by it; provided, that where the corporation is acting as the receiver or liquidator, the order of a court of record of competent jurisdiction shall be obtained first approving the loan. The commissioner, upon the order of a court of record of competent jurisdiction, and upon a like order and with the permission of the commissioner, the receiver or liquidator of the institution may sell to the corporation any part or all of the assets of the institution. (b) This section shall not be construed to limit the power of any bank, the commissioner or receivers or liquidators to pledge or sell assets in accordance with any existing law. Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-505.
(a) With respect to any bank that is now or may hereafter be closed on account of inability to meet the demands of its depositors, or by action of the commissioner or of a court, or by action of its directors, or in the event of its insolvency or suspension, the commissioner and/or the receiver or liquidator of the institution, with the permission of the commissioner, may borrow from the federal deposit insurance corporation and pledge or mortgage any part or all of the assets of the institution to the corporation as security for a loan by it; provided, that where the corporation is acting as the receiver or liquidator, the order of a court of record of competent jurisdiction shall be obtained first approving the loan. The commissioner, upon the order of a court of record of competent jurisdiction, and upon a like order and with the permission of the commissioner, the receiver or liquidator of the institution may sell to the corporation any part or all of the assets of the institution.
(b) This section shall not be construed to limit the power of any bank, the commissioner or receivers or liquidators to pledge or sell assets in accordance with any existing law.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-505.
Tenn. Code Ann. § 45-15-119 — TN Code / Title 45 / Chapter 15 / Section 45-15-119
Supersession of ordinances or resolutions of municipal corporations
Status: in_force

No incorporated municipality, city or taxing district in this state shall enact an ordinance or resolution or promulgate any rules or regulations relating to this chapter. Any ordinance or resolution or rules or regulations of any municipality, city or taxing district relative to title pledge lending are superseded by this chapter. Acts 1995, ch. 186, § 13; 2005, ch. 440, § 16.
No incorporated municipality, city or taxing district in this state shall enact an ordinance or resolution or promulgate any rules or regulations relating to this chapter. Any ordinance or resolution or rules or regulations of any municipality, city or taxing district relative to title pledge lending are superseded by this chapter.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 16.
Tenn. Code Ann. § 45-2-711 — TN Code / Title 45 / Chapter 2 / Section 45-2-711
Payment and negotiation of check when no estate has been opened or the estate has been closed
Status: in_force

(a) (1) Notwithstanding § 30-2-317 , where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the bank, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the bank for payment or collection, the bank may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one (1) or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate: (A) To the executor named in any will known to the bank whether probated or not; (B) To any personal representative appointed by a court whether active or discharged; or (C) In the absence of knowledge of a purported will naming a surviving executor or an administrator to the: (i) Surviving spouse; or (ii) Next of kin. (2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1). (b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, or of any spouse or next of kin acknowledging the negotiation, payment or transfer of funds of a check, standing in the name of the person whose estate the fiduciary represents, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the bank against the demands or claims of all parties. (c) The negotiation or payment of a check under this section without an endorsement of the payee or with the endorsement of a person authorized by this section to negotiate the check shall not be a violation of or give rise to any claim under title 47, chapter 3 or 4. (d) No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section. Amended by 2016 Tenn. Acts, ch. 804,Secs.s3, s4, s5 eff. 4/14/2016. Acts 2014, ch. 597, § 2.
(a) (1) Notwithstanding § 30-2-317 , where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the bank, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the bank for payment or collection, the bank may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one (1) or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate: (A) To the executor named in any will known to the bank whether probated or not; (B) To any personal representative appointed by a court whether active or discharged; or (C) In the absence of knowledge of a purported will naming a surviving executor or an administrator to the: (i) Surviving spouse; or (ii) Next of kin. (2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1).
(1) Notwithstanding § 30-2-317 , where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the bank, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the bank for payment or collection, the bank may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one (1) or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate: (A) To the executor named in any will known to the bank whether probated or not; (B) To any personal representative appointed by a court whether active or discharged; or (C) In the absence of knowledge of a purported will naming a surviving executor or an administrator to the: (i) Surviving spouse; or (ii) Next of kin.
(A) To the executor named in any will known to the bank whether probated or not;
(B) To any personal representative appointed by a court whether active or discharged; or
(C) In the absence of knowledge of a purported will naming a surviving executor or an administrator to the: (i) Surviving spouse; or (ii) Next of kin.
(i) Surviving spouse; or
(ii) Next of kin.
(2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1).
(b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, or of any spouse or next of kin acknowledging the negotiation, payment or transfer of funds of a check, standing in the name of the person whose estate the fiduciary represents, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the bank against the demands or claims of all parties.
(c) The negotiation or payment of a check under this section without an endorsement of the payee or with the endorsement of a person authorized by this section to negotiate the check shall not be a violation of or give rise to any claim under title 47, chapter 3 or 4.
(d) No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2016 Tenn. Acts, ch. 804,Secs.s3, s4, s5 eff. 4/14/2016.
Acts 2014, ch. 597, § 2.
Tenn. Code Ann. § 45-3-1106 — TN Code / Title 45 / Chapter 3 / Section 45-3-1106
Conversion of state capital stock association or federal association to state mutual association
Status: in_force

Any state capital stock association or any federal association, if otherwise permitted by federal law and regulations, may become a state mutual association by following the procedures set forth in § 45-3-1105 and any rules and regulations promulgated by the commissioner. Acts 1978, ch. 708, § 4.14; T.C.A., § 45-1614.
Any state capital stock association or any federal association, if otherwise permitted by federal law and regulations, may become a state mutual association by following the procedures set forth in § 45-3-1105 and any rules and regulations promulgated by the commissioner.
Acts 1978, ch. 708, § 4.14; T.C.A., § 45-1614.
Tenn. Code Ann. § 45-2-705 — TN Code / Title 45 / Chapter 2 / Section 45-2-705
Final adjustment of statements of account
Status: in_force

(a) When a statement of account has been rendered by a bank to a depositor or has been mailed to the depositor's last known address, showing the condition of the depositor's account, the account shall, after the period of six (6) years from the date of the rendition of the statement, in the event no objection to the statement in writing has been theretofore made by the depositor or suit brought to correct same, be deemed finally adjusted and settled and its correctness conclusively presumed, and the depositor shall thereafter be barred from questioning the account for any cause. Banks shall accordingly not be required to preserve or keep their records or files relating thereto for a longer period than six (6) years. (b) Nothing herein shall be construed to relieve the depositor from the duty now imposed by law of exercising due diligence in the examination of the account and vouchers, if any, accompanying the statement, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of that duty. Acts 1969, ch. 36, § 1 (3.206); T.C.A., § 45-409.
(a) When a statement of account has been rendered by a bank to a depositor or has been mailed to the depositor's last known address, showing the condition of the depositor's account, the account shall, after the period of six (6) years from the date of the rendition of the statement, in the event no objection to the statement in writing has been theretofore made by the depositor or suit brought to correct same, be deemed finally adjusted and settled and its correctness conclusively presumed, and the depositor shall thereafter be barred from questioning the account for any cause. Banks shall accordingly not be required to preserve or keep their records or files relating thereto for a longer period than six (6) years.
(b) Nothing herein shall be construed to relieve the depositor from the duty now imposed by law of exercising due diligence in the examination of the account and vouchers, if any, accompanying the statement, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of that duty.
Acts 1969, ch. 36, § 1 (3.206); T.C.A., § 45-409.
Tenn. Code Ann. § 45-3-403 — TN Code / Title 45 / Chapter 3 / Section 45-3-403
Right to act to avoid loss
Status: in_force

Nothing in this chapter or in the laws of this state shall be construed as denying to an association the right to invest its funds, operate its business, manage or deal in property, or take any other action over whatever period of time as may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith. Acts 1978, ch. 708, § 2.32; T.C.A., § 45-1432.
Nothing in this chapter or in the laws of this state shall be construed as denying to an association the right to invest its funds, operate its business, manage or deal in property, or take any other action over whatever period of time as may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.
Acts 1978, ch. 708, § 2.32; T.C.A., § 45-1432.
Tenn. Code Ann. § 45-8-218 — TN Code / Title 45 / Chapter 8 / Section 45-8-218
Issuance of orders - Notice - Hearings
Status: in_force

(a) The commissioner may issue an order, setting forth an appropriate remedy, including, but not limited to, a cease-and-desist order, an order removing any person from office with a licensee, or prohibiting any person from further participating in any manner in the conduct of the business of the licensee, upon a finding by the commissioner that the licensee, subject person or other person: (1) Has violated, is violating, or is about to violate any provision of this part or other applicable law, rule or regulation; (2) Has engaged or participated, or is engaging or participating, or is about to engage or participate, detrimentally with respect to the business of the licensee; (3) Has been indicted or convicted for a crime involving dishonesty or breach of trust; or (4) Is conducting acts that threaten the interests of the licensee or may threaten to impair public confidence in the licensee. (b) Notice and hearing shall be provided in advance of any action authorized in subsection (a). In cases involving extraordinary circumstances requiring immediate action, the commissioner may take the action, but shall promptly afford a subsequent hearing upon application to rescind the action taken. (c) The licensee, subject person or other person to whom an order is issued under subsection (a), is entitled to an administrative review of the order pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Acts 1989, ch. 124, § 18.
(a) The commissioner may issue an order, setting forth an appropriate remedy, including, but not limited to, a cease-and-desist order, an order removing any person from office with a licensee, or prohibiting any person from further participating in any manner in the conduct of the business of the licensee, upon a finding by the commissioner that the licensee, subject person or other person: (1) Has violated, is violating, or is about to violate any provision of this part or other applicable law, rule or regulation; (2) Has engaged or participated, or is engaging or participating, or is about to engage or participate, detrimentally with respect to the business of the licensee; (3) Has been indicted or convicted for a crime involving dishonesty or breach of trust; or (4) Is conducting acts that threaten the interests of the licensee or may threaten to impair public confidence in the licensee.
(1) Has violated, is violating, or is about to violate any provision of this part or other applicable law, rule or regulation;
(2) Has engaged or participated, or is engaging or participating, or is about to engage or participate, detrimentally with respect to the business of the licensee;
(3) Has been indicted or convicted for a crime involving dishonesty or breach of trust; or
(4) Is conducting acts that threaten the interests of the licensee or may threaten to impair public confidence in the licensee.
(b) Notice and hearing shall be provided in advance of any action authorized in subsection (a). In cases involving extraordinary circumstances requiring immediate action, the commissioner may take the action, but shall promptly afford a subsequent hearing upon application to rescind the action taken.
(c) The licensee, subject person or other person to whom an order is issued under subsection (a), is entitled to an administrative review of the order pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1989, ch. 124, § 18.
Tenn. Code Ann. § 45-5-201 — TN Code / Title 45 / Chapter 5 / Section 45-5-201
General qualifications for registration
Status: in_force

(a) In order to qualify for registration as an industrial loan and thrift company, a person must: (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; (3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration. (b) In order to qualify for registration as an industrial investment company or industrial bank, a person must: (1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) Have a capital structure in accordance with § 45-5-603 ; (3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be; (4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and (5) Comply with the requirements of part 6 of this chapter. Acts 1979, ch. 204, § 4; T.C.A., § 45-2004; Acts 1983, ch. 274, § 13; 1994, ch. 551, § 19.
(a) In order to qualify for registration as an industrial loan and thrift company, a person must: (1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered; (3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and (4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration.
(1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2) If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered;
(3) If a corporation, be either: (A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or (B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and
(A) Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or
(B) Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and
(4) Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration.
(b) In order to qualify for registration as an industrial investment company or industrial bank, a person must: (1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly; (2) Have a capital structure in accordance with § 45-5-603 ; (3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be; (4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and (5) Comply with the requirements of part 6 of this chapter.
(1) Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2) Have a capital structure in accordance with § 45-5-603 ;
(3) Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be;
(4) Have a name that does not include the word "bank" or any word deceptively similar thereto; and
(5) Comply with the requirements of part 6 of this chapter.
Acts 1979, ch. 204, § 4; T.C.A., § 45-2004; Acts 1983, ch. 274, § 13; 1994, ch. 551, § 19.
Tenn. Code Ann. § 45-8-209 — TN Code / Title 45 / Chapter 8 / Section 45-8-209
Surrender of license
Status: in_force

(a) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (b), a licensee may apply to the commissioner to have the commissioner accept the surrender of the license of the licensee. If the commissioner determines that the requirements of this section have been satisfied, the commissioner shall approve the application, unless in the opinion of the commissioner the purpose of the application is to evade a current or prospective action by the commissioner under this part. (b) Not less than sixty (60) days before filing an application with the commissioner under subsection (a), a licensee shall notify each of its shareholders of its intention to file an application. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty-day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the commissioner. If shareholders holding twenty percent (20%) or more of the outstanding voting securities of the licensee file objections, the licensee shall not proceed with the application under subsection (a) unless the application is approved by a vote of shareholders holding two-thirds (2/3) of the outstanding voting securities of the licensee. Acts 1989, ch. 124, § 9.
(a) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (b), a licensee may apply to the commissioner to have the commissioner accept the surrender of the license of the licensee. If the commissioner determines that the requirements of this section have been satisfied, the commissioner shall approve the application, unless in the opinion of the commissioner the purpose of the application is to evade a current or prospective action by the commissioner under this part.
(b) Not less than sixty (60) days before filing an application with the commissioner under subsection (a), a licensee shall notify each of its shareholders of its intention to file an application. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty-day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the commissioner. If shareholders holding twenty percent (20%) or more of the outstanding voting securities of the licensee file objections, the licensee shall not proceed with the application under subsection (a) unless the application is approved by a vote of shareholders holding two-thirds (2/3) of the outstanding voting securities of the licensee.
Acts 1989, ch. 124, § 9.
Tenn. Code Ann. § 45-3-806 — TN Code / Title 45 / Chapter 3 / Section 45-3-806
Reproduction and destruction of records
Status: in_force

Any association may cause any or all records kept by the association to be copied or reproduced by any photostatic, photographic, or microfilming process that correctly and permanently copies, reproduces, or forms a medium for copying or reproducing the original record on a film or other durable material. In the event of the loss or destruction of the original record, the copy or reproduction shall be deemed to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification, or certified copy shall, for all purposes, be deemed a facsimile, exemplification or certified copy of the original record. Acts 1978, ch. 708, § 3.06; T.C.A., § 45-1513.
Any association may cause any or all records kept by the association to be copied or reproduced by any photostatic, photographic, or microfilming process that correctly and permanently copies, reproduces, or forms a medium for copying or reproducing the original record on a film or other durable material. In the event of the loss or destruction of the original record, the copy or reproduction shall be deemed to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification, or certified copy shall, for all purposes, be deemed a facsimile, exemplification or certified copy of the original record.
Acts 1978, ch. 708, § 3.06; T.C.A., § 45-1513.
Tenn. Code Ann. § 45-2-2005 — TN Code / Title 45 / Chapter 2 / Section 45-2-2005
Modification or revocation of exemption - Commissioner's authority - Notice - Hearing
Status: in_force

(a) The commissioner shall not modify or revoke any exemption granted to a private trust company under § 45-2-2001 unless: (1) The commissioner determines that, based upon the safety and soundness of the private trust company or any action that the private trust company has taken or proposes to take, modification or revocation is necessary to protect the viability of the private trust company; or (2) The private trust company fails to comply with any conditions or limitations imposed by the commissioner in connection with granting the exemption. (b) The commissioner's authority to modify an exemption under subsection (a) includes the authority to impose conditions or limitations with respect to the exemption. (c) (1) The commissioner must provide notice in writing to the private trust company at least thirty (30) days prior to the effective date of the proposed modification or revocation of an exemption. (2) Within thirty (30) days following receipt of the notice provided pursuant to subdivision (c)(1), the private trust company may request in writing that the commissioner hold a hearing for the private trust company to show cause as to why the proposed modification or revocation of an exemption should not become effective. (3) If a hearing is requested within the time period set forth in subdivision (c)(2), the commissioner shall schedule and conduct the hearing, and the proposed modification or revocation shall not become effective until the commissioner's final determination following the hearing. (4) If a hearing is not requested within the time period set forth in subdivision (c)(2), the proposed modification or revocation shall become effective without further notice or hearing on the date specified in the notice provided pursuant to subdivision (c)(1). (d) This section does not modify, limit, or repeal § 45-2-2003 . Acts 2018, ch. 632, § 2.
(a) The commissioner shall not modify or revoke any exemption granted to a private trust company under § 45-2-2001 unless: (1) The commissioner determines that, based upon the safety and soundness of the private trust company or any action that the private trust company has taken or proposes to take, modification or revocation is necessary to protect the viability of the private trust company; or (2) The private trust company fails to comply with any conditions or limitations imposed by the commissioner in connection with granting the exemption.
(1) The commissioner determines that, based upon the safety and soundness of the private trust company or any action that the private trust company has taken or proposes to take, modification or revocation is necessary to protect the viability of the private trust company; or
(2) The private trust company fails to comply with any conditions or limitations imposed by the commissioner in connection with granting the exemption.
(b) The commissioner's authority to modify an exemption under subsection (a) includes the authority to impose conditions or limitations with respect to the exemption.
(c) (1) The commissioner must provide notice in writing to the private trust company at least thirty (30) days prior to the effective date of the proposed modification or revocation of an exemption. (2) Within thirty (30) days following receipt of the notice provided pursuant to subdivision (c)(1), the private trust company may request in writing that the commissioner hold a hearing for the private trust company to show cause as to why the proposed modification or revocation of an exemption should not become effective. (3) If a hearing is requested within the time period set forth in subdivision (c)(2), the commissioner shall schedule and conduct the hearing, and the proposed modification or revocation shall not become effective until the commissioner's final determination following the hearing. (4) If a hearing is not requested within the time period set forth in subdivision (c)(2), the proposed modification or revocation shall become effective without further notice or hearing on the date specified in the notice provided pursuant to subdivision (c)(1).
(1) The commissioner must provide notice in writing to the private trust company at least thirty (30) days prior to the effective date of the proposed modification or revocation of an exemption.
(2) Within thirty (30) days following receipt of the notice provided pursuant to subdivision (c)(1), the private trust company may request in writing that the commissioner hold a hearing for the private trust company to show cause as to why the proposed modification or revocation of an exemption should not become effective.
(3) If a hearing is requested within the time period set forth in subdivision (c)(2), the commissioner shall schedule and conduct the hearing, and the proposed modification or revocation shall not become effective until the commissioner's final determination following the hearing.
(4) If a hearing is not requested within the time period set forth in subdivision (c)(2), the proposed modification or revocation shall become effective without further notice or hearing on the date specified in the notice provided pursuant to subdivision (c)(1).
(d) This section does not modify, limit, or repeal § 45-2-2003 .
Acts 2018, ch. 632, § 2.
Tenn. Code Ann. § 45-10-106 — TN Code / Title 45 / Chapter 10 / Section 45-10-106
Service of subpoena on financial institution
Status: in_force

A subpoena authorizing the production of financial records may be served upon a financial institution only if: (1) A copy of the subpoena has been served upon the customer, if the customer is available for service, in the manner provided by law for the service of subpoena, or, in any judicial proceeding in which the customer is a named party, a copy of the subpoena has been served on the customer in the manner provided for the service of pleadings subsequent to the original complaint by the Tennessee Rules of Civil Procedure; and (2) The customer, in the case of a judicial subpoena issued in a proceeding in which the customer is not a named party, has not moved to quash the subpoena within ten (10) days after service of a copy of the subpoena on the customer; or in the case of a nonjudicial subpoena, the customer has not notified the issuer, within ten (10) days after service of a copy of the subpoena on the customer, that the customer objects to the subpoena, in which case the issuer must petition an appropriate court and obtain approval of the court before issuing the subpoena. The appropriate court shall be any court of record in the county where the customer is located, if a resident of Tennessee; otherwise the county where the financial institution is located. Acts 1983, ch. 224, § 6; 1984, ch. 616, § 5; 1995, ch. 309, § 5.
A subpoena authorizing the production of financial records may be served upon a financial institution only if:
(1) A copy of the subpoena has been served upon the customer, if the customer is available for service, in the manner provided by law for the service of subpoena, or, in any judicial proceeding in which the customer is a named party, a copy of the subpoena has been served on the customer in the manner provided for the service of pleadings subsequent to the original complaint by the Tennessee Rules of Civil Procedure; and
(2) The customer, in the case of a judicial subpoena issued in a proceeding in which the customer is not a named party, has not moved to quash the subpoena within ten (10) days after service of a copy of the subpoena on the customer; or in the case of a nonjudicial subpoena, the customer has not notified the issuer, within ten (10) days after service of a copy of the subpoena on the customer, that the customer objects to the subpoena, in which case the issuer must petition an appropriate court and obtain approval of the court before issuing the subpoena. The appropriate court shall be any court of record in the county where the customer is located, if a resident of Tennessee; otherwise the county where the financial institution is located.
Acts 1983, ch. 224, § 6; 1984, ch. 616, § 5; 1995, ch. 309, § 5.
Tenn. Code Ann. § 45-3-1312 — TN Code / Title 45 / Chapter 3 / Section 45-3-1312
Commissioner to submit violations to district attorney general
Status: in_force

The commissioner shall submit to the district attorneys general for the respective counties of this state any criminal violation of any provisions of this chapter known by the commissioner to have occurred in the county. Acts 1978, ch. 708, § 5.16; modified; T.C.A., § 45-1716.
The commissioner shall submit to the district attorneys general for the respective counties of this state any criminal violation of any provisions of this chapter known by the commissioner to have occurred in the county.
Acts 1978, ch. 708, § 5.16; modified; T.C.A., § 45-1716.
Tenn. Code Ann. § 45-2-708 — TN Code / Title 45 / Chapter 2 / Section 45-2-708
Payment when no executor or administrator qualifies
Status: in_force

(a) (1) Notwithstanding § 30-2-317 , where no executor or administrator of a deceased depositor has qualified and given notice of the person's qualifications to the bank, the bank may, in its discretion, and at any time after thirty (30) days from the death of the depositor, pay out of all accounts, maintained with it by the depositor in an individual capacity, all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate: (A) To the executor named in any will known to the bank; or (B) In the absence of knowledge of a purported will naming a surviving executor to: (i) A creditor for expenses of the funeral; (ii) A creditor for the expenses of the last illness; (iii) The surviving spouse; and (iv) The next of kin. (2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1)(B). (b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of deposits in banking institutions, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the banks against the demands or claims of all parties. (c) No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section. Amended by 2016 Tenn. Acts, ch. 804,s 2, eff. 4/14/2016. Acts 1969, ch. 36, § 1 (3.209); T.C.A., § 45-412; Acts 1980, ch. 615, § 1; 1988, ch. 926, § 4; 1991, ch. 136, § 1; 1995, ch. 103, § 1; 1997, ch. 426, § 22; 2000, ch. 570, § 1.
(a) (1) Notwithstanding § 30-2-317 , where no executor or administrator of a deceased depositor has qualified and given notice of the person's qualifications to the bank, the bank may, in its discretion, and at any time after thirty (30) days from the death of the depositor, pay out of all accounts, maintained with it by the depositor in an individual capacity, all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate: (A) To the executor named in any will known to the bank; or (B) In the absence of knowledge of a purported will naming a surviving executor to: (i) A creditor for expenses of the funeral; (ii) A creditor for the expenses of the last illness; (iii) The surviving spouse; and (iv) The next of kin. (2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1)(B).
(1) Notwithstanding § 30-2-317 , where no executor or administrator of a deceased depositor has qualified and given notice of the person's qualifications to the bank, the bank may, in its discretion, and at any time after thirty (30) days from the death of the depositor, pay out of all accounts, maintained with it by the depositor in an individual capacity, all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate: (A) To the executor named in any will known to the bank; or (B) In the absence of knowledge of a purported will naming a surviving executor to: (i) A creditor for expenses of the funeral; (ii) A creditor for the expenses of the last illness; (iii) The surviving spouse; and (iv) The next of kin.
(A) To the executor named in any will known to the bank; or
(B) In the absence of knowledge of a purported will naming a surviving executor to: (i) A creditor for expenses of the funeral; (ii) A creditor for the expenses of the last illness; (iii) The surviving spouse; and (iv) The next of kin.
(i) A creditor for expenses of the funeral;
(ii) A creditor for the expenses of the last illness;
(iii) The surviving spouse; and
(iv) The next of kin.
(2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1)(B).
(b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of deposits in banking institutions, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the banks against the demands or claims of all parties.
(c) No bank shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2016 Tenn. Acts, ch. 804,s 2, eff. 4/14/2016.
Acts 1969, ch. 36, § 1 (3.209); T.C.A., § 45-412; Acts 1980, ch. 615, § 1; 1988, ch. 926, § 4; 1991, ch. 136, § 1; 1995, ch. 103, § 1; 1997, ch. 426, § 22; 2000, ch. 570, § 1.
Tenn. Code Ann. § 45-3-1503 — TN Code / Title 45 / Chapter 3 / Section 45-3-1503
Savings and loan holding companies and their subsidiaries - Registration requirements
Status: in_force

Each savings and loan holding company and each subsidiary of the holding company shall register with the commissioner within one hundred eighty (180) days after July 3, 1989, or within ninety (90) days after becoming a mutual savings and loan holding company, whichever is later. Each mutual savings and loan holding company and each subsidiary of the holding company shall register on forms prescribed by the commissioner, which shall include information with respect to the financial condition, ownership, management, and inter-company relations of the mutual holding company and its subsidiaries and related matters that the commissioner deems necessary or appropriate to carry out the purposes of this part. Acts 1989, ch. 354, § 3.
Each savings and loan holding company and each subsidiary of the holding company shall register with the commissioner within one hundred eighty (180) days after July 3, 1989, or within ninety (90) days after becoming a mutual savings and loan holding company, whichever is later. Each mutual savings and loan holding company and each subsidiary of the holding company shall register on forms prescribed by the commissioner, which shall include information with respect to the financial condition, ownership, management, and inter-company relations of the mutual holding company and its subsidiaries and related matters that the commissioner deems necessary or appropriate to carry out the purposes of this part.
Acts 1989, ch. 354, § 3.
Tenn. Code Ann. § 45-7-143 — TN Code / Title 45 / Chapter 7 / Section 45-7-143
Orders
Status: in_force

If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule promulgated in accordance with this chapter, the commissioner may order the person to: (1) Cease and desist violating the chapter or any rule promulgated in accordance with this chapter; (2) Refund, disburse, or disgorge any fees collected in violation of this chapter or a rule promulgated in accordance with this chapter; (3) Pay to the commissioner a civil penalty in an amount specified by the commissioner, not to exceed one thousand dollars ($1,000) for each violation or, in the case of a continuing violation, one thousand dollars ($1,000) for each day that the violation continues; or (4) Pay the costs and expenses for the investigation and prosecution of the matter, including reasonable attorney's fees. Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule promulgated in accordance with this chapter, the commissioner may order the person to:
(1) Cease and desist violating the chapter or any rule promulgated in accordance with this chapter;
(2) Refund, disburse, or disgorge any fees collected in violation of this chapter or a rule promulgated in accordance with this chapter;
(3) Pay to the commissioner a civil penalty in an amount specified by the commissioner, not to exceed one thousand dollars ($1,000) for each violation or, in the case of a continuing violation, one thousand dollars ($1,000) for each day that the violation continues; or
(4) Pay the costs and expenses for the investigation and prosecution of the matter, including reasonable attorney's fees.
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-4-1205 — TN Code / Title 45 / Chapter 4 / Section 45-4-1205
Amendments to articles of incorporation
Status: in_force

Amendments to the articles, adopted by a vote of two-thirds (2/3) of the number of member credit unions who own shares, shall be filed with the commissioner, and if the commissioner approves the amendments, shall become effective upon being filed in the same manner as the original articles. Acts 1981, ch. 76, § 5; 1995, ch. 23, § 3.
Amendments to the articles, adopted by a vote of two-thirds (2/3) of the number of member credit unions who own shares, shall be filed with the commissioner, and if the commissioner approves the amendments, shall become effective upon being filed in the same manner as the original articles.
Acts 1981, ch. 76, § 5; 1995, ch. 23, § 3.
Tenn. Code Ann. § 45-2-1003 — TN Code / Title 45 / Chapter 2 / Section 45-2-1003
Segregation and registration of fiduciary assets - Nominee
Status: in_force

(a) (1) A bank or trust company holding any asset as a fiduciary, cofiduciary, agent for a fiduciary or custodian shall segregate the assets from any other assets of the bank except as may be expressly provided otherwise by law or by the instrument creating the fiduciary relationship and the asset may be kept by the bank or trust company. (2) Stocks, bonds, and other securities may be held by the bank or trust company in a manner such that all certificates representing the securities from time to time constituting the assets of a particular estate, trust or other fiduciary account are held separate from those of all other estates, trusts, or fiduciary accounts; or, in a manner such that certificates representing securities of the same class of the same issues from time to time constituting assets of particular estates, trusts, or other fiduciary accounts are held in bulk, without certification as to ownership attached; provided, that a bank or trust company when operating under the aforementioned method of safekeeping securities shall be subject to the rules and regulations now in effect or hereinafter promulgated by the state banking board with regard to state-chartered institutions and the comptroller of the currency in the case of national banking institutions. (3) A bank or trust company holding the securities in bulk may also merge certificates of small denominations into one (1) or more certificates of large denominations and all banks or trust companies acting as a fiduciary with regard to the securities shall on demand certify in writing the securities held by it for any estate, trust or fiduciary account. (b) (1) Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give consent, or the fiduciaries for whom it is acting, cause any investment held in such a capacity to be registered and held in its own name, or the name of a nominee, or nominees, of the bank. (2) The bank shall be liable for the acts of the nominee with respect to any investment so registered. (3) The records of the bank shall at all times show the fiduciary relationship under which the investment is held, and the securities, or a proper receipt therefor, shall be in the possession and control of the bank. (4) The securities shall be kept separate and apart from the assets of the bank. (c) Any bank may deposit funds of a fiduciary account awaiting investment or distribution in its commercial banking department or in the commercial banking department of any affiliate bank in the same bank holding company as defined in § 45-2-1402 where the funds may be used in the conduct of its business to the extent that the deposits do not exceed the aggregate of: (1) The insurance on the deposits provided by the federal deposit insurance corporation; (2) Cash on hand; (3) The value of obligations of the United States or any state or any subdivision or instrumentality thereof owned by the bank; and (4) Other property approved for this purpose for national banks or for member banks of the federal reserve system. Acts 1969, ch. 36, § 1 (3.232); 1974, ch. 550, § 1; T.C.A., § 45-424; Acts 1988, ch. 926, § 6.
(a) (1) A bank or trust company holding any asset as a fiduciary, cofiduciary, agent for a fiduciary or custodian shall segregate the assets from any other assets of the bank except as may be expressly provided otherwise by law or by the instrument creating the fiduciary relationship and the asset may be kept by the bank or trust company. (2) Stocks, bonds, and other securities may be held by the bank or trust company in a manner such that all certificates representing the securities from time to time constituting the assets of a particular estate, trust or other fiduciary account are held separate from those of all other estates, trusts, or fiduciary accounts; or, in a manner such that certificates representing securities of the same class of the same issues from time to time constituting assets of particular estates, trusts, or other fiduciary accounts are held in bulk, without certification as to ownership attached; provided, that a bank or trust company when operating under the aforementioned method of safekeeping securities shall be subject to the rules and regulations now in effect or hereinafter promulgated by the state banking board with regard to state-chartered institutions and the comptroller of the currency in the case of national banking institutions. (3) A bank or trust company holding the securities in bulk may also merge certificates of small denominations into one (1) or more certificates of large denominations and all banks or trust companies acting as a fiduciary with regard to the securities shall on demand certify in writing the securities held by it for any estate, trust or fiduciary account.
(1) A bank or trust company holding any asset as a fiduciary, cofiduciary, agent for a fiduciary or custodian shall segregate the assets from any other assets of the bank except as may be expressly provided otherwise by law or by the instrument creating the fiduciary relationship and the asset may be kept by the bank or trust company.
(2) Stocks, bonds, and other securities may be held by the bank or trust company in a manner such that all certificates representing the securities from time to time constituting the assets of a particular estate, trust or other fiduciary account are held separate from those of all other estates, trusts, or fiduciary accounts; or, in a manner such that certificates representing securities of the same class of the same issues from time to time constituting assets of particular estates, trusts, or other fiduciary accounts are held in bulk, without certification as to ownership attached; provided, that a bank or trust company when operating under the aforementioned method of safekeeping securities shall be subject to the rules and regulations now in effect or hereinafter promulgated by the state banking board with regard to state-chartered institutions and the comptroller of the currency in the case of national banking institutions.
(3) A bank or trust company holding the securities in bulk may also merge certificates of small denominations into one (1) or more certificates of large denominations and all banks or trust companies acting as a fiduciary with regard to the securities shall on demand certify in writing the securities held by it for any estate, trust or fiduciary account.
(b) (1) Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give consent, or the fiduciaries for whom it is acting, cause any investment held in such a capacity to be registered and held in its own name, or the name of a nominee, or nominees, of the bank. (2) The bank shall be liable for the acts of the nominee with respect to any investment so registered. (3) The records of the bank shall at all times show the fiduciary relationship under which the investment is held, and the securities, or a proper receipt therefor, shall be in the possession and control of the bank. (4) The securities shall be kept separate and apart from the assets of the bank.
(1) Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give consent, or the fiduciaries for whom it is acting, cause any investment held in such a capacity to be registered and held in its own name, or the name of a nominee, or nominees, of the bank.
(2) The bank shall be liable for the acts of the nominee with respect to any investment so registered.
(3) The records of the bank shall at all times show the fiduciary relationship under which the investment is held, and the securities, or a proper receipt therefor, shall be in the possession and control of the bank.
(4) The securities shall be kept separate and apart from the assets of the bank.
(c) Any bank may deposit funds of a fiduciary account awaiting investment or distribution in its commercial banking department or in the commercial banking department of any affiliate bank in the same bank holding company as defined in § 45-2-1402 where the funds may be used in the conduct of its business to the extent that the deposits do not exceed the aggregate of: (1) The insurance on the deposits provided by the federal deposit insurance corporation; (2) Cash on hand; (3) The value of obligations of the United States or any state or any subdivision or instrumentality thereof owned by the bank; and (4) Other property approved for this purpose for national banks or for member banks of the federal reserve system.
(1) The insurance on the deposits provided by the federal deposit insurance corporation;
(2) Cash on hand;
(3) The value of obligations of the United States or any state or any subdivision or instrumentality thereof owned by the bank; and
(4) Other property approved for this purpose for national banks or for member banks of the federal reserve system.
Acts 1969, ch. 36, § 1 (3.232); 1974, ch. 550, § 1; T.C.A., § 45-424; Acts 1988, ch. 926, § 6.
Tenn. Code Ann. § 45-2-217 — TN Code / Title 45 / Chapter 2 / Section 45-2-217
Operation before receiving certificate of authority prohibited
Status: in_force

It is a criminal offense against this chapter and chapter 1 of this title for a state bank to perform any act other than to perfect its organization, obtain and equip a place of business and otherwise prepare to do business before receiving a certificate of authority to operate. Acts 1969, ch. 36, § 1 (3.312); T.C.A., § 45-217.
It is a criminal offense against this chapter and chapter 1 of this title for a state bank to perform any act other than to perfect its organization, obtain and equip a place of business and otherwise prepare to do business before receiving a certificate of authority to operate.
Acts 1969, ch. 36, § 1 (3.312); T.C.A., § 45-217.
Tenn. Code Ann. § 45-3-1301 — TN Code / Title 45 / Chapter 3 / Section 45-3-1301
Unauthorized conduct of savings and loan business
Status: in_force

(a) It is unlawful for any person not authorized pursuant to this chapter, directly or indirectly, to carry on a savings and loan business within this state, or falsely and with intent to defraud, to act as a savings and loan association, or to represent that the person is acting for an association, or to use an artificial or corporate name that is the name of an existing association. (b) A violation of this section is a Class B misdemeanor. Acts 1978, ch. 708, § 5.05; T.C.A., § 45-1705; Acts 1989, ch. 591, § 112.
(a) It is unlawful for any person not authorized pursuant to this chapter, directly or indirectly, to carry on a savings and loan business within this state, or falsely and with intent to defraud, to act as a savings and loan association, or to represent that the person is acting for an association, or to use an artificial or corporate name that is the name of an existing association.
(b) A violation of this section is a Class B misdemeanor.
Acts 1978, ch. 708, § 5.05; T.C.A., § 45-1705; Acts 1989, ch. 591, § 112.
Tenn. Code Ann. § 45-4-1206 — TN Code / Title 45 / Chapter 4 / Section 45-4-1206
Bylaws
Status: in_force

(a) The credit unions that adopt the articles of incorporation under § 45-4-1201 shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate. (b) The bylaws may be amended at any regular meeting of the directors, or at a special meeting of the directors called for that purpose by vote of two-thirds (2/3) of the entire board. Acts 1981, ch. 76, § 6.
(a) The credit unions that adopt the articles of incorporation under § 45-4-1201 shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate.
(b) The bylaws may be amended at any regular meeting of the directors, or at a special meeting of the directors called for that purpose by vote of two-thirds (2/3) of the entire board.
Acts 1981, ch. 76, § 6.
Tenn. Code Ann. § 45-5-107 — TN Code / Title 45 / Chapter 5 / Section 45-5-107
Delegation to industrial loan and thrift companies division
Status: in_force

The commissioner may by order delegate the powers and duties under this chapter to the assistant commissioner for the industrial loan and thrift companies division that are appropriate for the effective administration of this chapter. Acts 1983, ch. 274, § 12.
The commissioner may by order delegate the powers and duties under this chapter to the assistant commissioner for the industrial loan and thrift companies division that are appropriate for the effective administration of this chapter.
Acts 1983, ch. 274, § 12.
Tenn. Code Ann. § 45-2-404 — TN Code / Title 45 / Chapter 2 / Section 45-2-404
Authority to declare dividends
Status: in_force

The board of directors of a state bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two (2) years without the prior approval of the commissioner. Acts 1969, ch. 36, § 1 (3.318); T.C.A., § 45-229; Acts 2001, ch. 54, § 13.
The board of directors of a state bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two (2) years without the prior approval of the commissioner.
Acts 1969, ch. 36, § 1 (3.318); T.C.A., § 45-229; Acts 2001, ch. 54, § 13.
Tenn. Code Ann. § 45-6-212 — TN Code / Title 45 / Chapter 6 / Section 45-6-212
Prohibited actions
Status: in_force

A pawnbroker shall not: (1) Accept a pledge or purchase property from a person under eighteen (18) years of age, nor accept a pledge from anyone who appears intoxicated, nor from any person known to the pawnbroker to be a thief, or to have been convicted of larceny, burglary or robbery, without first notifying a police officer; (2) Make any agreement requiring the personal liability of a pledgor in connection with a pawn transaction; (3) Accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under this part; (4) Fail to exercise reasonable care to protect pledged goods from loss or damage; (5) Fail to return pledged goods to a pledgor upon payment of the full amount due the pawnbroker on the pawn transaction. In the event the pledged goods are lost or damaged while in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker to replace the lost or damaged goods with like kind or kinds of merchandise. In the event the pledgor and pawnbroker cannot agree as to replacement with like kind or kinds, the pawnbroker shall reimburse the pledgor for the agreed upon value of the article as recited under § 45-6-209(b)(4) ; (6) Purchase property in a pawn transaction for the pawnbroker's own personal use; (7) Take any article in pawn, pledge, or as security or under a buy-sell agreement from any person, which article is known to the pawnbroker to be stolen; (8) Sell, exchange, barter, or remove from the pawnbroker's place of business, or permit to be redeemed any goods pledged, pawned, or disposed of by the pawnbroker for a period of forty-eight (48) hours after making the report as provided in § 45-6-209 ; (9) Keep more than one (1) house, shop, or place for the business of pawnbroker under one (1) license; provided, that the person may remove from one (1) place of business to another, as provided in § 45-6-208 ; (10) Keep open the pawnbroker's place of business before eight o'clock a.m. (8:00 a.m.) or after six o'clock p.m. (6:00 p.m.) of any day during the year, with the exception of thirty (30) days before Christmas, meaning November 25 through December 24, of each year, and then the pawnbroker may open the place of business at eight o'clock a.m. (8:00 a.m.) and shall be entitled to close same at nine o'clock p.m. (9:00 p.m.); provided, that any municipality that contains within its corporate limits a portion of a military reservation that is located partially within the boundary of this state and partially within the boundary of another state and that has a population of not less than fifty-three thousand (53,000) and not more than seventy-five thousand (75,000), according to the 1980 federal census or any subsequent federal census, may extend the hours of operation by ordinance of the governing body beyond the hours of operation established pursuant to this subdivision (10), but the extension of hours shall not exceed the hours authorized in the closest contiguous state to the municipality; or (11) Enter into any pawn transaction that has a maturity date less than thirty (30) days after the date of the pawn transaction. Acts 1988, ch. 724, § 12; 1989, ch. 433, § 1; 1994, ch. 539, § 2; 1995, ch. 186, § 9.
A pawnbroker shall not:
(1) Accept a pledge or purchase property from a person under eighteen (18) years of age, nor accept a pledge from anyone who appears intoxicated, nor from any person known to the pawnbroker to be a thief, or to have been convicted of larceny, burglary or robbery, without first notifying a police officer;
(2) Make any agreement requiring the personal liability of a pledgor in connection with a pawn transaction;
(3) Accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under this part;
(4) Fail to exercise reasonable care to protect pledged goods from loss or damage;
(5) Fail to return pledged goods to a pledgor upon payment of the full amount due the pawnbroker on the pawn transaction. In the event the pledged goods are lost or damaged while in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker to replace the lost or damaged goods with like kind or kinds of merchandise. In the event the pledgor and pawnbroker cannot agree as to replacement with like kind or kinds, the pawnbroker shall reimburse the pledgor for the agreed upon value of the article as recited under § 45-6-209(b)(4) ;
(6) Purchase property in a pawn transaction for the pawnbroker's own personal use;
(7) Take any article in pawn, pledge, or as security or under a buy-sell agreement from any person, which article is known to the pawnbroker to be stolen;
(8) Sell, exchange, barter, or remove from the pawnbroker's place of business, or permit to be redeemed any goods pledged, pawned, or disposed of by the pawnbroker for a period of forty-eight (48) hours after making the report as provided in § 45-6-209 ;
(9) Keep more than one (1) house, shop, or place for the business of pawnbroker under one (1) license; provided, that the person may remove from one (1) place of business to another, as provided in § 45-6-208 ;
(10) Keep open the pawnbroker's place of business before eight o'clock a.m. (8:00 a.m.) or after six o'clock p.m. (6:00 p.m.) of any day during the year, with the exception of thirty (30) days before Christmas, meaning November 25 through December 24, of each year, and then the pawnbroker may open the place of business at eight o'clock a.m. (8:00 a.m.) and shall be entitled to close same at nine o'clock p.m. (9:00 p.m.); provided, that any municipality that contains within its corporate limits a portion of a military reservation that is located partially within the boundary of this state and partially within the boundary of another state and that has a population of not less than fifty-three thousand (53,000) and not more than seventy-five thousand (75,000), according to the 1980 federal census or any subsequent federal census, may extend the hours of operation by ordinance of the governing body beyond the hours of operation established pursuant to this subdivision (10), but the extension of hours shall not exceed the hours authorized in the closest contiguous state to the municipality; or
(11) Enter into any pawn transaction that has a maturity date less than thirty (30) days after the date of the pawn transaction.
Acts 1988, ch. 724, § 12; 1989, ch. 433, § 1; 1994, ch. 539, § 2; 1995, ch. 186, § 9.
Tenn. Code Ann. § 45-3-509 — TN Code / Title 45 / Chapter 3 / Section 45-3-509
Pledge to association of an account in joint tenancy
Status: in_force

The pledge or hypothecation to any association of all or part of an account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account, shall, unless the terms of the account provide specifically to the contrary, be a valid pledge and transfer to the association of that part of the account pledged or hypothecated, and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the account. Acts 1978, ch. 708, § 2.09; T.C.A., § 45-1409.
The pledge or hypothecation to any association of all or part of an account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account, shall, unless the terms of the account provide specifically to the contrary, be a valid pledge and transfer to the association of that part of the account pledged or hypothecated, and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
Acts 1978, ch. 708, § 2.09; T.C.A., § 45-1409.
Tenn. Code Ann. § 45-7-144 — TN Code / Title 45 / Chapter 7 / Section 45-7-144
Hearings - Procedures
Status: in_force

A hearing or other opportunity to be heard afforded pursuant to this chapter must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
A hearing or other opportunity to be heard afforded pursuant to this chapter must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-2-1013 — TN Code / Title 45 / Chapter 2 / Section 45-2-1013
Trust office
Status: in_force

(a) A state trust institution may establish or acquire and maintain trust offices anywhere in this state. Any prohibition on the acquisition of an institution that has not been in operation for at least three (3) years shall not apply to trust companies. A state trust institution desiring to establish or acquire and maintain an office shall file a written notice with the commissioner setting forth the name of the state trust institution, the location of the proposed additional office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee prescribed by the commissioner. If acquiring a trust office, the trust institution shall provide evidence that all fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed. (b) The notificant may commence business at the additional office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date. (c) The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution. (d) The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner. (e) The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. (f) A state trust institution may also establish and maintain a new trust office or acquire and maintain an office outside of this state. In addition to the notice required to be provided in subsection (a), the trust institution must also provide evidence that the laws of the jurisdiction where the office is to be located permit an office, a copy of the authorizing board resolution and the filing fee, if any, prescribed by the commissioner. The process of review in subsections (b), (d) and (e) shall be applicable. The commissioner shall also consider the views of the appropriate bank supervisory agencies. (g) A state trust institution is not required to publish public notice in order to establish and maintain a new trust office. Amended by 2023 Tenn. Acts, ch. 28, s 2, eff. 3/10/2023. Acts 1999, ch. 112, § 10; 2003 , ch. 32, § 7.
(a) A state trust institution may establish or acquire and maintain trust offices anywhere in this state. Any prohibition on the acquisition of an institution that has not been in operation for at least three (3) years shall not apply to trust companies. A state trust institution desiring to establish or acquire and maintain an office shall file a written notice with the commissioner setting forth the name of the state trust institution, the location of the proposed additional office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee prescribed by the commissioner. If acquiring a trust office, the trust institution shall provide evidence that all fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed.
(b) The notificant may commence business at the additional office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
(c) The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution.
(d) The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner.
(e) The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.
(f) A state trust institution may also establish and maintain a new trust office or acquire and maintain an office outside of this state. In addition to the notice required to be provided in subsection (a), the trust institution must also provide evidence that the laws of the jurisdiction where the office is to be located permit an office, a copy of the authorizing board resolution and the filing fee, if any, prescribed by the commissioner. The process of review in subsections (b), (d) and (e) shall be applicable. The commissioner shall also consider the views of the appropriate bank supervisory agencies.
(g) A state trust institution is not required to publish public notice in order to establish and maintain a new trust office.
Amended by 2023 Tenn. Acts, ch. 28, s 2, eff. 3/10/2023.
Acts 1999, ch. 112, § 10; 2003 , ch. 32, § 7.
Tenn. Code Ann. § 45-3-1309 — TN Code / Title 45 / Chapter 3 / Section 45-3-1309
Director acting to detriment of association
Status: in_force

It is a Class B misdemeanor for any director of an association to concur in any vote or act of the directors of the association if the director knows or has reason to know that the vote or act is intended to: (1) Place the association in an impaired condition; (2) Cause the association to pay dividends on its outstanding capital stock in violation of law; (3) Cause a reduction of the capital stock of an association in violation of law; (4) Cause the association to receive or discount any note or other evidence of debt in payment of capital stock required to be paid; or (5) Apply any of the funds of the association, except as permitted by law, directly or indirectly, to the purchase of shares of its own capital stock. Acts 1978, ch. 708, § 5.13; T.C.A., § 45-1713.
It is a Class B misdemeanor for any director of an association to concur in any vote or act of the directors of the association if the director knows or has reason to know that the vote or act is intended to:
(1) Place the association in an impaired condition;
(2) Cause the association to pay dividends on its outstanding capital stock in violation of law;
(3) Cause a reduction of the capital stock of an association in violation of law;
(4) Cause the association to receive or discount any note or other evidence of debt in payment of capital stock required to be paid; or
(5) Apply any of the funds of the association, except as permitted by law, directly or indirectly, to the purchase of shares of its own capital stock.
Acts 1978, ch. 708, § 5.13; T.C.A., § 45-1713.
Tenn. Code Ann. § 45-4-1106 — TN Code / Title 45 / Chapter 4 / Section 45-4-1106
Bylaws
Status: in_force

(a) The credit unions that adopt the articles of incorporation under § 45-4-1101 shall also subscribe and submit to the commissioner of financial institutions for approval, the initial bylaws under which the corporation shall operate. (b) The bylaws may be amended at any regular meeting of the directors, or special meeting of the directors called for that purpose, by a vote of two-thirds (2/3) of the entire board. Acts 1974, ch. 577, § 6; T.C.A., § 45-1840; Acts 1986, ch. 558, § 5.
(a) The credit unions that adopt the articles of incorporation under § 45-4-1101 shall also subscribe and submit to the commissioner of financial institutions for approval, the initial bylaws under which the corporation shall operate.
(b) The bylaws may be amended at any regular meeting of the directors, or special meeting of the directors called for that purpose, by a vote of two-thirds (2/3) of the entire board.
Acts 1974, ch. 577, § 6; T.C.A., § 45-1840; Acts 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-3-1505 — TN Code / Title 45 / Chapter 3 / Section 45-3-1505
Acquisitions - Application - Approval required
Status: in_force

A mutual savings and loan holding company may acquire control of a subsidiary, association, or mutual savings and loan holding company upon application to and the prior written approval of the commissioner. The application shall be in the form prescribed by the commissioner and shall contain information that enables the commissioner to determine if the acquisition is consistent with the public interest of maintaining a sound financial system. Acts 1989, ch. 354, § 5.
A mutual savings and loan holding company may acquire control of a subsidiary, association, or mutual savings and loan holding company upon application to and the prior written approval of the commissioner. The application shall be in the form prescribed by the commissioner and shall contain information that enables the commissioner to determine if the acquisition is consistent with the public interest of maintaining a sound financial system.
Acts 1989, ch. 354, § 5.
Tenn. Code Ann. § 45-2-503 — TN Code / Title 45 / Chapter 2 / Section 45-2-503
Powers of federal reserve bank membership
Status: in_force

A state bank that is or that becomes a member of a federal reserve bank is by this part vested with all powers conferred upon member banks of the federal reserve banks by the terms of the Federal Reserve Act as fully and completely as if the powers were here specifically enumerated and described, and all the powers shall be exercised, subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the federal reserve board made pursuant to the act. The right, however, is expressly reserved to revoke or to amend the powers herein conferred. Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-303.
A state bank that is or that becomes a member of a federal reserve bank is by this part vested with all powers conferred upon member banks of the federal reserve banks by the terms of the Federal Reserve Act as fully and completely as if the powers were here specifically enumerated and described, and all the powers shall be exercised, subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the federal reserve board made pursuant to the act. The right, however, is expressly reserved to revoke or to amend the powers herein conferred.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-303.
Tenn. Code Ann. § 45-7-102 — TN Code / Title 45 / Chapter 7 / Section 45-7-102
Purpose
Status: in_force

It is the purpose of this chapter to: (1) Promote coordination among the states in all areas of regulation, licensing, and supervision to reduce regulatory burden and more effectively utilize regulator resources; (2) Protect the public from financial crime; (3) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and (4) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-202 .
It is the purpose of this chapter to:
(1) Promote coordination among the states in all areas of regulation, licensing, and supervision to reduce regulatory burden and more effectively utilize regulator resources;
(2) Protect the public from financial crime;
(3) Standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and
(4) Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-202 .
Tenn. Code Ann. § 45-2-1405 — TN Code / Title 45 / Chapter 2 / Section 45-2-1405
Power of commissioner
Status: in_force

The commissioner has the power to establish rules and regulations to carry out the legislative purposes of this part. Acts 1974, ch. 469, § 5; T.C.A., § 45-623; Acts 1981, ch. 386, § 1; 1995, ch. 165, § 2.
The commissioner has the power to establish rules and regulations to carry out the legislative purposes of this part.
Acts 1974, ch. 469, § 5; T.C.A., § 45-623; Acts 1981, ch. 386, § 1; 1995, ch. 165, § 2.
Tenn. Code Ann. § 45-14-102 — TN Code / Title 45 / Chapter 14 / Section 45-14-102
Objective of chapter
Status: in_force

The objective of this chapter is to facilitate the delivery of credit for home ownership, family and community purposes, and of other financial and related services, through the chartering of depository institutions known as savings banks, which shall conduct their general business strictly as savings banks in accordance with the requirements of this chapter and the regulations issued under this chapter, if any. Acts 1991, ch. 177, § 2; 1996, ch. 768, § 28.
The objective of this chapter is to facilitate the delivery of credit for home ownership, family and community purposes, and of other financial and related services, through the chartering of depository institutions known as savings banks, which shall conduct their general business strictly as savings banks in accordance with the requirements of this chapter and the regulations issued under this chapter, if any.
Acts 1991, ch. 177, § 2; 1996, ch. 768, § 28.
Tenn. Code Ann. § 45-2-213 — TN Code / Title 45 / Chapter 2 / Section 45-2-213
Return of noncomplying applications - Effect of failure to return
Status: in_force

(a) If the application for a certificate of authority or any accompanying documents do not comply with the requirements of this chapter and chapter 1 of this title, the commissioner shall, within ten (10) business days after the receipt thereof, return them to the incorporators, calling attention to the defect or defects in the application. (b) If the application and accompanying documents are not so returned within the ten-day period, they shall be deemed to have been filed with the commissioner. Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-213; Acts 1996, ch. 768, § 12; 2007, ch. 29, § 1.
(a) If the application for a certificate of authority or any accompanying documents do not comply with the requirements of this chapter and chapter 1 of this title, the commissioner shall, within ten (10) business days after the receipt thereof, return them to the incorporators, calling attention to the defect or defects in the application.
(b) If the application and accompanying documents are not so returned within the ten-day period, they shall be deemed to have been filed with the commissioner.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-213; Acts 1996, ch. 768, § 12; 2007, ch. 29, § 1.
Tenn. Code Ann. § 45-10-109 — TN Code / Title 45 / Chapter 10 / Section 45-10-109
Expenses to be taxed as costs
Status: in_force

In all judicial proceedings, the reasonable expenses of a financial institution in producing records in response to a subpoena shall be taxed as costs, without regard to the amount of any bond, and in all other instances, the issuer shall pay the financial institution's reasonable expenses incurred in complying with the subpoena. The financial institution shall submit to the issuer, either with the records or within thirty (30) days after delivering the records, a statement as to its charges for preparing and delivering the records. Charges by the financial institution at rates that do not exceed those established by the financial institution's published fee schedule shall be deemed reasonable unless otherwise determined by the appropriate court after notice and a hearing. Amended by 2017 Tenn. Acts, ch. 264,s 4, eff. 7/1/2017. Acts 1983, ch. 224, § 9.
In all judicial proceedings, the reasonable expenses of a financial institution in producing records in response to a subpoena shall be taxed as costs, without regard to the amount of any bond, and in all other instances, the issuer shall pay the financial institution's reasonable expenses incurred in complying with the subpoena. The financial institution shall submit to the issuer, either with the records or within thirty (30) days after delivering the records, a statement as to its charges for preparing and delivering the records. Charges by the financial institution at rates that do not exceed those established by the financial institution's published fee schedule shall be deemed reasonable unless otherwise determined by the appropriate court after notice and a hearing.
Amended by 2017 Tenn. Acts, ch. 264,s 4, eff. 7/1/2017.
Acts 1983, ch. 224, § 9.
Tenn. Code Ann. § 45-2-603 — TN Code / Title 45 / Chapter 2 / Section 45-2-603
Emergency powers
Status: in_force

In the event of an emergency resulting from fire, act of God, attack by a foreign nation, riot, insurrection, civil disorder or any similar disaster, any bank, without regard to any restrictions imposed by this chapter and chapter 1 of this title, may take any action that it deems necessary to preserve its assets and protect the interests of its depositors, shareholders or employees including, but not restricted to, suspending business activity or obtaining the benefit of, or participating in, emergency action authorized by the government of the United States, or the state of Tennessee or its political subdivisions. Acts 1969, ch. 36, § 1 (3.103); T.C.A., § 45-403.
In the event of an emergency resulting from fire, act of God, attack by a foreign nation, riot, insurrection, civil disorder or any similar disaster, any bank, without regard to any restrictions imposed by this chapter and chapter 1 of this title, may take any action that it deems necessary to preserve its assets and protect the interests of its depositors, shareholders or employees including, but not restricted to, suspending business activity or obtaining the benefit of, or participating in, emergency action authorized by the government of the United States, or the state of Tennessee or its political subdivisions.
Acts 1969, ch. 36, § 1 (3.103); T.C.A., § 45-403.
Tenn. Code Ann. § 45-17-105 — TN Code / Title 45 / Chapter 17 / Section 45-17-105
Application for license
Status: in_force

Each application for a license shall be in writing and under oath to the commissioner, in a form prescribed by the commissioner, and shall include the following: (1) The legal name, residence and business address of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing employee and director thereof; (2) The location at which the registered agent of the applicant shall be located; provided, that "registered agent of the applicant" includes a person designated by the applicant for accepting notices or orders by the commissioner, or process affecting the applicant, pursuant to § 45-17-103 ; and (3) Other data and information the commissioner may require with respect to the applicant, its directors, trustees, officers, members, managing employees or agents. Acts 1997 , ch. 255, § 6; 1999, ch. 14, §1; 2011 , ch. 205, § 4.
Each application for a license shall be in writing and under oath to the commissioner, in a form prescribed by the commissioner, and shall include the following:
(1) The legal name, residence and business address of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing employee and director thereof;
(2) The location at which the registered agent of the applicant shall be located; provided, that "registered agent of the applicant" includes a person designated by the applicant for accepting notices or orders by the commissioner, or process affecting the applicant, pursuant to § 45-17-103 ; and
(3) Other data and information the commissioner may require with respect to the applicant, its directors, trustees, officers, members, managing employees or agents.
Acts 1997 , ch. 255, § 6; 1999, ch. 14, §1; 2011 , ch. 205, § 4.
Tenn. Code Ann. § 45-3-117 — TN Code / Title 45 / Chapter 3 / Section 45-3-117
Acknowledgments by stockholders, members, and employees
Status: in_force

No public officer qualified to take acknowledgments or proofs of any instrument in writing in which an association is interested shall be disqualified by reason of the officer's status as a stockholder, member, or employee of the association so interested, and the acknowledgments or proofs previously taken are validated. Acts 1978, ch. 708, § 5.24; T.C.A., § 45-1724.
No public officer qualified to take acknowledgments or proofs of any instrument in writing in which an association is interested shall be disqualified by reason of the officer's status as a stockholder, member, or employee of the association so interested, and the acknowledgments or proofs previously taken are validated.
Acts 1978, ch. 708, § 5.24; T.C.A., § 45-1724.
Tenn. Code Ann. § 45-3-504 — TN Code / Title 45 / Chapter 3 / Section 45-3-504
Prohibited transactions
Status: in_force

Any other provision of the law to the contrary notwithstanding, no association shall have the authority to receive demand deposit accounts or offer checking accounts, negotiable orders of withdrawal, or share accounts until federal associations in Tennessee are authorized to do so by federal law or regulation. Acts 1978, ch. 708, § 2.04; T.C.A., § 45-1404.
Any other provision of the law to the contrary notwithstanding, no association shall have the authority to receive demand deposit accounts or offer checking accounts, negotiable orders of withdrawal, or share accounts until federal associations in Tennessee are authorized to do so by federal law or regulation.
Acts 1978, ch. 708, § 2.04; T.C.A., § 45-1404.
Tenn. Code Ann. § 45-2-702 — TN Code / Title 45 / Chapter 2 / Section 45-2-702
Deposit of minor
Status: in_force

A bank may operate a deposit account in the name of a minor or in the name of two (2) or more persons, one (1) or more of whom are minors, with the same effect upon its liability as if the minors were of full age. Acts 1969, ch. 36, § 1 (3.203); T.C.A., § 45-406.
A bank may operate a deposit account in the name of a minor or in the name of two (2) or more persons, one (1) or more of whom are minors, with the same effect upon its liability as if the minors were of full age.
Acts 1969, ch. 36, § 1 (3.203); T.C.A., § 45-406.
Tenn. Code Ann. § 45-5-204 — TN Code / Title 45 / Chapter 5 / Section 45-5-204
Denial of applications for registration
Status: in_force

(a) If the commissioner determines that an applicant is not qualified to receive a certificate of registration, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial. (b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the certificate of registration should be granted. (c) The hearing shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a certificate of registration shall be on the applicant. Decisions of the commissioner on the hearings shall be subject to review under the Uniform Administrative Procedures Act. Acts 1979, ch. 204, § 7; T.C.A., § 45-2007.
(a) If the commissioner determines that an applicant is not qualified to receive a certificate of registration, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the certificate of registration should be granted.
(c) The hearing shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a certificate of registration shall be on the applicant. Decisions of the commissioner on the hearings shall be subject to review under the Uniform Administrative Procedures Act.
Acts 1979, ch. 204, § 7; T.C.A., § 45-2007.
Tenn. Code Ann. § 45-4-1110 — TN Code / Title 45 / Chapter 4 / Section 45-4-1110
Directors
Status: in_force

(a) The corporation's business shall be conducted by the incorporators who shall serve until the organizational meeting of the corporation, at which time directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the corporation's business shall be conducted by the directors. (b) Directors shall not be compensated for their services as directors, but may be reimbursed for reasonable expenses in connection with corporation business. Acts 1974, ch. 577, § 10; T.C.A., § 45-1844.
(a) The corporation's business shall be conducted by the incorporators who shall serve until the organizational meeting of the corporation, at which time directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the corporation's business shall be conducted by the directors.
(b) Directors shall not be compensated for their services as directors, but may be reimbursed for reasonable expenses in connection with corporation business.
Acts 1974, ch. 577, § 10; T.C.A., § 45-1844.
Tenn. Code Ann. § 45-2-1714 — TN Code / Title 45 / Chapter 2 / Section 45-2-1714
Director voting to impair capital or other acts detrimental to bank
Status: in_force

Any director of a bank commits a Class B misdemeanor who concurs in any vote or act of the directors of the bank by which it is intended to: (1) Make a dividend except from the surplus profits arising from the business of the bank; (2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the capital stock of the bank, or to reduce the capital stock, except in pursuance of law; (3) Discount or receive any note, or other evidence of debt in payment of capital stock required to be paid or with intention to provide the means of making the payment; (4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in by the stockholder or the stockholder's stock; or (5) Apply any portion of the funds of the bank except as allowed by law, directly or indirectly, to the purchase of shares of its own stock. Acts 1969, ch. 36, § 1 (3.613); T.C.A., § 45-1114; Acts 1989, ch. 591, § 112.
Any director of a bank commits a Class B misdemeanor who concurs in any vote or act of the directors of the bank by which it is intended to:
(1) Make a dividend except from the surplus profits arising from the business of the bank;
(2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the capital stock of the bank, or to reduce the capital stock, except in pursuance of law;
(3) Discount or receive any note, or other evidence of debt in payment of capital stock required to be paid or with intention to provide the means of making the payment;
(4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in by the stockholder or the stockholder's stock; or
(5) Apply any portion of the funds of the bank except as allowed by law, directly or indirectly, to the purchase of shares of its own stock.
Acts 1969, ch. 36, § 1 (3.613); T.C.A., § 45-1114; Acts 1989, ch. 591, § 112.
Tenn. Code Ann. § 45-8-215 — TN Code / Title 45 / Chapter 8 / Section 45-8-215
Records and reports
Status: in_force

(a) A licensee shall make and keep books, accounts, and other records in a form and manner that the commissioner may require. The records shall be kept at the place and shall be preserved for the length of time that the commissioner may specify. (b) Not more than ninety (90) days after the close of each fiscal year of a licensee, or a longer period if specified by the commissioner, a licensee shall file with the commissioner an audited report containing the following: (1) Financial statements, including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position; (2) A report, certificate, or opinion of an independent certified public accountant or independent public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and (3) Other information that the commissioner may require. (c) In addition to the audited report required by subsection (b), a licensee shall file with the commissioner other reports and at times that the commissioner may require. Any report required by the commissioner under this section shall be in a form and shall contain information that the commissioner may specify. Acts 1989, ch. 124, § 15.
(a) A licensee shall make and keep books, accounts, and other records in a form and manner that the commissioner may require. The records shall be kept at the place and shall be preserved for the length of time that the commissioner may specify.
(b) Not more than ninety (90) days after the close of each fiscal year of a licensee, or a longer period if specified by the commissioner, a licensee shall file with the commissioner an audited report containing the following: (1) Financial statements, including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position; (2) A report, certificate, or opinion of an independent certified public accountant or independent public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and (3) Other information that the commissioner may require.
(1) Financial statements, including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position;
(2) A report, certificate, or opinion of an independent certified public accountant or independent public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and
(3) Other information that the commissioner may require.
(c) In addition to the audited report required by subsection (b), a licensee shall file with the commissioner other reports and at times that the commissioner may require. Any report required by the commissioner under this section shall be in a form and shall contain information that the commissioner may specify.
Acts 1989, ch. 124, § 15.
Tenn. Code Ann. § 45-3-505 — TN Code / Title 45 / Chapter 3 / Section 45-3-505
Contracts for savings programs
Status: in_force

(a) Payroll Savings Programs. An association may contract with any employer with respect to the solicitations, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of the employer's employee or employees who voluntarily may participate. (b) Other Savings Programs. Subject to rules and regulations of the commissioner, an association may contract with any other person or persons, including, but not limited to, educational or charitable institutions, for the participation by the association in any savings plan with the person or persons. (c) Federally Approved Savings Programs. Any association insured by the federal savings and loan insurance corporation may contract with or enter into any savings program approved by the federal savings and loan insurance corporation. Acts 1978, ch. 708, § 2.05; T.C.A., § 45-1405.
(a) Payroll Savings Programs. An association may contract with any employer with respect to the solicitations, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of the employer's employee or employees who voluntarily may participate.
(b) Other Savings Programs. Subject to rules and regulations of the commissioner, an association may contract with any other person or persons, including, but not limited to, educational or charitable institutions, for the participation by the association in any savings plan with the person or persons.
(c) Federally Approved Savings Programs. Any association insured by the federal savings and loan insurance corporation may contract with or enter into any savings program approved by the federal savings and loan insurance corporation.
Acts 1978, ch. 708, § 2.05; T.C.A., § 45-1405.
Tenn. Code Ann. § 45-3-114 — TN Code / Title 45 / Chapter 3 / Section 45-3-114
Mutual associations - Repayment of contributions to expense fund
Status: in_force

(a) Contributions made by the incorporators and others to the expense fund and to the undivided profits account, if so required by the commissioner, may be repaid pro rata to the contributors from the net income of the association after provision for required loss reserves and declaration of interest of not less than two percent (2%) on deposit accounts. (b) In case of the liquidation of an association before contributions to the expense fund and to the undivided profits account have been repaid, any contributions to the expense fund and to the undivided profits account remaining unexpended, after payment of expenses of liquidation, all creditors and the withdrawal value of all deposit accounts, shall be paid to the contributors pro rata. (c) The books of the association shall reflect the expense fund and undivided profits account. (d) Contributors to the expense fund and to the undivided profits account shall be paid interest on the amounts paid in by them and for that purpose the contributions shall in all respects be considered as deposit accounts of the association. (e) Except as otherwise provided by this chapter or by rules and regulations prescribed by the commissioner, the amounts contributed to the expense fund and to the undivided profits account shall not constitute a liability to the association. Acts 1978, ch. 708, § 1.14; T.C.A., § 45-1314.
(a) Contributions made by the incorporators and others to the expense fund and to the undivided profits account, if so required by the commissioner, may be repaid pro rata to the contributors from the net income of the association after provision for required loss reserves and declaration of interest of not less than two percent (2%) on deposit accounts.
(b) In case of the liquidation of an association before contributions to the expense fund and to the undivided profits account have been repaid, any contributions to the expense fund and to the undivided profits account remaining unexpended, after payment of expenses of liquidation, all creditors and the withdrawal value of all deposit accounts, shall be paid to the contributors pro rata.
(c) The books of the association shall reflect the expense fund and undivided profits account.
(d) Contributors to the expense fund and to the undivided profits account shall be paid interest on the amounts paid in by them and for that purpose the contributions shall in all respects be considered as deposit accounts of the association.
(e) Except as otherwise provided by this chapter or by rules and regulations prescribed by the commissioner, the amounts contributed to the expense fund and to the undivided profits account shall not constitute a liability to the association.
Acts 1978, ch. 708, § 1.14; T.C.A., § 45-1314.
Tenn. Code Ann. § 45-5-103 — TN Code / Title 45 / Chapter 5 / Section 45-5-103
Requirement of registration
Status: in_force

(a) Except as otherwise provided by this chapter, no person shall engage in business as an industrial loan and thrift company or industrial bank or industrial investment company without obtaining from the commissioner a certificate of registration as herein provided. (b) A separate certificate of registration shall be required for each office or other place from which the business is conducted. However, loans secured by real property are not required to be closed at an office where the registrant making the loan is registered; but the loans may be closed at the office of any attorney at law licensed to practice in Tennessee or at the office of a title insurance company or title insurance agency licensed to do business in Tennessee; provided, that the closing location is within this state and within one hundred (100) miles of any registered office of the registrant making the loan. Acts 1979, ch. 204, § 2; T.C.A., § 45-2002; Acts 1983, ch. 274, § 9; 1993, ch. 133, § 1.
(a) Except as otherwise provided by this chapter, no person shall engage in business as an industrial loan and thrift company or industrial bank or industrial investment company without obtaining from the commissioner a certificate of registration as herein provided.
(b) A separate certificate of registration shall be required for each office or other place from which the business is conducted. However, loans secured by real property are not required to be closed at an office where the registrant making the loan is registered; but the loans may be closed at the office of any attorney at law licensed to practice in Tennessee or at the office of a title insurance company or title insurance agency licensed to do business in Tennessee; provided, that the closing location is within this state and within one hundred (100) miles of any registered office of the registrant making the loan.
Acts 1979, ch. 204, § 2; T.C.A., § 45-2002; Acts 1983, ch. 274, § 9; 1993, ch. 133, § 1.
Tenn. Code Ann. § 45-12-107 — TN Code / Title 45 / Chapter 12 / Section 45-12-107
Investigation of applicants - Issuance of license - Posting of license - Term of license
Status: in_force

(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-12-106 , the commissioner shall investigate to ascertain whether the requirements prescribed by § 45-12-104 have been satisfied. If the commissioner finds that the requirements have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the business of making flex loans in this state. (b) The license shall be kept conspicuously posted in the place of business of the licensee. (c) A license issued pursuant to this chapter shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-12-106 , the commissioner shall investigate to ascertain whether the requirements prescribed by § 45-12-104 have been satisfied. If the commissioner finds that the requirements have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the business of making flex loans in this state.
(b) The license shall be kept conspicuously posted in the place of business of the licensee.
(c) A license issued pursuant to this chapter shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-2-1103 — TN Code / Title 45 / Chapter 2 / Section 45-2-1103
Loans to officers and directors
Status: in_force

Compliance with the requirements of 12 U.S.C. §§ 375a , 375b , and 1828(j) and applicable federal regulations shall be deemed compliance with the laws of Tennessee concerning loans to directors and officers of state banks. Acts 1969, ch. 36, § 1 (3.241); 1973, ch. 294, § 6; T.C.A., § 45-430; Acts 1989, ch. 591, § 1; 2001, ch. 54, § 19.
Compliance with the requirements of 12 U.S.C. §§ 375a , 375b , and 1828(j) and applicable federal regulations shall be deemed compliance with the laws of Tennessee concerning loans to directors and officers of state banks.
Acts 1969, ch. 36, § 1 (3.241); 1973, ch. 294, § 6; T.C.A., § 45-430; Acts 1989, ch. 591, § 1; 2001, ch. 54, § 19.
Tenn. Code Ann. § 45-7-105 — TN Code / Title 45 / Chapter 7 / Section 45-7-105
Authority to require demonstration of exemption
Status: in_force

The commissioner may require that any person claiming to be exempt from licensing pursuant to § 45-7-104 provide information and documentation to the commissioner demonstrating that such person qualifies for any claimed exemption. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-205 .
The commissioner may require that any person claiming to be exempt from licensing pursuant to § 45-7-104 provide information and documentation to the commissioner demonstrating that such person qualifies for any claimed exemption.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-205 .