Tenn. Code Ann. § 45-2-1403 — TN Code / Title 45 / Chapter 2 / Section 45-2-1403
Prohibition against acquiring shares of bank in operation less than three (3)
Status: in_force

(a) Except as otherwise provided in subsection (b): (1) No bank holding company acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years; and (2) No out-of-state bank acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years. (b) Subsection (a) shall not prohibit the following transactions: (1) An interim bank merger for the purpose of acquiring control of a Tennessee bank that has been in operation for at least three (3) years, but the requirement of that period of operation shall not apply if the bank holding company owned more than fifty percent (50%) of the shares of the bank prior to the time of merger by reason of the purchase of the shares in a de novo acquisition; (2) Acquisition of control, merger or consolidation of any Tennessee bank in financial difficulty, as determined by the appropriate regulatory officials; provided, that the officials determine that the acquisition will protect the stockholders and depositors by maintaining financial soundness; (3) Acquisition of shares of stock given as collateral security upon a debt contracted in good faith; provided, that: (A) The acquisition is necessary to prevent loss upon the debt; (B) The making of the loan and the acquisition of the shares are in the ordinary course of business and not as a means of circumventing this part; and (C) The shares so acquired shall be sold or disposed of at public or private sale within a period of one (1) year from the acquisition of the shares or by a later time that the appropriate regulatory officials deem required to permit the disposition of the shares without undue risk or loss; (4) Acquisition of shares of stock by a bank acting solely in a fiduciary capacity in the ordinary course of its trust business and not for the purpose of circumventing this part; (5) Acquisition of control of a bank by a company that will become a Tennessee bank holding company solely by reason of the acquisition; and (6) The acquisition of shares of a bank holding company by another bank holding company where more than fifty percent (50%) of the total consolidated assets of the holding company being acquired are held by banks in operation for more than three (3) years. Acts 1974, ch. 469, § 3; 1979, ch. 76, § 1; T.C.A., § 45-621; Acts 1980, ch. 616, § 1; 1981, ch. 228, § 1; 1983, ch. 74, § 3; 1987, ch. 45, § 1; 1995, ch. 165, § 2; 1996, ch. 768, § 24; 2003, ch. 32, § 4.
(a) Except as otherwise provided in subsection (b): (1) No bank holding company acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years; and (2) No out-of-state bank acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years.
(1) No bank holding company acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years; and
(2) No out-of-state bank acting directly or indirectly shall acquire control of, merge, or consolidate with a Tennessee bank that has not been in operation for at least three (3) years.
(b) Subsection (a) shall not prohibit the following transactions: (1) An interim bank merger for the purpose of acquiring control of a Tennessee bank that has been in operation for at least three (3) years, but the requirement of that period of operation shall not apply if the bank holding company owned more than fifty percent (50%) of the shares of the bank prior to the time of merger by reason of the purchase of the shares in a de novo acquisition; (2) Acquisition of control, merger or consolidation of any Tennessee bank in financial difficulty, as determined by the appropriate regulatory officials; provided, that the officials determine that the acquisition will protect the stockholders and depositors by maintaining financial soundness; (3) Acquisition of shares of stock given as collateral security upon a debt contracted in good faith; provided, that: (A) The acquisition is necessary to prevent loss upon the debt; (B) The making of the loan and the acquisition of the shares are in the ordinary course of business and not as a means of circumventing this part; and (C) The shares so acquired shall be sold or disposed of at public or private sale within a period of one (1) year from the acquisition of the shares or by a later time that the appropriate regulatory officials deem required to permit the disposition of the shares without undue risk or loss; (4) Acquisition of shares of stock by a bank acting solely in a fiduciary capacity in the ordinary course of its trust business and not for the purpose of circumventing this part; (5) Acquisition of control of a bank by a company that will become a Tennessee bank holding company solely by reason of the acquisition; and (6) The acquisition of shares of a bank holding company by another bank holding company where more than fifty percent (50%) of the total consolidated assets of the holding company being acquired are held by banks in operation for more than three (3) years.
(1) An interim bank merger for the purpose of acquiring control of a Tennessee bank that has been in operation for at least three (3) years, but the requirement of that period of operation shall not apply if the bank holding company owned more than fifty percent (50%) of the shares of the bank prior to the time of merger by reason of the purchase of the shares in a de novo acquisition;
(2) Acquisition of control, merger or consolidation of any Tennessee bank in financial difficulty, as determined by the appropriate regulatory officials; provided, that the officials determine that the acquisition will protect the stockholders and depositors by maintaining financial soundness;
(3) Acquisition of shares of stock given as collateral security upon a debt contracted in good faith; provided, that: (A) The acquisition is necessary to prevent loss upon the debt; (B) The making of the loan and the acquisition of the shares are in the ordinary course of business and not as a means of circumventing this part; and (C) The shares so acquired shall be sold or disposed of at public or private sale within a period of one (1) year from the acquisition of the shares or by a later time that the appropriate regulatory officials deem required to permit the disposition of the shares without undue risk or loss;
(A) The acquisition is necessary to prevent loss upon the debt;
(B) The making of the loan and the acquisition of the shares are in the ordinary course of business and not as a means of circumventing this part; and
(C) The shares so acquired shall be sold or disposed of at public or private sale within a period of one (1) year from the acquisition of the shares or by a later time that the appropriate regulatory officials deem required to permit the disposition of the shares without undue risk or loss;
(4) Acquisition of shares of stock by a bank acting solely in a fiduciary capacity in the ordinary course of its trust business and not for the purpose of circumventing this part;
(5) Acquisition of control of a bank by a company that will become a Tennessee bank holding company solely by reason of the acquisition; and
(6) The acquisition of shares of a bank holding company by another bank holding company where more than fifty percent (50%) of the total consolidated assets of the holding company being acquired are held by banks in operation for more than three (3) years.
Acts 1974, ch. 469, § 3; 1979, ch. 76, § 1; T.C.A., § 45-621; Acts 1980, ch. 616, § 1; 1981, ch. 228, § 1; 1983, ch. 74, § 3; 1987, ch. 45, § 1; 1995, ch. 165, § 2; 1996, ch. 768, § 24; 2003, ch. 32, § 4.
Tenn. Code Ann. § 45-5-610 — TN Code / Title 45 / Chapter 5 / Section 45-5-610
Conversion of investment certificates to thrift certificates
Status: in_force

Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if the certificates will be insured by the federal deposit insurance corporation and otherwise meet the requirements for thrift certificates provided in this chapter and of any applicable rules adopted by the commissioner. Acts 1983, ch. 274, § 20.
Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if the certificates will be insured by the federal deposit insurance corporation and otherwise meet the requirements for thrift certificates provided in this chapter and of any applicable rules adopted by the commissioner.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-3-116 — TN Code / Title 45 / Chapter 3 / Section 45-3-116
Exemption from securities laws
Status: in_force

All associations subject to this chapter and all federal associations, the directors, officers, agents, or employees of the associations, deposit accounts and capital stock of the associations and the sale, issuance, or offering for sale of deposit accounts and capital stock of the associations are exempted from all provisions of law of this state, other than this chapter, that provide for supervision, registration, or regulation in connection with the sale, issuance, or offering for sale of securities, and the sale, issuance, or offering for sale of the accounts or stock shall not require any action or approval whatsoever by any official authorized to license, regulate, or supervise the sale, issuance, or offering for sale of securities. Acts 1978, ch. 708, § 5.23; T.C.A., § 45-1723.
All associations subject to this chapter and all federal associations, the directors, officers, agents, or employees of the associations, deposit accounts and capital stock of the associations and the sale, issuance, or offering for sale of deposit accounts and capital stock of the associations are exempted from all provisions of law of this state, other than this chapter, that provide for supervision, registration, or regulation in connection with the sale, issuance, or offering for sale of securities, and the sale, issuance, or offering for sale of the accounts or stock shall not require any action or approval whatsoever by any official authorized to license, regulate, or supervise the sale, issuance, or offering for sale of securities.
Acts 1978, ch. 708, § 5.23; T.C.A., § 45-1723.
Tenn. Code Ann. § 45-17-111 — TN Code / Title 45 / Chapter 17 / Section 45-17-111
Regulations - Examinations - Payment of expenses
Status: in_force

(a) The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to the principal place of business of each license holder at least thirty (30) days before the date it takes effect. (b) To assure compliance with this chapter, the commissioner may examine the relevant business, books and records of any licensee. Further, for the purpose of discovering violations of this chapter and determining whether persons are subject to this chapter, the commissioner may examine or investigate persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, by exercising authority that includes, but is not limited to, the power to summon witnesses and examine them under oath, and to compel the production of books and records that may be relevant to the examination or investigation. (c) A licensee that is examined or investigated from July 1, 2015, through December 31, 2015, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. After December 31, 2015, the costs for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i) . An unlicensed person subject to the licensing requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. Amended by 2014 Tenn. Acts, ch. 736, s 24, eff. 7/1/2015. Acts 1997 , ch. 255, § 12; 1999, ch. 14, §1; 2011 , ch. 205, §5; 2012 , ch. 679, § 5.
(a) The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to the principal place of business of each license holder at least thirty (30) days before the date it takes effect.
(b) To assure compliance with this chapter, the commissioner may examine the relevant business, books and records of any licensee. Further, for the purpose of discovering violations of this chapter and determining whether persons are subject to this chapter, the commissioner may examine or investigate persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, by exercising authority that includes, but is not limited to, the power to summon witnesses and examine them under oath, and to compel the production of books and records that may be relevant to the examination or investigation.
(c) A licensee that is examined or investigated from July 1, 2015, through December 31, 2015, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. After December 31, 2015, the costs for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i) . An unlicensed person subject to the licensing requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination.
Amended by 2014 Tenn. Acts, ch. 736, s 24, eff. 7/1/2015.
Acts 1997 , ch. 255, § 12; 1999, ch. 14, §1; 2011 , ch. 205, §5; 2012 , ch. 679, § 5.
Tenn. Code Ann. § 45-9-103 — TN Code / Title 45 / Chapter 9 / Section 45-9-103
Corporate charter
Status: in_force

To the extent that the charter of a corporation organized under this chapter is more limited or restrictive than this chapter otherwise permits, the corporation shall be bound by the terms of its charter until such time or times as that charter is amended, subject to the approval and acceptance of the commissioner, to incorporate any other provision or provisions permitted by this chapter. Acts 1983, ch. 104, § 4.
To the extent that the charter of a corporation organized under this chapter is more limited or restrictive than this chapter otherwise permits, the corporation shall be bound by the terms of its charter until such time or times as that charter is amended, subject to the approval and acceptance of the commissioner, to incorporate any other provision or provisions permitted by this chapter.
Acts 1983, ch. 104, § 4.
Tenn. Code Ann. § 45-2-107 — TN Code / Title 45 / Chapter 2 / Section 45-2-107
Acquisition, formation or control of banks and savings institutions
Status: in_force

(a) (1) As used in this subsection (a), unless the context otherwise requires: (A) "Bank" means a company that accepts deposits in this state that are eligible for insurance under the Federal Deposit Insurance Act ( 12 U.S.C. § 1811 et seq.); (B) "Bank holding company" means a company that is a bank holding company as defined in 12 U.S.C. § 1841 ; (C) "Banking institution" means an institution organized under this title, or under 12 U.S.C. §§ 21 -220, as amended; (D) "Company" has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) ); and (E) "Control" has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) and (3) ). (2) A bank holding company or other banking institution shall not acquire, form, or control a bank, as defined in this subsection (a), unless the bank: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state. (3) A company that is not a bank holding company shall not acquire, form, or control a bank. (4) A bank chartered by the state may, with the approval of the commissioner, sell or transfer all, or substantially all, of its assets and liabilities to another bank, banking institution, or entity, in a transaction approved by the shareholders in the manner set forth in § 45-2-1305 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (a)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement. (5) If a person has engaged or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, a bank in this state or bank holding company in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or another chancery court having jurisdiction or a court of the United States having jurisdiction. (6) This section does not prohibit the ownership or control of a bank by an entity that is not a bank holding company, if: (A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and (B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983. (b) (1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires: (A) "Company" has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 ( 12 U.S.C. § 1730a et seq.); (B) "Control" has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967; (C) "Savings and loan holding company" means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and (D) "Savings institutions" means: (i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461 - 1470 , as amended; and (ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.). (2) A savings and loan holding company or other savings institution shall not acquire, form, or control a savings institution unless the savings institution: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state. (3) A company that is not a savings and loan holding company shall not acquire, form, or control a savings institution. (4) A savings institution chartered by the state may, with the approval of the commissioner, sell or transfer all or substantially all, of its assets and liabilities to another savings institution or other entity, in a transaction approved by the shareholders or members in the manner set forth in § 45-3-1104 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (b)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement. (5) If a person has or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, savings institutions in this state or savings and loan holding companies in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or another chancery court having jurisdiction, or a court of the United States having jurisdiction. Amended by 2024 Tenn. Acts, ch. 669,s 1, eff. 4/11/2024. Acts 1985, ch. 262, §§ 1, 2.
(a) (1) As used in this subsection (a), unless the context otherwise requires: (A) "Bank" means a company that accepts deposits in this state that are eligible for insurance under the Federal Deposit Insurance Act ( 12 U.S.C. § 1811 et seq.); (B) "Bank holding company" means a company that is a bank holding company as defined in 12 U.S.C. § 1841 ; (C) "Banking institution" means an institution organized under this title, or under 12 U.S.C. §§ 21 -220, as amended; (D) "Company" has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) ); and (E) "Control" has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) and (3) ). (2) A bank holding company or other banking institution shall not acquire, form, or control a bank, as defined in this subsection (a), unless the bank: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state. (3) A company that is not a bank holding company shall not acquire, form, or control a bank. (4) A bank chartered by the state may, with the approval of the commissioner, sell or transfer all, or substantially all, of its assets and liabilities to another bank, banking institution, or entity, in a transaction approved by the shareholders in the manner set forth in § 45-2-1305 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (a)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement. (5) If a person has engaged or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, a bank in this state or bank holding company in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or another chancery court having jurisdiction or a court of the United States having jurisdiction. (6) This section does not prohibit the ownership or control of a bank by an entity that is not a bank holding company, if: (A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and (B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.
(1) As used in this subsection (a), unless the context otherwise requires: (A) "Bank" means a company that accepts deposits in this state that are eligible for insurance under the Federal Deposit Insurance Act ( 12 U.S.C. § 1811 et seq.); (B) "Bank holding company" means a company that is a bank holding company as defined in 12 U.S.C. § 1841 ; (C) "Banking institution" means an institution organized under this title, or under 12 U.S.C. §§ 21 -220, as amended; (D) "Company" has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) ); and (E) "Control" has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) and (3) ).
(A) "Bank" means a company that accepts deposits in this state that are eligible for insurance under the Federal Deposit Insurance Act ( 12 U.S.C. § 1811 et seq.);
(B) "Bank holding company" means a company that is a bank holding company as defined in 12 U.S.C. § 1841 ;
(C) "Banking institution" means an institution organized under this title, or under 12 U.S.C. §§ 21 -220, as amended;
(D) "Company" has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(b) ); and
(E) "Control" has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841(a)(2) and (3) ).
(2) A bank holding company or other banking institution shall not acquire, form, or control a bank, as defined in this subsection (a), unless the bank: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state.
(A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and
(B) Engages in the business of making commercial loans in this state.
(3) A company that is not a bank holding company shall not acquire, form, or control a bank.
(4) A bank chartered by the state may, with the approval of the commissioner, sell or transfer all, or substantially all, of its assets and liabilities to another bank, banking institution, or entity, in a transaction approved by the shareholders in the manner set forth in § 45-2-1305 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (a)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement.
(5) If a person has engaged or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, a bank in this state or bank holding company in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or another chancery court having jurisdiction or a court of the United States having jurisdiction.
(6) This section does not prohibit the ownership or control of a bank by an entity that is not a bank holding company, if: (A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and (B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.
(A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and
(B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.
(b) (1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires: (A) "Company" has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 ( 12 U.S.C. § 1730a et seq.); (B) "Control" has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967; (C) "Savings and loan holding company" means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and (D) "Savings institutions" means: (i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461 - 1470 , as amended; and (ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.). (2) A savings and loan holding company or other savings institution shall not acquire, form, or control a savings institution unless the savings institution: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state. (3) A company that is not a savings and loan holding company shall not acquire, form, or control a savings institution. (4) A savings institution chartered by the state may, with the approval of the commissioner, sell or transfer all or substantially all, of its assets and liabilities to another savings institution or other entity, in a transaction approved by the shareholders or members in the manner set forth in § 45-3-1104 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (b)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement. (5) If a person has or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, savings institutions in this state or savings and loan holding companies in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or another chancery court having jurisdiction, or a court of the United States having jurisdiction.
(1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires: (A) "Company" has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 ( 12 U.S.C. § 1730a et seq.); (B) "Control" has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967; (C) "Savings and loan holding company" means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and (D) "Savings institutions" means: (i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461 - 1470 , as amended; and (ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.).
(A) "Company" has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 ( 12 U.S.C. § 1730a et seq.);
(B) "Control" has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967;
(C) "Savings and loan holding company" means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and
(D) "Savings institutions" means: (i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461 - 1470 , as amended; and (ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.).
(i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461 - 1470 , as amended; and
(ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.).
(2) A savings and loan holding company or other savings institution shall not acquire, form, or control a savings institution unless the savings institution: (A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and (B) Engages in the business of making commercial loans in this state.
(A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and
(B) Engages in the business of making commercial loans in this state.
(3) A company that is not a savings and loan holding company shall not acquire, form, or control a savings institution.
(4) A savings institution chartered by the state may, with the approval of the commissioner, sell or transfer all or substantially all, of its assets and liabilities to another savings institution or other entity, in a transaction approved by the shareholders or members in the manner set forth in § 45-3-1104 ; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (b)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement.
(5) If a person has or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, savings institutions in this state or savings and loan holding companies in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or another chancery court having jurisdiction, or a court of the United States having jurisdiction.
Amended by 2024 Tenn. Acts, ch. 669,s 1, eff. 4/11/2024.
Acts 1985, ch. 262, §§ 1, 2.
Tenn. Code Ann. § 45-13-207 — TN Code / Title 45 / Chapter 13 / Section 45-13-207
Preservation of records - Reproduction - Maintenance location
Status: in_force

(a) All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation or regulatory guideline, as applicable to each licensed mortgage lender, mortgage loan broker and mortgage loan servicer, shall be preserved and made available to the commissioner, as provided in this chapter, for the time that the commissioner may by rule or regulation require, not to exceed twenty-five (25) months on all rejected applications and not to exceed twenty-four (24) months on loans paid in full. The licensee may cause any or all records at any time in its custody to be reproduced or preserved by itself or by any other person who agrees in writing to submit its operations to the examination of the commissioner to the extent that the operations directly affect the recordkeeping, by any microphotographic process, electronic or mechanical data storage technique or any other means. Any record reproduced or preserved by those processes, techniques or means shall have the same force and effect as the original record and be admitted into evidence equally with the original. (b) Any licensee, after receiving the prior written approval of the commissioner, may maintain records at any location within or outside of the state. Acts 2009, ch. 499, § 8.
(a) All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation or regulatory guideline, as applicable to each licensed mortgage lender, mortgage loan broker and mortgage loan servicer, shall be preserved and made available to the commissioner, as provided in this chapter, for the time that the commissioner may by rule or regulation require, not to exceed twenty-five (25) months on all rejected applications and not to exceed twenty-four (24) months on loans paid in full. The licensee may cause any or all records at any time in its custody to be reproduced or preserved by itself or by any other person who agrees in writing to submit its operations to the examination of the commissioner to the extent that the operations directly affect the recordkeeping, by any microphotographic process, electronic or mechanical data storage technique or any other means. Any record reproduced or preserved by those processes, techniques or means shall have the same force and effect as the original record and be admitted into evidence equally with the original.
(b) Any licensee, after receiving the prior written approval of the commissioner, may maintain records at any location within or outside of the state.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-5-303 — TN Code / Title 45 / Chapter 5 / Section 45-5-303
Names used by registrants - Rules governing advertisements
Status: in_force

(a) Every registrant under this chapter may use the words "industrial loan and thrift company" or any part of those words in its corporate name. It is unlawful for any registrant organized after July 1, 1968, and qualified under this chapter, to use as a part of its company name the words "savings and loan." Each company organized prior to July 1, 1968, and using such words as part of its corporate name, as a condition precedent to its registration or reregistration under this chapter, shall agree to include with each use of its corporate name in advertising the issuance and sale of certificates of investment, in lettering at least two-thirds (2/3) the size of the lettering in its name and directly beneath its name so as to be plainly visible, the following addendum: "not federally insured." (b) Nothing in this chapter shall be construed to deny the use or alteration of any name of any company registered under the former Industrial Loan and Thrift Companies Act on July 1, 1979. (c) The commissioner is authorized and directed to adopt rules governing the advertisements of registrants under this chapter in order to prevent confusion as to the different categories of registrants under this chapter and between the registrants and other financial institutions. Acts 1979, ch. 204, § 14; T.C.A., § 45-2014; Acts 1983, ch. 274, § 17; 1989, ch. 591, § 113.
(a) Every registrant under this chapter may use the words "industrial loan and thrift company" or any part of those words in its corporate name. It is unlawful for any registrant organized after July 1, 1968, and qualified under this chapter, to use as a part of its company name the words "savings and loan." Each company organized prior to July 1, 1968, and using such words as part of its corporate name, as a condition precedent to its registration or reregistration under this chapter, shall agree to include with each use of its corporate name in advertising the issuance and sale of certificates of investment, in lettering at least two-thirds (2/3) the size of the lettering in its name and directly beneath its name so as to be plainly visible, the following addendum: "not federally insured."
(b) Nothing in this chapter shall be construed to deny the use or alteration of any name of any company registered under the former Industrial Loan and Thrift Companies Act on July 1, 1979.
(c) The commissioner is authorized and directed to adopt rules governing the advertisements of registrants under this chapter in order to prevent confusion as to the different categories of registrants under this chapter and between the registrants and other financial institutions.
Acts 1979, ch. 204, § 14; T.C.A., § 45-2014; Acts 1983, ch. 274, § 17; 1989, ch. 591, § 113.
Tenn. Code Ann. § 45-10-114 — TN Code / Title 45 / Chapter 10 / Section 45-10-114
Copy and affidavit as evidence
Status: in_force

The copy of the record shall be admissible in evidence to the same extent as though the original thereof were offered and the custodian had been present and testified to the matters stated in the affidavit. The affidavit shall be admissible in evidence and the matters stated therein shall be presumed true in the absence of a preponderance of evidence to the contrary. When more than one (1) person has knowledge of the facts, more than one (1) affidavit may be made. Acts 1983, ch. 224, § 14.
The copy of the record shall be admissible in evidence to the same extent as though the original thereof were offered and the custodian had been present and testified to the matters stated in the affidavit. The affidavit shall be admissible in evidence and the matters stated therein shall be presumed true in the absence of a preponderance of evidence to the contrary. When more than one (1) person has knowledge of the facts, more than one (1) affidavit may be made.
Acts 1983, ch. 224, § 14.
Tenn. Code Ann. § 45-1-116 — TN Code / Title 45 / Chapter 1 / Section 45-1-116
Examiners - Employment and duties
Status: in_force

The commissioner may, from time to time, if necessary, employ examiners to aid the commissioner in the discharge of official duties, and the examiners shall perform the duties the commissioner assigns them. Acts 1969, ch. 36, § 1 (2.102); 1973, ch. 294, § 6; T.C.A., § 45-115.
The commissioner may, from time to time, if necessary, employ examiners to aid the commissioner in the discharge of official duties, and the examiners shall perform the duties the commissioner assigns them.
Acts 1969, ch. 36, § 1 (2.102); 1973, ch. 294, § 6; T.C.A., § 45-115.
Tenn. Code Ann. § 45-6-224 — TN Code / Title 45 / Chapter 6 / Section 45-6-224
Notice of requirement for fingerprinting - Failure of pawnbroker to comply
Status: in_force

(a) All pawnshops that are required to take and maintain thumb or other prints pursuant to § 45-6-209(b)(7) shall be required to place a sign at least ten inches by fourteen inches (10" X 14") in a prominent location reasonably close in proximity to the place where the pawn transaction will occur. The sign shall contain language in bold type substantially similar to the following: WARNING! IF YOU CONDUCT A PAWN TRANSACTION AT THIS ESTABLISHMENT YOU WILL BE REQUIRED TO GIVE A THUMBPRINT BEFORE SUCH TRANSACTION MAY BE COMPLETED AND YOUR THUMBPRINT MAY BE OBTAINED AND USED BY THE POLICE. (b) Any pawnbroker who fails to comply with this section shall be subject to a civil penalty of one hundred dollars ($100) and noncompliance shall be grounds for the suspension of the pawnbroker's license. Acts 2001, ch. 429, § 2.
(a) All pawnshops that are required to take and maintain thumb or other prints pursuant to § 45-6-209(b)(7) shall be required to place a sign at least ten inches by fourteen inches (10" X 14") in a prominent location reasonably close in proximity to the place where the pawn transaction will occur. The sign shall contain language in bold type substantially similar to the following: WARNING! IF YOU CONDUCT A PAWN TRANSACTION AT THIS ESTABLISHMENT YOU WILL BE REQUIRED TO GIVE A THUMBPRINT BEFORE SUCH TRANSACTION MAY BE COMPLETED AND YOUR THUMBPRINT MAY BE OBTAINED AND USED BY THE POLICE.
WARNING! IF YOU CONDUCT A PAWN TRANSACTION AT THIS ESTABLISHMENT YOU WILL BE REQUIRED TO GIVE A THUMBPRINT BEFORE SUCH TRANSACTION MAY BE COMPLETED AND YOUR THUMBPRINT MAY BE OBTAINED AND USED BY THE POLICE.
(b) Any pawnbroker who fails to comply with this section shall be subject to a civil penalty of one hundred dollars ($100) and noncompliance shall be grounds for the suspension of the pawnbroker's license.
Acts 2001, ch. 429, § 2.
Tenn. Code Ann. § 45-3-405 — TN Code / Title 45 / Chapter 3 / Section 45-3-405
Reserves - Liquid assets
Status: in_force

Every association shall set up and maintain reserves for the purpose of absorbing losses and shall maintain such portion of its assets in cash and other liquid assets as required by the commissioner. If an association has obtained insurance of accounts by the federal savings and loan insurance corporation, or by any other insurer approved by the commissioner, any portion of the loss reserves of the association may be considered as constituting a portion of the insurance reserves required by the insurer and may be set up as an insurance reserve account on the books of the association. Acts 1978, ch. 708, § 2.34; T.C.A., § 45-1434.
Every association shall set up and maintain reserves for the purpose of absorbing losses and shall maintain such portion of its assets in cash and other liquid assets as required by the commissioner. If an association has obtained insurance of accounts by the federal savings and loan insurance corporation, or by any other insurer approved by the commissioner, any portion of the loss reserves of the association may be considered as constituting a portion of the insurance reserves required by the insurer and may be set up as an insurance reserve account on the books of the association.
Acts 1978, ch. 708, § 2.34; T.C.A., § 45-1434.
Tenn. Code Ann. § 45-14-107 — TN Code / Title 45 / Chapter 14 / Section 45-14-107
Loans to single borrower
Status: in_force

Savings banks, with regard to the amount of loans they may make to any single borrower, are subject to the same requirements as are commercial banks chartered under the laws of this state. Acts 1991, ch. 177, § 8.
Savings banks, with regard to the amount of loans they may make to any single borrower, are subject to the same requirements as are commercial banks chartered under the laws of this state.
Acts 1991, ch. 177, § 8.
Tenn. Code Ann. § 45-2-609 — TN Code / Title 45 / Chapter 2 / Section 45-2-609
Sale of assets in ordinary course
Status: in_force

A bank may sell any asset in the ordinary course of business, but the sale of all or substantially all of the assets of a bank shall entitle dissenting shareholders to the rights provided by § 45-2-1309 . Acts 1969, ch. 36, § 1 (3.244); T.C.A., § 45-438.
A bank may sell any asset in the ordinary course of business, but the sale of all or substantially all of the assets of a bank shall entitle dissenting shareholders to the rights provided by § 45-2-1309 .
Acts 1969, ch. 36, § 1 (3.244); T.C.A., § 45-438.
Tenn. Code Ann. § 45-13-506 — TN Code / Title 45 / Chapter 13 / Section 45-13-506
Report to Nationwide Mortgage Licensing System and Registry
Status: in_force

The commissioner shall regularly report violations of this chapter by mortgage loan originators, as well as enforcement actions and other relevant information pertaining thereto, to the Nationwide Mortgage Licensing System and Registry, subject to § 45-13-505 . Acts 2009, ch. 499, § 8.
The commissioner shall regularly report violations of this chapter by mortgage loan originators, as well as enforcement actions and other relevant information pertaining thereto, to the Nationwide Mortgage Licensing System and Registry, subject to § 45-13-505 .
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-13-101 — TN Code / Title 45 / Chapter 13 / Section 45-13-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Tennessee Residential Lending, Brokerage and Servicing Act." Acts 2009, ch. 499, § 8.
This chapter shall be known and may be cited as the "Tennessee Residential Lending, Brokerage and Servicing Act."
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-13-503 — TN Code / Title 45 / Chapter 13 / Section 45-13-503
Mortgage call reports
Status: in_force

Each person holding a license issued under this chapter shall, pursuant to an order or direction of the commissioner, submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in the form and shall contain the information that the Nationwide Mortgage Licensing System and Registry requires. Acts 2009, ch. 499, § 8.
Each person holding a license issued under this chapter shall, pursuant to an order or direction of the commissioner, submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in the form and shall contain the information that the Nationwide Mortgage Licensing System and Registry requires.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-2-610 — TN Code / Title 45 / Chapter 2 / Section 45-2-610
Borrowing
Status: in_force

Any bank may borrow money and issue evidence of indebtedness for a loan. Acts 1969, ch. 36, § 1 (3.245); T.C.A., § 45-439.
Any bank may borrow money and issue evidence of indebtedness for a loan.
Acts 1969, ch. 36, § 1 (3.245); T.C.A., § 45-439.
Tenn. Code Ann. § 45-18-111 — TN Code / Title 45 / Chapter 18 / Section 45-18-111
Location of check cashing business
Status: in_force

A licensee may operate the businesses regulated under this chapter at a location where any other business is operated or in association or conjunction with any other business as long as the licensee gives prior written notification to the commissioner and the other business is consistent with the following requirements: (1) The books, accounts and records of businesses regulated under this chapter are kept and maintained separate and apart from the books, accounts, and records of any other business; and (2) The other business is not of a type that would tend to enable the concealment of acts engaged in to evade the requirements of this chapter. If the commissioner determines upon investigation that the other business is of the type that would conceal the acts, the commissioner shall order the licensee to cease the operation of the businesses regulated under this chapter at that location. Acts 1997, ch. 309, § 11.
A licensee may operate the businesses regulated under this chapter at a location where any other business is operated or in association or conjunction with any other business as long as the licensee gives prior written notification to the commissioner and the other business is consistent with the following requirements:
(1) The books, accounts and records of businesses regulated under this chapter are kept and maintained separate and apart from the books, accounts, and records of any other business; and
(2) The other business is not of a type that would tend to enable the concealment of acts engaged in to evade the requirements of this chapter. If the commissioner determines upon investigation that the other business is of the type that would conceal the acts, the commissioner shall order the licensee to cease the operation of the businesses regulated under this chapter at that location.
Acts 1997, ch. 309, § 11.
Tenn. Code Ann. § 45-18-112 — TN Code / Title 45 / Chapter 18 / Section 45-18-112
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 events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in the 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 the check cashing 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 1997, ch. 309, § 12.
Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in the 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 the check cashing 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 1997, ch. 309, § 12.
Tenn. Code Ann. § 45-11-109 — TN Code / Title 45 / Chapter 11 / Section 45-11-109
Fees, commissions or other forms of consideration prohibited
Status: in_force

A director, officer, committee member, agent or senior management employee of a credit union, and immediate family members of such individuals shall not, directly or indirectly, receive a fee, commission, or other consideration, other than that person's usual salary or compensation for aiding, promoting, or assisting in a conversion under this chapter. Acts 2008, ch. 968, § 7.
A director, officer, committee member, agent or senior management employee of a credit union, and immediate family members of such individuals shall not, directly or indirectly, receive a fee, commission, or other consideration, other than that person's usual salary or compensation for aiding, promoting, or assisting in a conversion under this chapter.
Acts 2008, ch. 968, § 7.
Tenn. Code Ann. § 45-1-109 — TN Code / Title 45 / Chapter 1 / Section 45-1-109
Oaths of office
Status: in_force

(a) The commissioner shall, within fifteen (15) days from the time of notice of the appointment, take and subscribe to the constitutional oath of office. (b) In addition, the commissioner, examiners and other employees, before entering upon discharge of their duties, shall take and subscribe to an oath to faithfully and impartially perform the duties of their respective offices and to keep secret all information acquired by them in the discharge of their duties except as may be otherwise required by this chapter and chapter 2 of this title or otherwise by law. Willful violation of this oath is declared to be a criminal offense. (c) The oath of the commissioner shall be filed with the secretary of state. The oaths of other employees of the department shall be filed with the commissioner. Acts 1969, ch. 36, § 1 (2.104); 1973, ch. 294, § 14; T.C.A., § 45-109; Acts 1993, ch. 22, §§ 4-6.
(a) The commissioner shall, within fifteen (15) days from the time of notice of the appointment, take and subscribe to the constitutional oath of office.
(b) In addition, the commissioner, examiners and other employees, before entering upon discharge of their duties, shall take and subscribe to an oath to faithfully and impartially perform the duties of their respective offices and to keep secret all information acquired by them in the discharge of their duties except as may be otherwise required by this chapter and chapter 2 of this title or otherwise by law. Willful violation of this oath is declared to be a criminal offense.
(c) The oath of the commissioner shall be filed with the secretary of state. The oaths of other employees of the department shall be filed with the commissioner.
Acts 1969, ch. 36, § 1 (2.104); 1973, ch. 294, § 14; T.C.A., § 45-109; Acts 1993, ch. 22, §§ 4-6.
Tenn. Code Ann. § 45-12-122 — TN Code / Title 45 / Chapter 12 / Section 45-12-122
Annual report by licensee - Confidentiality of information
Status: in_force

(a) Each licensee shall file an annual report with the commissioner on the date of the renewal application required in § 45-12-109 containing the following information: (1) The names and addresses of persons owning a controlling interest in each licensee; (2) The location of all places of business operated by the licensee and the nature of the business conducted at each location; (3) The names and addresses of all affiliated entities regulated under this title doing business in this state; (4) An audited financial statement, including, but not limited to, a balance sheet, statement of income or loss, and statement of changes in financial position, for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm, neither of which is affiliated with the licensee; and (5) If the licensee is a corporation, the names and addresses of its officers and directors; if the licensee is a partnership, the names and addresses of the partners; or if the licensee is a limited liability company, the names and addresses of the board of governors or managers of the limited liability company. (b) If the licensee holds two (2) or more licenses or is affiliated with other licensees, a composite report may be filed, but may not be required. (c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the licensee. (d) The information submitted by licensees pursuant to this section shall be afforded the same degree of confidentiality by the department and the commissioner as is applicable to reports filed by industrial loan and thrift companies pursuant to § 45-5-503 . (e) The commissioner shall prepare and submit to the governor and general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) Each licensee shall file an annual report with the commissioner on the date of the renewal application required in § 45-12-109 containing the following information: (1) The names and addresses of persons owning a controlling interest in each licensee; (2) The location of all places of business operated by the licensee and the nature of the business conducted at each location; (3) The names and addresses of all affiliated entities regulated under this title doing business in this state; (4) An audited financial statement, including, but not limited to, a balance sheet, statement of income or loss, and statement of changes in financial position, for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm, neither of which is affiliated with the licensee; and (5) If the licensee is a corporation, the names and addresses of its officers and directors; if the licensee is a partnership, the names and addresses of the partners; or if the licensee is a limited liability company, the names and addresses of the board of governors or managers of the limited liability company.
(1) The names and addresses of persons owning a controlling interest in each licensee;
(2) The location of all places of business operated by the licensee and the nature of the business conducted at each location;
(3) The names and addresses of all affiliated entities regulated under this title doing business in this state;
(4) An audited financial statement, including, but not limited to, a balance sheet, statement of income or loss, and statement of changes in financial position, for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm, neither of which is affiliated with the licensee; and
(5) If the licensee is a corporation, the names and addresses of its officers and directors; if the licensee is a partnership, the names and addresses of the partners; or if the licensee is a limited liability company, the names and addresses of the board of governors or managers of the limited liability company.
(b) If the licensee holds two (2) or more licenses or is affiliated with other licensees, a composite report may be filed, but may not be required.
(c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the licensee.
(d) The information submitted by licensees pursuant to this section shall be afforded the same degree of confidentiality by the department and the commissioner as is applicable to reports filed by industrial loan and thrift companies pursuant to § 45-5-503 .
(e) The commissioner shall prepare and submit to the governor and general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-6-218 — TN Code / Title 45 / Chapter 6 / Section 45-6-218
Penalties
Status: in_force

(a) Every person, firm or corporation, or agents or employees thereof, who knowingly violates any of this part, on conviction, commits a Class A misdemeanor. If the violation is by an owner or major stockholder and/or managing partner of the pawnshop, and the violation is knowingly committed by the owner, major stockholder or managing partner of the pawnshop, then the license of the pawnbroker or pawnbrokers may be suspended or revoked at the discretion of the city or county clerk. (b) Subsection (a) does not apply to violations of § 45-6-212(7) relating to the taking of any article in pawn, pledge or as security under any buy-sell agreement from any person that is known to the pawnbroker to be stolen. Any violation under § 45-6-212(7) shall be prosecuted pursuant to § 39-14-103 . Acts 1988, ch. 724, § 18; 1989, ch. 591, §§ 1, 6; 1996, ch. 675, § 47.
(a) Every person, firm or corporation, or agents or employees thereof, who knowingly violates any of this part, on conviction, commits a Class A misdemeanor. If the violation is by an owner or major stockholder and/or managing partner of the pawnshop, and the violation is knowingly committed by the owner, major stockholder or managing partner of the pawnshop, then the license of the pawnbroker or pawnbrokers may be suspended or revoked at the discretion of the city or county clerk.
(b) Subsection (a) does not apply to violations of § 45-6-212(7) relating to the taking of any article in pawn, pledge or as security under any buy-sell agreement from any person that is known to the pawnbroker to be stolen. Any violation under § 45-6-212(7) shall be prosecuted pursuant to § 39-14-103 .
Acts 1988, ch. 724, § 18; 1989, ch. 591, §§ 1, 6; 1996, ch. 675, § 47.
Tenn. Code Ann. § 45-8-214 — TN Code / Title 45 / Chapter 8 / Section 45-8-214
Merger, acquisition or sale of business assets
Status: in_force

(a) Without the prior approval of the commissioner, a licensee shall not consummate a transaction involving a merger, acquisition of control, or a sale of all or substantially all of its business assets, where the licensee is a principal party to the transaction. (b) The commissioner shall not approve the merger of a licensee with another corporation unless: (1) The licensee is the surviving corporation; or (2) If the licensee is the disappearing corporation, the surviving corporation is also a licensee. (c) The commissioner shall approve an application by a licensee for approval of a proposed transaction involving a merger, acquisition of control or a sale of all or substantially all of the licensee's business assets, only upon a finding by the commissioner that: (1) The merger, acquisition, or sale will be on a sound financial basis with respect to the acquiring licensee; (2) Upon consummation of the merger, acquisition, or sale, it is reasonable to believe that the acquiring licensee will comply with this part; and (3) The merger, acquisition, or sale will not have a major detrimental impact upon competition in the providing of financing assistance or management assistance to business firms, or if there will be a major detrimental impact, the merger, acquisition, or sale is necessary in the interests of the financial soundness of any of the parties to the merger, acquisition, or sale, or is otherwise, on balance, in the public interest. Acts 1989, ch. 124, § 14.
(a) Without the prior approval of the commissioner, a licensee shall not consummate a transaction involving a merger, acquisition of control, or a sale of all or substantially all of its business assets, where the licensee is a principal party to the transaction.
(b) The commissioner shall not approve the merger of a licensee with another corporation unless: (1) The licensee is the surviving corporation; or (2) If the licensee is the disappearing corporation, the surviving corporation is also a licensee.
(1) The licensee is the surviving corporation; or
(2) If the licensee is the disappearing corporation, the surviving corporation is also a licensee.
(c) The commissioner shall approve an application by a licensee for approval of a proposed transaction involving a merger, acquisition of control or a sale of all or substantially all of the licensee's business assets, only upon a finding by the commissioner that: (1) The merger, acquisition, or sale will be on a sound financial basis with respect to the acquiring licensee; (2) Upon consummation of the merger, acquisition, or sale, it is reasonable to believe that the acquiring licensee will comply with this part; and (3) The merger, acquisition, or sale will not have a major detrimental impact upon competition in the providing of financing assistance or management assistance to business firms, or if there will be a major detrimental impact, the merger, acquisition, or sale is necessary in the interests of the financial soundness of any of the parties to the merger, acquisition, or sale, or is otherwise, on balance, in the public interest.
(1) The merger, acquisition, or sale will be on a sound financial basis with respect to the acquiring licensee;
(2) Upon consummation of the merger, acquisition, or sale, it is reasonable to believe that the acquiring licensee will comply with this part; and
(3) The merger, acquisition, or sale will not have a major detrimental impact upon competition in the providing of financing assistance or management assistance to business firms, or if there will be a major detrimental impact, the merger, acquisition, or sale is necessary in the interests of the financial soundness of any of the parties to the merger, acquisition, or sale, or is otherwise, on balance, in the public interest.
Acts 1989, ch. 124, § 14.
Tenn. Code Ann. § 45-7-135 — TN Code / Title 45 / Chapter 7 / Section 45-7-135
Net worth
Status: in_force

(a) A licensee under this chapter shall at all times maintain a tangible net worth of: (1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000); (2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and (3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000). (b) Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to § 45-7-113(b)(6) . Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
(a) A licensee under this chapter shall at all times maintain a tangible net worth of: (1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000); (2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and (3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000).
(1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000);
(2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and
(3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000).
(b) Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to § 45-7-113(b)(6) .
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-5-405 — TN Code / Title 45 / Chapter 5 / Section 45-5-405
Interest on judgments
Status: in_force

When a judgment is based on a note or loan contract hereunder fixing a rate of interest within the limits provided herein, that judgment shall bear interest at the rate so fixed. Acts 1979, ch. 204, § 22; T.C.A., § 45-2022.
When a judgment is based on a note or loan contract hereunder fixing a rate of interest within the limits provided herein, that judgment shall bear interest at the rate so fixed.
Acts 1979, ch. 204, § 22; T.C.A., § 45-2022.
Tenn. Code Ann. § 45-2-1504 — TN Code / Title 45 / Chapter 2 / Section 45-2-1504
Liquidation by commissioner
Status: in_force

(a) In liquidating a state bank, the commissioner may exercise any power of the office of commissioner, but shall not, without the approval of the court in which notice of possession has been filed: (1) Sell any asset of the organization having a value in excess of five hundred dollars ($500); (2) Compromise or release any claim if the amount of the claim exceeds five hundred dollars ($500), exclusive of interest; or (3) Make any payment on any claim, other than a claim upon an obligation incurred by the commissioner, before preparing and filing a schedule of the commissioner's determinations in accordance with this chapter. (b) Within six (6) months of the commencement of liquidation, the commissioner may elect to terminate any executory contract under which the state bank has contracted either to receive or to provide services, the services specifically including advertising, or any obligation of the bank as a lessee. A lessor who receives sixty (60) days' notice of the commissioner's election to terminate the lease shall have no claim for rent other than rent accrued to the date of termination or for claims for damages for the termination. (c) As soon after the commencement of liquidation as is practicable, the commissioner shall take the necessary steps to terminate all fiduciary positions held by the state bank and take any action necessary to surrender all property held by the bank as a fiduciary and to settle its fiduciary accounts. The fiduciary accounts may be transferred by the commissioner to another qualified corporate fiduciary as determined by the commissioner, and notice of the transfer must be given by registered mail to the parties by the transferee corporate fiduciary. (d) As soon after the commencement of liquidation as practicable, the commissioner shall send notice of the liquidation to each known depositor, creditor and lessee of a safe deposit box or bailor of property held by the bank at the address shown on the books of the institution. The notice shall also be published in a newspaper of general circulation in the community once a week for three (3) successive weeks. The commissioner shall send with the notice a statement of the amount shown on the books of the institution to be the claim of the depositor or creditor. The notice shall demand that property held by the bank as bailee or in a safe deposit box be withdrawn by the person entitled thereto and that claims of depositors and creditors, if the amount claimed differs from that stated in the notice to be due, be filed with the commissioner before a specified date not earlier than sixty (60) days thereafter in accordance with the procedure prescribed in the notice. (e) Safe deposit boxes, the contents of which have not been removed before the date specified, shall be opened by the commissioner in the manner provided for boxes upon which the payment of rental is in default, and the sealed packages containing the contents and the certificates, together with any unclaimed property held by the bank as bailee and certified inventories thereof, shall be reported to the state treasurer who shall deal with them in accordance with the Uniform Unclaimed Property Act, compiled in title 66, chapter 29. (f) Within six (6) months after the last day specified in the notice for the filing of claims or a longer period that may be allowed by the court in which notice of possession has been filed, the commissioner shall: (1) Reject any claim if the commissioner doubts the validity thereof; (2) Determine the amount, if any, owing to each known creditor or depositor and the priority class of the claim under this chapter and chapter 1 of this title; (3) Prepare a schedule of the commissioner's determinations for filing in the court in which notice of possession was filed; and (4) Notify each person whose claim has not been allowed in full and publish once a week for three (3) successive weeks a notice of the time when and the place where the schedule of determinations will be available for inspection and the date, not sooner than thirty (30) days thereafter, when the commissioner will file the schedule in court. (g) Within twenty (20) days after the filing of the commissioner's schedule, any creditor, depositor or stockholder may file an objection to any determination made. Any objections so filed shall be heard and determined by the court, upon such notice to the commissioner and interested claimants as the court may prescribe. If the objection is sustained, the court shall direct an appropriate modification of the schedule. After filing the schedule, the commissioner may, from time to time, make partial distribution to the holders of claims that are undisputed or have been allowed by the court, if a proper reserve is established for the payment of disputed claims. As soon as is practicable after the determination of all objections, the commissioner shall make final distribution. (h) (1) The following claims shall have priority: (A) Obligations incurred by the commissioner; (B) Wages and salaries of officers and employees earned during the three-month period preceding the commissioner's possession in an amount not exceeding six hundred dollars ($600) for any one (1) person; (C) Fees and assessments due to the department; and (D) Deposits to the extent of ten dollars ($10.00) for each depositor. (2) After the payment of all other claims with interest at the maximum rate permitted on time deposits, the commissioner shall pay claims otherwise proper that were not filed within the time prescribed. (3) If the sum available for any class is insufficient to provide payment in full, the sum shall be distributed to the claimants in the class pro rata. (i) Any assets remaining after all claims have been paid shall be distributed to the stockholders in accordance with their respective interests. (j) Unclaimed funds remaining after completion of the liquidation shall be transferred to the state treasurer to be dealt with in accordance with the Uniform Unclaimed Property Act, compiled in title 66, chapter 29. (k) When the assets have been distributed in accordance with this chapter and chapter 1 of this title, the commissioner shall file an account with the court. Upon approval thereof, the commissioner shall be relieved of liability in connection with the liquidation and the charter shall be cancelled. Acts 1969, ch. 36, § 1 (3.504); 1973, ch. 294, § 6; 1978, ch. 561, § 34; T.C.A., § 45-904; Acts 1983, ch. 78, §§ 10, 11; 1999, ch. 112, § 15.
(a) In liquidating a state bank, the commissioner may exercise any power of the office of commissioner, but shall not, without the approval of the court in which notice of possession has been filed: (1) Sell any asset of the organization having a value in excess of five hundred dollars ($500); (2) Compromise or release any claim if the amount of the claim exceeds five hundred dollars ($500), exclusive of interest; or (3) Make any payment on any claim, other than a claim upon an obligation incurred by the commissioner, before preparing and filing a schedule of the commissioner's determinations in accordance with this chapter.
(1) Sell any asset of the organization having a value in excess of five hundred dollars ($500);
(2) Compromise or release any claim if the amount of the claim exceeds five hundred dollars ($500), exclusive of interest; or
(3) Make any payment on any claim, other than a claim upon an obligation incurred by the commissioner, before preparing and filing a schedule of the commissioner's determinations in accordance with this chapter.
(b) Within six (6) months of the commencement of liquidation, the commissioner may elect to terminate any executory contract under which the state bank has contracted either to receive or to provide services, the services specifically including advertising, or any obligation of the bank as a lessee. A lessor who receives sixty (60) days' notice of the commissioner's election to terminate the lease shall have no claim for rent other than rent accrued to the date of termination or for claims for damages for the termination.
(c) As soon after the commencement of liquidation as is practicable, the commissioner shall take the necessary steps to terminate all fiduciary positions held by the state bank and take any action necessary to surrender all property held by the bank as a fiduciary and to settle its fiduciary accounts. The fiduciary accounts may be transferred by the commissioner to another qualified corporate fiduciary as determined by the commissioner, and notice of the transfer must be given by registered mail to the parties by the transferee corporate fiduciary.
(d) As soon after the commencement of liquidation as practicable, the commissioner shall send notice of the liquidation to each known depositor, creditor and lessee of a safe deposit box or bailor of property held by the bank at the address shown on the books of the institution. The notice shall also be published in a newspaper of general circulation in the community once a week for three (3) successive weeks. The commissioner shall send with the notice a statement of the amount shown on the books of the institution to be the claim of the depositor or creditor. The notice shall demand that property held by the bank as bailee or in a safe deposit box be withdrawn by the person entitled thereto and that claims of depositors and creditors, if the amount claimed differs from that stated in the notice to be due, be filed with the commissioner before a specified date not earlier than sixty (60) days thereafter in accordance with the procedure prescribed in the notice.
(e) Safe deposit boxes, the contents of which have not been removed before the date specified, shall be opened by the commissioner in the manner provided for boxes upon which the payment of rental is in default, and the sealed packages containing the contents and the certificates, together with any unclaimed property held by the bank as bailee and certified inventories thereof, shall be reported to the state treasurer who shall deal with them in accordance with the Uniform Unclaimed Property Act, compiled in title 66, chapter 29.
(f) Within six (6) months after the last day specified in the notice for the filing of claims or a longer period that may be allowed by the court in which notice of possession has been filed, the commissioner shall: (1) Reject any claim if the commissioner doubts the validity thereof; (2) Determine the amount, if any, owing to each known creditor or depositor and the priority class of the claim under this chapter and chapter 1 of this title; (3) Prepare a schedule of the commissioner's determinations for filing in the court in which notice of possession was filed; and (4) Notify each person whose claim has not been allowed in full and publish once a week for three (3) successive weeks a notice of the time when and the place where the schedule of determinations will be available for inspection and the date, not sooner than thirty (30) days thereafter, when the commissioner will file the schedule in court.
(1) Reject any claim if the commissioner doubts the validity thereof;
(2) Determine the amount, if any, owing to each known creditor or depositor and the priority class of the claim under this chapter and chapter 1 of this title;
(3) Prepare a schedule of the commissioner's determinations for filing in the court in which notice of possession was filed; and
(4) Notify each person whose claim has not been allowed in full and publish once a week for three (3) successive weeks a notice of the time when and the place where the schedule of determinations will be available for inspection and the date, not sooner than thirty (30) days thereafter, when the commissioner will file the schedule in court.
(g) Within twenty (20) days after the filing of the commissioner's schedule, any creditor, depositor or stockholder may file an objection to any determination made. Any objections so filed shall be heard and determined by the court, upon such notice to the commissioner and interested claimants as the court may prescribe. If the objection is sustained, the court shall direct an appropriate modification of the schedule. After filing the schedule, the commissioner may, from time to time, make partial distribution to the holders of claims that are undisputed or have been allowed by the court, if a proper reserve is established for the payment of disputed claims. As soon as is practicable after the determination of all objections, the commissioner shall make final distribution.
(h) (1) The following claims shall have priority: (A) Obligations incurred by the commissioner; (B) Wages and salaries of officers and employees earned during the three-month period preceding the commissioner's possession in an amount not exceeding six hundred dollars ($600) for any one (1) person; (C) Fees and assessments due to the department; and (D) Deposits to the extent of ten dollars ($10.00) for each depositor. (2) After the payment of all other claims with interest at the maximum rate permitted on time deposits, the commissioner shall pay claims otherwise proper that were not filed within the time prescribed. (3) If the sum available for any class is insufficient to provide payment in full, the sum shall be distributed to the claimants in the class pro rata.
(1) The following claims shall have priority: (A) Obligations incurred by the commissioner; (B) Wages and salaries of officers and employees earned during the three-month period preceding the commissioner's possession in an amount not exceeding six hundred dollars ($600) for any one (1) person; (C) Fees and assessments due to the department; and (D) Deposits to the extent of ten dollars ($10.00) for each depositor.
(A) Obligations incurred by the commissioner;
(B) Wages and salaries of officers and employees earned during the three-month period preceding the commissioner's possession in an amount not exceeding six hundred dollars ($600) for any one (1) person;
(C) Fees and assessments due to the department; and
(D) Deposits to the extent of ten dollars ($10.00) for each depositor.
(2) After the payment of all other claims with interest at the maximum rate permitted on time deposits, the commissioner shall pay claims otherwise proper that were not filed within the time prescribed.
(3) If the sum available for any class is insufficient to provide payment in full, the sum shall be distributed to the claimants in the class pro rata.
(i) Any assets remaining after all claims have been paid shall be distributed to the stockholders in accordance with their respective interests.
(j) Unclaimed funds remaining after completion of the liquidation shall be transferred to the state treasurer to be dealt with in accordance with the Uniform Unclaimed Property Act, compiled in title 66, chapter 29.
(k) When the assets have been distributed in accordance with this chapter and chapter 1 of this title, the commissioner shall file an account with the court. Upon approval thereof, the commissioner shall be relieved of liability in connection with the liquidation and the charter shall be cancelled.
Acts 1969, ch. 36, § 1 (3.504); 1973, ch. 294, § 6; 1978, ch. 561, § 34; T.C.A., § 45-904; Acts 1983, ch. 78, §§ 10, 11; 1999, ch. 112, § 15.
Tenn. Code Ann. § 45-7-133 — TN Code / Title 45 / Chapter 7 / Section 45-7-133
Disclosures for payroll processing services
Status: in_force

(a) A licensee that provides payroll processing services shall: (1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) Make available worker paystubs or an equivalent statement to workers. (b) Subsection (a) does not apply to a licensee providing payroll processing services where the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by subdivision (a)(2). Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
(a) A licensee that provides payroll processing services shall: (1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) Make available worker paystubs or an equivalent statement to workers.
(1) Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and
(2) Make available worker paystubs or an equivalent statement to workers.
(b) Subsection (a) does not apply to a licensee providing payroll processing services where the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by subdivision (a)(2).
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-17-120 — TN Code / Title 45 / Chapter 17 / Section 45-17-120
Commissioner's authority to require licensing through a multi-state automated licensing system
Status: in_force

(a) In addition to any other powers conferred upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be licensed through a multi-state automated licensing system. Pursuant to this authority, the commissioner may: (1) Promulgate whatever rules and regulations are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements that are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system. The agreements may include, but are not limited to, operating agreements, information sharing agreements, interstate cooperative agreements and technology licensing agreements; (3) Require that applications for licensing under this chapter and renewals of such licenses be filed with a multi-state automated licensing system; (4) Require that any fees required to be paid under this chapter be paid through a multi-state automated licensing system; (5) Establish deadlines for transitioning licensees to a multi-state automated licensing system. The commissioner has the authority to deny any applications or renewal applications not filed with a multi-state automated licensing system after such deadlines have passed, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of any transition deadlines to licensees; and (6) Take such further actions as are reasonably necessary to give effect to this section. (b) Nothing in this section shall authorize the commissioner to require a person who is not subject to this chapter to submit information to, or to participate in, a multi-state automated licensing system that is operated or participated in pursuant to this chapter. (c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion. (d) Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to a multi-state automated licensing system, as well as all costs required by a multi-state automated licensing system for maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system. Acts 2012, ch. 679, § 7.
(a) In addition to any other powers conferred upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be licensed through a multi-state automated licensing system. Pursuant to this authority, the commissioner may: (1) Promulgate whatever rules and regulations are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements that are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system. The agreements may include, but are not limited to, operating agreements, information sharing agreements, interstate cooperative agreements and technology licensing agreements; (3) Require that applications for licensing under this chapter and renewals of such licenses be filed with a multi-state automated licensing system; (4) Require that any fees required to be paid under this chapter be paid through a multi-state automated licensing system; (5) Establish deadlines for transitioning licensees to a multi-state automated licensing system. The commissioner has the authority to deny any applications or renewal applications not filed with a multi-state automated licensing system after such deadlines have passed, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of any transition deadlines to licensees; and (6) Take such further actions as are reasonably necessary to give effect to this section.
(1) Promulgate whatever rules and regulations are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system;
(2) Establish relationships or enter into agreements that are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system. The agreements may include, but are not limited to, operating agreements, information sharing agreements, interstate cooperative agreements and technology licensing agreements;
(3) Require that applications for licensing under this chapter and renewals of such licenses be filed with a multi-state automated licensing system;
(4) Require that any fees required to be paid under this chapter be paid through a multi-state automated licensing system;
(5) Establish deadlines for transitioning licensees to a multi-state automated licensing system. The commissioner has the authority to deny any applications or renewal applications not filed with a multi-state automated licensing system after such deadlines have passed, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of any transition deadlines to licensees; and
(6) Take such further actions as are reasonably necessary to give effect to this section.
(b) Nothing in this section shall authorize the commissioner to require a person who is not subject to this chapter to submit information to, or to participate in, a multi-state automated licensing system that is operated or participated in pursuant to this chapter.
(c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.
(d) Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to a multi-state automated licensing system, as well as all costs required by a multi-state automated licensing system for maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system.
Acts 2012, ch. 679, § 7.
Tenn. Code Ann. § 45-4-1212 — TN Code / Title 45 / Chapter 4 / Section 45-4-1212
Exemption from share and deposit insurance
Status: in_force

The corporation shall be exempt from the requirements of § 45-4-505 relating to insurance of its shares and deposits. Acts 1981, ch. 76, § 12.
The corporation shall be exempt from the requirements of § 45-4-505 relating to insurance of its shares and deposits.
Acts 1981, ch. 76, § 12.
Tenn. Code Ann. § 45-13-206 — TN Code / Title 45 / Chapter 13 / Section 45-13-206
Records and financial statements - Deposits - Disclosure
Status: in_force

(a) Every licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall keep and maintain at all times in its principal place of business correct and complete records of all residential mortgage loan transactions arranged by the licensee. (b) The financial statements furnished to the commissioner by each licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall be prepared in accordance with generally accepted accounting principles consistently applied. (c) If a deposit is required in connection with an application for a residential mortgage loan, there shall be a written agreement, signed by the parties, pertaining to the disposition of the deposit, whether the loan is finally consummated or not, and the term for which the agreement is to remain in force before return of the deposit for nonperformance can be required. A licensee who receives deposits shall preserve and on request make available to the commissioner all information related to the deposits. The licensee shall further preserve all agreements between the parties involved in the transaction and all contracts, agreements and instructions pertaining to the transaction. Acts 2009 , ch. 499, § 8.
(a) Every licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall keep and maintain at all times in its principal place of business correct and complete records of all residential mortgage loan transactions arranged by the licensee.
(b) The financial statements furnished to the commissioner by each licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall be prepared in accordance with generally accepted accounting principles consistently applied.
(c) If a deposit is required in connection with an application for a residential mortgage loan, there shall be a written agreement, signed by the parties, pertaining to the disposition of the deposit, whether the loan is finally consummated or not, and the term for which the agreement is to remain in force before return of the deposit for nonperformance can be required. A licensee who receives deposits shall preserve and on request make available to the commissioner all information related to the deposits. The licensee shall further preserve all agreements between the parties involved in the transaction and all contracts, agreements and instructions pertaining to the transaction.
Acts 2009 , ch. 499, § 8.
Tenn. Code Ann. § 45-7-128 — TN Code / Title 45 / Chapter 7 / Section 45-7-128
Authorized delegate conduct
Status: in_force

(a) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (b) All money transmission or sale or issuance of payment instrument activities conducted by authorized delegates must be performed strictly in accordance with the licensee's written procedures provided to the authorized delegate. (c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. The failure of an authorized delegate to remit all money owing to a licensee within the contractual time period results in liability of the authorized delegate to the licensee for three (3) times the licensee's actual damages. The commissioner is authorized to set, by rule, the maximum remittance time. (d) An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. If any authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property are considered held in trust in favor of the licensee in an amount equal to the amount of money net of fees received from money transmission. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 2013, ch. 103, § 3; T.C.A., § 45-7-228 .
(a) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner.
(b) All money transmission or sale or issuance of payment instrument activities conducted by authorized delegates must be performed strictly in accordance with the licensee's written procedures provided to the authorized delegate.
(c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. The failure of an authorized delegate to remit all money owing to a licensee within the contractual time period results in liability of the authorized delegate to the licensee for three (3) times the licensee's actual damages. The commissioner is authorized to set, by rule, the maximum remittance time.
(d) An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. If any authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property are considered held in trust in favor of the licensee in an amount equal to the amount of money net of fees received from money transmission.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 2013, ch. 103, § 3; T.C.A., § 45-7-228 .
Tenn. Code Ann. § 45-8-217 — TN Code / Title 45 / Chapter 8 / Section 45-8-217
Investigations
Status: in_force

(a) The commissioner may make the investigations within or without the state as the commissioner may consider necessary or appropriate for determining whether to approve an application filed with the commissioner under this part, or for determining whether a licensee or other person has violated or is about to violate this part, to aid in the enforcement of this part, or to aid in issuing an order or promulgating a rule or regulation pursuant to this part. (b) Any investigation under this section may be made by any person or persons designated by the commissioner, and in that case, all the powers vested in the commissioner by this section shall be possessed by the person or persons so designated. When the investigation is made without the presence of the commissioner, the commissioner shall furnish to the person or persons conducting the investigation a commission under the signature of the commissioner and official seal of the department, which shall be exhibited to any person contacted in the course of the investigation. (c) For purposes of an investigation under this section, the commissioner may administer oaths and affirmations, subpoena witnesses, including, but not limited to, the officers, directors, trustees, partners, managers and employees of any entity being examined, compel the attendance of witnesses, take evidence, and require the production of books, papers, correspondence, memoranda, agreements, or other documents or records that the commissioner considers relevant to the investigation. (d) If any person fails to comply with a subpoena or subpoena duces tecum issued by the commissioner under this section or fails to testify with respect to a matter concerning which the person may be lawfully questioned, the chancery court, upon application of the commissioner, may issue an order requiring the attendance of the person and the giving of testimony or production of evidence. Acts 1989, ch. 124, § 17.
(a) The commissioner may make the investigations within or without the state as the commissioner may consider necessary or appropriate for determining whether to approve an application filed with the commissioner under this part, or for determining whether a licensee or other person has violated or is about to violate this part, to aid in the enforcement of this part, or to aid in issuing an order or promulgating a rule or regulation pursuant to this part.
(b) Any investigation under this section may be made by any person or persons designated by the commissioner, and in that case, all the powers vested in the commissioner by this section shall be possessed by the person or persons so designated. When the investigation is made without the presence of the commissioner, the commissioner shall furnish to the person or persons conducting the investigation a commission under the signature of the commissioner and official seal of the department, which shall be exhibited to any person contacted in the course of the investigation.
(c) For purposes of an investigation under this section, the commissioner may administer oaths and affirmations, subpoena witnesses, including, but not limited to, the officers, directors, trustees, partners, managers and employees of any entity being examined, compel the attendance of witnesses, take evidence, and require the production of books, papers, correspondence, memoranda, agreements, or other documents or records that the commissioner considers relevant to the investigation.
(d) If any person fails to comply with a subpoena or subpoena duces tecum issued by the commissioner under this section or fails to testify with respect to a matter concerning which the person may be lawfully questioned, the chancery court, upon application of the commissioner, may issue an order requiring the attendance of the person and the giving of testimony or production of evidence.
Acts 1989, ch. 124, § 17.
Tenn. Code Ann. § 45-18-105 — TN Code / Title 45 / Chapter 18 / Section 45-18-105
Qualifications of licensee
Status: in_force

(a) Each applicant for a license shall demonstrate, and each licensee shall maintain, a minimum net worth of at least twenty-five thousand dollars ($25,000) for each location. (b) Every corporate applicant, at the time of filing an application for a license under this part and at all times after a license is issued, shall be in good standing in the state of its incorporation. All applicants, whether corporate or noncorporate, at the time of filing an application for a license under this part and at all times after a license is issued, shall be qualified to do business in this state. (c) Subject to the commissioner's discretion, no person shall be licensed under this chapter to do business in the state if the person has been adjudged guilty of any felony or if an executive officer, key shareholder or director of the person has been so adjudged. For purposes of this part, a person shall be deemed to have been convicted of a crime if the person has either pleaded guilty to, pled nolo contendere to, obtained a pretrial diversion or been found guilty of a charge before a court or federal magistrate, or by the verdict of a jury, regardless of the pronouncement of sentence or the suspension of the sentence. The department may take into consideration the fact that the plea of guilty, or the decision, judgment, or verdict, has been set aside, reversed, or otherwise abrogated by lawful judicial process, or that the person convicted of the crime received a pardon from the jurisdiction where the conviction was entered, or received a certificate pursuant to any provision of law that removes the disability under this part because of the conviction. (d) The department may deny an initial application for a license if the applicant is the subject of a pending criminal prosecution or governmental enforcement action, in any jurisdiction, until the conclusion of the criminal prosecution or enforcement action. (e) All applicants shall demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated thereunder will be operated lawfully and fairly. This requirement is continuing in nature. In determining whether this qualification has been met, the commissioner may review: (1) The business records and the capital adequacy of the applicant; (2) The competence, experience, integrity, and financial ability of any person who is a director, officer, supervisory employee or five percent (5%) shareholder of the applicant or owns or controls the applicant; and (3) Any record, on the part of the applicant or any person referenced in subdivision (e)(2) of any criminal activity, any fraud or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business. (f) The commissioner may deny a license pursuant to this chapter to any applicant whose license or registration was revoked in any jurisdiction during the twelve-month period before the date of the application. Acts 1997, ch. 309, § 5.
(a) Each applicant for a license shall demonstrate, and each licensee shall maintain, a minimum net worth of at least twenty-five thousand dollars ($25,000) for each location.
(b) Every corporate applicant, at the time of filing an application for a license under this part and at all times after a license is issued, shall be in good standing in the state of its incorporation. All applicants, whether corporate or noncorporate, at the time of filing an application for a license under this part and at all times after a license is issued, shall be qualified to do business in this state.
(c) Subject to the commissioner's discretion, no person shall be licensed under this chapter to do business in the state if the person has been adjudged guilty of any felony or if an executive officer, key shareholder or director of the person has been so adjudged. For purposes of this part, a person shall be deemed to have been convicted of a crime if the person has either pleaded guilty to, pled nolo contendere to, obtained a pretrial diversion or been found guilty of a charge before a court or federal magistrate, or by the verdict of a jury, regardless of the pronouncement of sentence or the suspension of the sentence. The department may take into consideration the fact that the plea of guilty, or the decision, judgment, or verdict, has been set aside, reversed, or otherwise abrogated by lawful judicial process, or that the person convicted of the crime received a pardon from the jurisdiction where the conviction was entered, or received a certificate pursuant to any provision of law that removes the disability under this part because of the conviction.
(d) The department may deny an initial application for a license if the applicant is the subject of a pending criminal prosecution or governmental enforcement action, in any jurisdiction, until the conclusion of the criminal prosecution or enforcement action.
(e) All applicants shall demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated thereunder will be operated lawfully and fairly. This requirement is continuing in nature. In determining whether this qualification has been met, the commissioner may review: (1) The business records and the capital adequacy of the applicant; (2) The competence, experience, integrity, and financial ability of any person who is a director, officer, supervisory employee or five percent (5%) shareholder of the applicant or owns or controls the applicant; and (3) Any record, on the part of the applicant or any person referenced in subdivision (e)(2) of any criminal activity, any fraud or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.
(1) The business records and the capital adequacy of the applicant;
(2) The competence, experience, integrity, and financial ability of any person who is a director, officer, supervisory employee or five percent (5%) shareholder of the applicant or owns or controls the applicant; and
(3) Any record, on the part of the applicant or any person referenced in subdivision (e)(2) of any criminal activity, any fraud or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.
(f) The commissioner may deny a license pursuant to this chapter to any applicant whose license or registration was revoked in any jurisdiction during the twelve-month period before the date of the application.
Acts 1997, ch. 309, § 5.
Tenn. Code Ann. § 45-2-207 — TN Code / Title 45 / Chapter 2 / Section 45-2-207
Capital structure
Status: in_force

(a) A state bank shall have the capital structure that the commissioner deems adequate. The capital structure of an interim bank chartered pursuant to § 45-2-204(d) shall consist of amounts as determined by the commissioner and prescribed by rule or regulation. (b) The commissioner may require the bank to increase its capital structure to the point deemed adequate by the commissioner before granting approval of an application for a branch office, amendment to charter, change of location or trust powers. (c) The issuance of preferred or convertible preferred stock shall be authorized by the commissioner. The stock shall have the preferences, powers and rights the commissioner may approve. It shall not be retired without the approval of the commissioner, and the requirement of the approval shall be stated in the stock certificates, but the commissioner may give advance approval to sinking funds payable exclusively out of earnings available for dividends. (d) The commissioner may direct a state bank to sell additional stock in a designated amount to remedy an impairment of capital. (e) The commissioner may consider the value of outstanding debentures as capital for the purpose of determining the legal lending limits of the bank. Acts 1969, ch. 36, § 1 (3.301); 1973, ch. 294, § 6; T.C.A., § 45-207; Acts 1983, ch. 74, § 5; 1993, ch. 447, § 2; 2001, ch. 54, §§ 8, 9.
(a) A state bank shall have the capital structure that the commissioner deems adequate. The capital structure of an interim bank chartered pursuant to § 45-2-204(d) shall consist of amounts as determined by the commissioner and prescribed by rule or regulation.
(b) The commissioner may require the bank to increase its capital structure to the point deemed adequate by the commissioner before granting approval of an application for a branch office, amendment to charter, change of location or trust powers.
(c) The issuance of preferred or convertible preferred stock shall be authorized by the commissioner. The stock shall have the preferences, powers and rights the commissioner may approve. It shall not be retired without the approval of the commissioner, and the requirement of the approval shall be stated in the stock certificates, but the commissioner may give advance approval to sinking funds payable exclusively out of earnings available for dividends.
(d) The commissioner may direct a state bank to sell additional stock in a designated amount to remedy an impairment of capital.
(e) The commissioner may consider the value of outstanding debentures as capital for the purpose of determining the legal lending limits of the bank.
Acts 1969, ch. 36, § 1 (3.301); 1973, ch. 294, § 6; T.C.A., § 45-207; Acts 1983, ch. 74, § 5; 1993, ch. 447, § 2; 2001, ch. 54, §§ 8, 9.
Tenn. Code Ann. § 45-3-1310 — TN Code / Title 45 / Chapter 3 / Section 45-3-1310
Appropriation of property and false entries
Status: in_force

It is a Class B misdemeanor for any officer, director, agent, or employee of an association to, directly or indirectly: (1) Knowingly, or with intent to defraud, receive or possess any of its property otherwise than in payment of a just demand, and omit to make, or cause the omission of, a full and true entry thereof in the books and accounts of the association; (2) Knowingly concur in the omission of any material entry in its books or accounts; or (3) Knowingly cause to be published a false representation that the association is in a better financial condition than it actually is. Acts 1978, ch. 708, § 5.14; T.C.A., § 45-1714.
It is a Class B misdemeanor for any officer, director, agent, or employee of an association to, directly or indirectly:
(1) Knowingly, or with intent to defraud, receive or possess any of its property otherwise than in payment of a just demand, and omit to make, or cause the omission of, a full and true entry thereof in the books and accounts of the association;
(2) Knowingly concur in the omission of any material entry in its books or accounts; or
(3) Knowingly cause to be published a false representation that the association is in a better financial condition than it actually is.
Acts 1978, ch. 708, § 5.14; T.C.A., § 45-1714.
Tenn. Code Ann. § 45-6-214 — TN Code / Title 45 / Chapter 6 / Section 45-6-214
Right to redeem
Status: in_force

Except as otherwise provided by this part, any person presenting a pawn ticket to the pawnbroker may be presumed to be entitled to redeem the pledged goods described in the pawn ticket. Acts 1988, ch. 724, § 14.
Except as otherwise provided by this part, any person presenting a pawn ticket to the pawnbroker may be presumed to be entitled to redeem the pledged goods described in the pawn ticket.
Acts 1988, ch. 724, § 14.
Tenn. Code Ann. § 45-2-1804 — TN Code / Title 45 / Chapter 2 / Section 45-2-1804
Duties of commissioner
Status: in_force

The commissioner of financial institutions, in adopting regulations pursuant to § 45-2-1803 , shall: (1) Determine the appropriate level of capital or assets required for a bank to engage directly in an activity permitted in § 45-2-1802 ; (2) Determine whether the risk to depositors is sufficiently significant as to require that the activity permitted in § 45-2-1802 must be conducted in a separately capitalized subsidiary; (3) Determine the appropriate minimum level of capital required for the subsidiary; (4) Condition the bank's or subsidiary's engaging in an activity permitted in § 45-2-1802 , upon a specified level of demonstrated expertise or training; (5) In connection with subsidiaries engaged in the activities specified in § 45-2-1802(6)-(8) , adopt regulations restricting transactions between the subsidiary and a state bank parent or affiliate of the subsidiary to those transactions which are permissible under and consistent with the federal deposit insurance corporation regulations; the regulations may be adopted by reference; and (6) Adopt other regulations that are necessary to provide adequate protection for depositors of the state bank, giving due consideration to the limitations, or lack of limitations, on the same or similar activities conducted by other financial institutions. Acts 1989, ch. 168, § 1.
The commissioner of financial institutions, in adopting regulations pursuant to § 45-2-1803 , shall:
(1) Determine the appropriate level of capital or assets required for a bank to engage directly in an activity permitted in § 45-2-1802 ;
(2) Determine whether the risk to depositors is sufficiently significant as to require that the activity permitted in § 45-2-1802 must be conducted in a separately capitalized subsidiary;
(3) Determine the appropriate minimum level of capital required for the subsidiary;
(4) Condition the bank's or subsidiary's engaging in an activity permitted in § 45-2-1802 , upon a specified level of demonstrated expertise or training;
(5) In connection with subsidiaries engaged in the activities specified in § 45-2-1802(6)-(8) , adopt regulations restricting transactions between the subsidiary and a state bank parent or affiliate of the subsidiary to those transactions which are permissible under and consistent with the federal deposit insurance corporation regulations; the regulations may be adopted by reference; and
(6) Adopt other regulations that are necessary to provide adequate protection for depositors of the state bank, giving due consideration to the limitations, or lack of limitations, on the same or similar activities conducted by other financial institutions.
Acts 1989, ch. 168, § 1.
Tenn. Code Ann. § 45-17-122 — TN Code / Title 45 / Chapter 17 / Section 45-17-122
Promotion of more effective regulation and reduction of regulatory burden through supervisory information sharing
Status: in_force

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with deferred presentment services oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ; (2) For purposes of subdivision (1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors or other associations representing governmental agencies as established by rule, regulation or order of the commissioner; (3) Information or material that is subject to a privilege or confidential under subdivision (1) shall not be subject to: (A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or (B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person; (4) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and (5) This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public. Acts 2012, ch. 679, § 9.
In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with deferred presentment services oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ;
(2) For purposes of subdivision (1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors or other associations representing governmental agencies as established by rule, regulation or order of the commissioner;
(3) Information or material that is subject to a privilege or confidential under subdivision (1) shall not be subject to: (A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or (B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or
(B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(4) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and
(5) This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public.
Acts 2012, ch. 679, § 9.
Tenn. Code Ann. § 45-2-1205 — TN Code / Title 45 / Chapter 2 / Section 45-2-1205
[Repealed] Refusal to accept power of attorney due to suspicion of financial exploitation
Status: repealed

(a) A financial service provider may refuse to accept an acknowledged power of attorney if the financial service provider has reasonable cause to suspect that the principal is or may be the victim or target of financial exploitation by the agent or person acting for or with the agent. (b) A financial service provider, or an employee of a financial service provider, is immune from all criminal, civil, and administrative liability for refusing to accept a power of attorney or for accepting a power of attorney under this section and for actions taken in furtherance of that determination if the determination was based upon reasonable belief. Repealed by 2017 Tenn. Acts, ch. 264, s 7, eff. 6/30/2022. Added by 2017 Tenn. Acts, ch. 264, s 1, eff. 7/1/2017.
(a) A financial service provider may refuse to accept an acknowledged power of attorney if the financial service provider has reasonable cause to suspect that the principal is or may be the victim or target of financial exploitation by the agent or person acting for or with the agent.
(b) A financial service provider, or an employee of a financial service provider, is immune from all criminal, civil, and administrative liability for refusing to accept a power of attorney or for accepting a power of attorney under this section and for actions taken in furtherance of that determination if the determination was based upon reasonable belief.
Repealed by 2017 Tenn. Acts, ch. 264, s 7, eff. 6/30/2022.
Added by 2017 Tenn. Acts, ch. 264, s 1, eff. 7/1/2017.
Tenn. Code Ann. § 45-3-803 — TN Code / Title 45 / Chapter 3 / Section 45-3-803
Forms - Records - Accounting practices
Status: in_force

Every association shall use forms, and keep other records, including, but not limited to, those of its stockholders or members, that the commissioner may from time to time require. Subject to any rules or regulations promulgated by the commissioner, every association shall observe accounting principles and practices that are in accordance with generally accepted accounting principles and practices. Acts 1978, ch. 708, § 3.03; T.C.A., § 45-1510.
Every association shall use forms, and keep other records, including, but not limited to, those of its stockholders or members, that the commissioner may from time to time require. Subject to any rules or regulations promulgated by the commissioner, every association shall observe accounting principles and practices that are in accordance with generally accepted accounting principles and practices.
Acts 1978, ch. 708, § 3.03; T.C.A., § 45-1510.
Tenn. Code Ann. § 45-12-114 — TN Code / Title 45 / Chapter 12 / Section 45-12-114
Law applicable to business of making flex loans - Licensees legally exercising powers under this chapter not in violation of statutory provisions
Status: in_force

The business of making flex loans in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including, but not limited to, § 47-14-104 . A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§ 47-14-112 , 47-14-115 , and 47-14-117 . Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
The business of making flex loans in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including, but not limited to, § 47-14-104 . A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§ 47-14-112 , 47-14-115 , and 47-14-117 .
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-8-208 — TN Code / Title 45 / Chapter 8 / Section 45-8-208
Licenses - Application - Approval - Issuance - Expiration
Status: in_force

(a) A Tennessee corporation may apply to the commissioner for a license to form and conduct business as a BIDCO. A person other than a Tennessee corporation may not apply for the license. (b) An application filed with the commissioner under this part shall be in the form and contain the information that the commissioner may require, but shall contain, at a minimum, the following: (1) A detailed business plan setting forth the services to be provided by the proposed BIDCO to business firms located within or outside of the state; (2) A summary of the geographical business markets of the proposed BIDCO; (3) Information concerning the experience of the management of the proposed BIDCO and how the experience relates to the execution of the business plan referred to in subdivision (b)(1); (4) Location of the proposed main office of the BIDCO and any branch offices, or the vicinity thereof; (5) A detailed summary of how the management of the proposed BIDCO intends to implement a reasonable and prudent policy for conserving and investing the capital of the BIDCO; (6) A summary of the types of business firms to be assisted by the proposed BIDCO; and (7) Three (3) years of detailed financial projections. (c) After a review of an application and receipt and review of any additional or supplemental information requested by the commissioner, the commissioner shall approve the application for a license under this part if the commissioner determines that: (1) The applicant has, or has firm financing commitments from equity investors or debt sources for, cash or similar liquid assets sufficient to demonstrate that prior to the time the applicant is authorized to transact business as a BIDCO, the applicant will have liquid assets available to provide financing assistance to business firms in an amount adequate for the applicant to transact business as a BIDCO; (2) (A) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; (B) Each director and officer of the applicant is competent to perform the director's functions with respect to the applicant; and (C) The directors and officers of the applicant are collectively able to manage the business of the applicant as a BIDCO; (3) It is reasonable to believe that the applicant, if licensed, will comply with this part; and (4) The applicant has reasonable prospects of being a viable, ongoing BIDCO and of satisfying the basic objectives of its business plan. (d) The commissioner shall require a BIDCO to have a capital structure that the commissioner deems necessary for the transaction of business, but not less than one million dollars ($1,000,000). (e) (1) If an application for a license under this part is approved and all conditions precedent to the issuance of the license are fulfilled, the commissioner shall issue a license to the applicant. (2) A licensee shall post the license, or a copy thereof, in a conspicuous place in each of the main and branch offices of the licensee. (3) A license shall not be transferable or assignable. (4) Each license shall expire on December 31 of each year, and be subject to an annual renewal. (f) If the commissioner denies an application, the commissioner shall provide the applicant with a written statement explaining the basis for the denial. Acts 1989, ch. 124, § 8.
(a) A Tennessee corporation may apply to the commissioner for a license to form and conduct business as a BIDCO. A person other than a Tennessee corporation may not apply for the license.
(b) An application filed with the commissioner under this part shall be in the form and contain the information that the commissioner may require, but shall contain, at a minimum, the following: (1) A detailed business plan setting forth the services to be provided by the proposed BIDCO to business firms located within or outside of the state; (2) A summary of the geographical business markets of the proposed BIDCO; (3) Information concerning the experience of the management of the proposed BIDCO and how the experience relates to the execution of the business plan referred to in subdivision (b)(1); (4) Location of the proposed main office of the BIDCO and any branch offices, or the vicinity thereof; (5) A detailed summary of how the management of the proposed BIDCO intends to implement a reasonable and prudent policy for conserving and investing the capital of the BIDCO; (6) A summary of the types of business firms to be assisted by the proposed BIDCO; and (7) Three (3) years of detailed financial projections.
(1) A detailed business plan setting forth the services to be provided by the proposed BIDCO to business firms located within or outside of the state;
(2) A summary of the geographical business markets of the proposed BIDCO;
(3) Information concerning the experience of the management of the proposed BIDCO and how the experience relates to the execution of the business plan referred to in subdivision (b)(1);
(4) Location of the proposed main office of the BIDCO and any branch offices, or the vicinity thereof;
(5) A detailed summary of how the management of the proposed BIDCO intends to implement a reasonable and prudent policy for conserving and investing the capital of the BIDCO;
(6) A summary of the types of business firms to be assisted by the proposed BIDCO; and
(7) Three (3) years of detailed financial projections.
(c) After a review of an application and receipt and review of any additional or supplemental information requested by the commissioner, the commissioner shall approve the application for a license under this part if the commissioner determines that: (1) The applicant has, or has firm financing commitments from equity investors or debt sources for, cash or similar liquid assets sufficient to demonstrate that prior to the time the applicant is authorized to transact business as a BIDCO, the applicant will have liquid assets available to provide financing assistance to business firms in an amount adequate for the applicant to transact business as a BIDCO; (2) (A) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; (B) Each director and officer of the applicant is competent to perform the director's functions with respect to the applicant; and (C) The directors and officers of the applicant are collectively able to manage the business of the applicant as a BIDCO; (3) It is reasonable to believe that the applicant, if licensed, will comply with this part; and (4) The applicant has reasonable prospects of being a viable, ongoing BIDCO and of satisfying the basic objectives of its business plan.
(1) The applicant has, or has firm financing commitments from equity investors or debt sources for, cash or similar liquid assets sufficient to demonstrate that prior to the time the applicant is authorized to transact business as a BIDCO, the applicant will have liquid assets available to provide financing assistance to business firms in an amount adequate for the applicant to transact business as a BIDCO;
(2) (A) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; (B) Each director and officer of the applicant is competent to perform the director's functions with respect to the applicant; and (C) The directors and officers of the applicant are collectively able to manage the business of the applicant as a BIDCO;
(A) Each director, officer, and controlling person of the applicant is of good character and sound financial standing;
(B) Each director and officer of the applicant is competent to perform the director's functions with respect to the applicant; and
(C) The directors and officers of the applicant are collectively able to manage the business of the applicant as a BIDCO;
(3) It is reasonable to believe that the applicant, if licensed, will comply with this part; and
(4) The applicant has reasonable prospects of being a viable, ongoing BIDCO and of satisfying the basic objectives of its business plan.
(d) The commissioner shall require a BIDCO to have a capital structure that the commissioner deems necessary for the transaction of business, but not less than one million dollars ($1,000,000).
(e) (1) If an application for a license under this part is approved and all conditions precedent to the issuance of the license are fulfilled, the commissioner shall issue a license to the applicant. (2) A licensee shall post the license, or a copy thereof, in a conspicuous place in each of the main and branch offices of the licensee. (3) A license shall not be transferable or assignable. (4) Each license shall expire on December 31 of each year, and be subject to an annual renewal.
(1) If an application for a license under this part is approved and all conditions precedent to the issuance of the license are fulfilled, the commissioner shall issue a license to the applicant.
(2) A licensee shall post the license, or a copy thereof, in a conspicuous place in each of the main and branch offices of the licensee.
(3) A license shall not be transferable or assignable.
(4) Each license shall expire on December 31 of each year, and be subject to an annual renewal.
(f) If the commissioner denies an application, the commissioner shall provide the applicant with a written statement explaining the basis for the denial.
Acts 1989, ch. 124, § 8.
Tenn. Code Ann. § 45-2-304 — TN Code / Title 45 / Chapter 2 / Section 45-2-304
Voting trusts - Approval of commissioner
Status: in_force

(a) No shares deposited under a voting trust agreement shall be voted by the trustees unless the agreement has been approved by the commissioner. (b) Approval shall be withheld, or if previously granted, revoked whenever it appears that the existence of the trust would tend to reduce competition among lending institutions or to affect adversely the character or competence of the management or the bank's policies or operation procedures. Acts 1969, ch. 36, § 1 (3.314); 1973, ch. 294, § 6; T.C.A., § 45-222.
(a) No shares deposited under a voting trust agreement shall be voted by the trustees unless the agreement has been approved by the commissioner.
(b) Approval shall be withheld, or if previously granted, revoked whenever it appears that the existence of the trust would tend to reduce competition among lending institutions or to affect adversely the character or competence of the management or the bank's policies or operation procedures.
Acts 1969, ch. 36, § 1 (3.314); 1973, ch. 294, § 6; T.C.A., § 45-222.
Tenn. Code Ann. § 45-8-207 — TN Code / Title 45 / Chapter 8 / Section 45-8-207
Schedule of fees
Status: in_force

The commissioner shall establish by regulation a schedule of fees that the commissioner determines to be reasonable and necessary to effectuate the purposes of this chapter, in connection with the licensing, administration, examination and supervision of BIDCOs. The schedule shall be subject to amendment by the commissioner by regulation from time to time. Acts 1989, ch. 124, § 7.
The commissioner shall establish by regulation a schedule of fees that the commissioner determines to be reasonable and necessary to effectuate the purposes of this chapter, in connection with the licensing, administration, examination and supervision of BIDCOs. The schedule shall be subject to amendment by the commissioner by regulation from time to time.
Acts 1989, ch. 124, § 7.
Tenn. Code Ann. § 45-2-1705 — TN Code / Title 45 / Chapter 2 / Section 45-2-1705
Unlawful concealment of transactions
Status: in_force

(a) It is unlawful for an officer, director, or employee of a bank to conceal or endeavor to conceal any transaction of the bank from any officer, director or employee of the bank or any official or employee of the department to whom it should properly be disclosed. (b) A violation of this section is a Class C misdemeanor. Acts 1969, ch. 36, § 1 (3.605); T.C.A., § 45-1105; Acts 1989, ch. 591, § 113.
(a) It is unlawful for an officer, director, or employee of a bank to conceal or endeavor to conceal any transaction of the bank from any officer, director or employee of the bank or any official or employee of the department to whom it should properly be disclosed.
(b) A violation of this section is a Class C misdemeanor.
Acts 1969, ch. 36, § 1 (3.605); T.C.A., § 45-1105; Acts 1989, ch. 591, § 113.
Tenn. Code Ann. § 45-13-403 — TN Code / Title 45 / Chapter 13 / Section 45-13-403
Payments to contractor from proceeds of mortgage loan for home improvement
Status: in_force

(a) A licensed mortgage lender or mortgage loan broker shall not make any payments to a contractor or home improvement contractor from proceeds of a mortgage loan for home improvement other than: (1) In the form of an instrument that is payable to the borrower or jointly to the borrower and the contractor or home improvement contractor; or (2) At the election of the borrower by a third-party escrow agent in accordance with terms established in a written agreement signed by the borrower, the licensee and the contractor or home improvement contractor prior to the date of payment. (b) A licensed mortgage lender or mortgage loan broker shall not permit a contractor or home improvement contractor to be a cosigner or to act as a guarantor for a mortgage loan for home improvement. (c) As used in this section, "mortgage loan for home improvement" means a consumer credit mortgage loan transaction involving property located within this state regardless of the amount of the loan. (d) The commissioner is authorized to impose a civil penalty in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation of this section after notice and opportunity for a hearing. Acts 2009, ch. 499, § 8.
(a) A licensed mortgage lender or mortgage loan broker shall not make any payments to a contractor or home improvement contractor from proceeds of a mortgage loan for home improvement other than: (1) In the form of an instrument that is payable to the borrower or jointly to the borrower and the contractor or home improvement contractor; or (2) At the election of the borrower by a third-party escrow agent in accordance with terms established in a written agreement signed by the borrower, the licensee and the contractor or home improvement contractor prior to the date of payment.
(1) In the form of an instrument that is payable to the borrower or jointly to the borrower and the contractor or home improvement contractor; or
(2) At the election of the borrower by a third-party escrow agent in accordance with terms established in a written agreement signed by the borrower, the licensee and the contractor or home improvement contractor prior to the date of payment.
(b) A licensed mortgage lender or mortgage loan broker shall not permit a contractor or home improvement contractor to be a cosigner or to act as a guarantor for a mortgage loan for home improvement.
(c) As used in this section, "mortgage loan for home improvement" means a consumer credit mortgage loan transaction involving property located within this state regardless of the amount of the loan.
(d) The commissioner is authorized to impose a civil penalty in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation of this section after notice and opportunity for a hearing.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-5-104 — TN Code / Title 45 / Chapter 5 / Section 45-5-104
Scope of chapter
Status: in_force

This chapter applies only to persons engaged in business as industrial loan and thrift companies or industrial banks or industrial investment companies. Neither the requirement of registration nor any other provision of this chapter shall apply to any state or national bank, other than industrial banks, any state or federal savings and loan association, any state or federal credit union, any insurance company, or any other person engaged in the business of making loans whose activities in so doing are subject to supervision and regulation by a state or federal administrative agency; nor shall the requirement of registration or any other provision of this chapter apply to licensed pawnbrokers, or to any person engaged in the sale of goods or services as a licensed pawnbroker. Acts 1979, ch. 204, § 3; T.C.A., § 45-2003; Acts 1983, ch. 274, § 10.
This chapter applies only to persons engaged in business as industrial loan and thrift companies or industrial banks or industrial investment companies. Neither the requirement of registration nor any other provision of this chapter shall apply to any state or national bank, other than industrial banks, any state or federal savings and loan association, any state or federal credit union, any insurance company, or any other person engaged in the business of making loans whose activities in so doing are subject to supervision and regulation by a state or federal administrative agency; nor shall the requirement of registration or any other provision of this chapter apply to licensed pawnbrokers, or to any person engaged in the sale of goods or services as a licensed pawnbroker.
Acts 1979, ch. 204, § 3; T.C.A., § 45-2003; Acts 1983, ch. 274, § 10.
Tenn. Code Ann. § 45-2-2202 — TN Code / Title 45 / Chapter 2 / Section 45-2-2202
Part definitions
Status: in_force

As used in this part: (1) "Assign" or "assignment" means a financial institution's policy, process, or practice that labels, links, or otherwise associates a firearms code with a merchant or a payment card transaction in a manner that allows the financial institution or another entity facilitating or processing the payment card transaction to identify whether a merchant is a firearms retailer or whether a transaction involves the sale of firearms or ammunition; (2) "Customer" means an individual or entity engaged in a payment card transaction facilitated or processed by a financial institution; (3) "Financial institution" means an individual or entity other than a merchant involved in facilitating or processing a payment card transaction, including a bank, savings and loan association, state credit union, state trust company, acquirer, payment card issuer, payment card network, payment gateway, or payment card processor; (4) "Firearm": (A) Means a deadly weapon capable of expelling or propelling one (1) or more projectiles by the action of an explosive or combustible propellant; and (B) Includes a firearm component or accessory; (5) "Firearms code" means a merchant category code approved by the International Organization for Standardization or an equivalent successor organization that is specifically assigned to a firearms retailer; (6) "Firearms retailer" means an individual or entity that is lawfully engaged, from a physical place of business in this state, in selling or trading firearms, antique firearms, or ammunition to be used in firearms or antique firearms; (7) "Government entity" means this state, a political subdivision of this state, or any court, agency, or instrumentality of this state; (8) "Payment card" means a credit card, charge card, debit card, or another card that is issued to an authorized card user and allows the user to purchase goods or services from a merchant; and (9) "Payment card transaction" means a transaction in which a payment card is accepted as payment. Added by 2024 Tenn. Acts, ch. 773,s 1, eff. 7/1/2024.
As used in this part:
(1) "Assign" or "assignment" means a financial institution's policy, process, or practice that labels, links, or otherwise associates a firearms code with a merchant or a payment card transaction in a manner that allows the financial institution or another entity facilitating or processing the payment card transaction to identify whether a merchant is a firearms retailer or whether a transaction involves the sale of firearms or ammunition;
(2) "Customer" means an individual or entity engaged in a payment card transaction facilitated or processed by a financial institution;
(3) "Financial institution" means an individual or entity other than a merchant involved in facilitating or processing a payment card transaction, including a bank, savings and loan association, state credit union, state trust company, acquirer, payment card issuer, payment card network, payment gateway, or payment card processor;
(4) "Firearm": (A) Means a deadly weapon capable of expelling or propelling one (1) or more projectiles by the action of an explosive or combustible propellant; and (B) Includes a firearm component or accessory;
(A) Means a deadly weapon capable of expelling or propelling one (1) or more projectiles by the action of an explosive or combustible propellant; and
(B) Includes a firearm component or accessory;
(5) "Firearms code" means a merchant category code approved by the International Organization for Standardization or an equivalent successor organization that is specifically assigned to a firearms retailer;
(6) "Firearms retailer" means an individual or entity that is lawfully engaged, from a physical place of business in this state, in selling or trading firearms, antique firearms, or ammunition to be used in firearms or antique firearms;
(7) "Government entity" means this state, a political subdivision of this state, or any court, agency, or instrumentality of this state;
(8) "Payment card" means a credit card, charge card, debit card, or another card that is issued to an authorized card user and allows the user to purchase goods or services from a merchant; and
(9) "Payment card transaction" means a transaction in which a payment card is accepted as payment.
Added by 2024 Tenn. Acts, ch. 773,s 1, eff. 7/1/2024.
Tenn. Code Ann. § 45-18-115 — TN Code / Title 45 / Chapter 18 / Section 45-18-115
Suspension or revocation of license
Status: in_force

(a) After notice and an opportunity for a hearing, the commissioner may suspend or revoke a license if the commissioner finds that: (1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application; (2) The licensee violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner; (3) The licensee refuses to permit the commissioner to make any examination authorized by this chapter; (4) The licensee willfully fails to make any report or pay any fee required by this chapter; (5) The licensee has been found guilty of or liable for any fraudulent act or practice; (6) The licensee has made any material false representation to the commissioner in any application or report filed with the commissioner; or (7) The licensee has abandoned its place of business for a period of sixty (60) days or more. (b) The commissioner may only revoke or suspend the particular license with respect to which grounds for revocation or suspension may occur or exist unless the commissioner finds that the grounds for revocation or suspension are of general application to all offices or to more than one (1) office operated by the licensee, in which case the commissioner may revoke or suspend all of the licenses issued to the licensee. Acts 1997, ch. 309, § 15.
(a) After notice and an opportunity for a hearing, the commissioner may suspend or revoke a license if the commissioner finds that: (1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application; (2) The licensee violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner; (3) The licensee refuses to permit the commissioner to make any examination authorized by this chapter; (4) The licensee willfully fails to make any report or pay any fee required by this chapter; (5) The licensee has been found guilty of or liable for any fraudulent act or practice; (6) The licensee has made any material false representation to the commissioner in any application or report filed with the commissioner; or (7) The licensee has abandoned its place of business for a period of sixty (60) days or more.
(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;
(2) The licensee violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner;
(3) The licensee refuses to permit the commissioner to make any examination authorized by this chapter;
(4) The licensee willfully fails to make any report or pay any fee required by this chapter;
(5) The licensee has been found guilty of or liable for any fraudulent act or practice;
(6) The licensee has made any material false representation to the commissioner in any application or report filed with the commissioner; or
(7) The licensee has abandoned its place of business for a period of sixty (60) days or more.
(b) The commissioner may only revoke or suspend the particular license with respect to which grounds for revocation or suspension may occur or exist unless the commissioner finds that the grounds for revocation or suspension are of general application to all offices or to more than one (1) office operated by the licensee, in which case the commissioner may revoke or suspend all of the licenses issued to the licensee.
Acts 1997, ch. 309, § 15.
Tenn. Code Ann. § 45-12-105 — TN Code / Title 45 / Chapter 12 / Section 45-12-105
Contents of written application for license
Status: in_force

Each application for a license shall be in writing and made under oath or affirmation 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 in this state where 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 § 45-12-103 ; and (3) Other data and information the commissioner may require with respect to the applicant, and its directors, trustees, officers, members, managing employees or agents. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Each application for a license shall be in writing and made under oath or affirmation 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 in this state where 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 § 45-12-103 ; and
(3) Other data and information the commissioner may require with respect to the applicant, and its directors, trustees, officers, members, managing employees or agents.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-3-808 — TN Code / Title 45 / Chapter 3 / Section 45-3-808
Annual audit
Status: in_force

Each association shall at least once in each year cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner. The annual audit shall cover the twelve (12) months ending on the last day of its fiscal year, unless the commissioner prescribes a different period for any association. Acts 1978, ch. 708, § 3.08; T.C.A., § 45-1515.
Each association shall at least once in each year cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner. The annual audit shall cover the twelve (12) months ending on the last day of its fiscal year, unless the commissioner prescribes a different period for any association.
Acts 1978, ch. 708, § 3.08; T.C.A., § 45-1515.
Tenn. Code Ann. § 45-7-134 — TN Code / Title 45 / Chapter 7 / Section 45-7-134
Licensee liability
Status: in_force

A licensee's responsibility to any person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction purchased. Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
A licensee's responsibility to any person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction purchased.
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-7-120 — TN Code / Title 45 / Chapter 7 / Section 45-7-120
Report of condition
Status: in_force

(a) Each licensee shall submit a report of condition within forty-five (45) days after the end of the calendar quarter, or within any extended time as the commissioner may prescribe. (b) The report of condition must include: (1) Financial information at the licensee level; (2) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission; (3) Permissible investments reports; (4) Transaction destination country reporting for money received for transmission; and (5) Any other information the commissioner requires with respect to the licensee. The commissioner is authorized to change or update, as necessary, the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting. (c) The information required by subdivision (b)(4) must only be included in a report of condition submitted within forty-five (45) days after the end of the fourth calendar quarter. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-220 .
(a) Each licensee shall submit a report of condition within forty-five (45) days after the end of the calendar quarter, or within any extended time as the commissioner may prescribe.
(b) The report of condition must include: (1) Financial information at the licensee level; (2) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission; (3) Permissible investments reports; (4) Transaction destination country reporting for money received for transmission; and (5) Any other information the commissioner requires with respect to the licensee. The commissioner is authorized to change or update, as necessary, the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting.
(1) Financial information at the licensee level;
(2) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission;
(3) Permissible investments reports;
(4) Transaction destination country reporting for money received for transmission; and
(5) Any other information the commissioner requires with respect to the licensee. The commissioner is authorized to change or update, as necessary, the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting.
(c) The information required by subdivision (b)(4) must only be included in a report of condition submitted within forty-five (45) days after the end of the fourth calendar quarter.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-220 .
Tenn. Code Ann. § 45-13-307 — TN Code / Title 45 / Chapter 13 / Section 45-13-307
Continuing education for mortgage loan originators
Status: in_force

(a) In order to meet the annual continuing education requirements referred to in § 45-13-306(a)(2) , a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of federal law and regulations; (2) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues; and (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace. (b) For purposes of subsection (a), continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider. (c) Nothing in this section shall preclude any education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of the employer or entity. (d) Continuing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry. (e) A licensed mortgage loan originator: (1) May only receive credit for a continuing education course in the year in which the course is taken; and (2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education. (f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two (2) hours credit for every one (1) hour taught. (g) A person having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of continuing education requirements in this state. Acts 2009, ch. 499, § 8.
(a) In order to meet the annual continuing education requirements referred to in § 45-13-306(a)(2) , a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of federal law and regulations; (2) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues; and (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(1) Three (3) hours of federal law and regulations;
(2) Two (2) hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues; and
(3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a), continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.
(c) Nothing in this section shall preclude any education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of the employer or entity.
(d) Continuing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(e) A licensed mortgage loan originator: (1) May only receive credit for a continuing education course in the year in which the course is taken; and (2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(1) May only receive credit for a continuing education course in the year in which the course is taken; and
(2) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two (2) hours credit for every one (1) hour taught.
(g) A person having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of continuing education requirements in this state.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-3-815 — TN Code / Title 45 / Chapter 3 / Section 45-3-815
Access to records - Summons - Oaths and examination of witnesses
Status: in_force

The commissioner and any authorized examiners, attorneys, or other employees of the department shall have free access to all books, papers, and other records of an association, and to all books, papers, and other records kept by any officer, agent, or employee, relating to or upon which any records of its business were kept, and may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents, or employees of the association, service organization, or any other person in relation to its affairs, transactions, and condition, and may require and compel the production of records, books, papers, contracts, or other documents by court order, if not voluntarily produced. Acts 1978, ch. 708, § 3.15; T.C.A., § 45-1522.
The commissioner and any authorized examiners, attorneys, or other employees of the department shall have free access to all books, papers, and other records of an association, and to all books, papers, and other records kept by any officer, agent, or employee, relating to or upon which any records of its business were kept, and may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents, or employees of the association, service organization, or any other person in relation to its affairs, transactions, and condition, and may require and compel the production of records, books, papers, contracts, or other documents by court order, if not voluntarily produced.
Acts 1978, ch. 708, § 3.15; T.C.A., § 45-1522.
Tenn. Code Ann. § 45-2-608 — TN Code / Title 45 / Chapter 2 / Section 45-2-608
Acceptances
Status: in_force

(a) A bank may accept: (1) A draft that has not more than six (6) months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and (2) A draft that has no more than three (3) months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade. (b) A bank may issue a letter of credit, but unless the authority conferred to draw upon the bank or its correspondents is limited to the drafts that a bank is authorized by this section to accept, the amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose account the credit was issued. Acts 1969, ch. 36, § 1 (3.243); T.C.A., § 45-437.
(a) A bank may accept: (1) A draft that has not more than six (6) months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and (2) A draft that has no more than three (3) months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
(1) A draft that has not more than six (6) months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and
(2) A draft that has no more than three (3) months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
(b) A bank may issue a letter of credit, but unless the authority conferred to draw upon the bank or its correspondents is limited to the drafts that a bank is authorized by this section to accept, the amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose account the credit was issued.
Acts 1969, ch. 36, § 1 (3.243); T.C.A., § 45-437.
Tenn. Code Ann. § 45-2-1806 — TN Code / Title 45 / Chapter 2 / Section 45-2-1806
Investment advisors - Registration
Status: in_force

Any state bank or state bank subsidiary that acts as an investment advisor to any mutual fund shall register as an investment advisor with the United States securities and exchange commission and with the department of commerce and insurance. For purposes of this section, a bank common trust fund, investment in which is limited to accounts in which the bank acts as fiduciary or co-fiduciary, shall not be considered a mutual fund. Acts 1989, ch. 168, § 1.
Any state bank or state bank subsidiary that acts as an investment advisor to any mutual fund shall register as an investment advisor with the United States securities and exchange commission and with the department of commerce and insurance. For purposes of this section, a bank common trust fund, investment in which is limited to accounts in which the bank acts as fiduciary or co-fiduciary, shall not be considered a mutual fund.
Acts 1989, ch. 168, § 1.
Tenn. Code Ann. § 45-3-1306 — TN Code / Title 45 / Chapter 3 / Section 45-3-1306
False reports
Status: in_force

It is a Class B misdemeanor for any official, examiner, or other employee of the department to knowingly and willingly make on oath a false report as to the result of any examination. Acts 1978, ch. 708, § 5.10; T.C.A., § 45-1710.
It is a Class B misdemeanor for any official, examiner, or other employee of the department to knowingly and willingly make on oath a false report as to the result of any examination.
Acts 1978, ch. 708, § 5.10; T.C.A., § 45-1710.
Tenn. Code Ann. § 45-1-108 — TN Code / Title 45 / Chapter 1 / Section 45-1-108
Review of commissioner's orders - Enforcement
Status: in_force

(a) A person who is aggrieved by an order of the commissioner issued pursuant to § 45-1-107 is entitled to judicial review as provided in the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. A person who is aggrieved and directly affected by an order of the commissioner issued pursuant to other provisions of this title may seek judicial review as provided in title 27, chapter 9, except that judicial review of orders issued pursuant to chapter 5 of this title shall be governed by the Uniform Administrative Procedures Act. (b) In the event a person does not comply with an order issued pursuant to § 45-1-107 , the commissioner may petition a chancery court having jurisdiction to seek injunctive relief to compel compliance with the order. The power is conferred and the duty is imposed upon the several chancery courts, in all proper cases, to award injunctive relief; provided, that the order issued by the commissioner shall not be reviewable in a proceeding initiated under this subsection (b). (c) In lieu of the procedure set forth in subsection (b), the commissioner may assess a civil penalty of not more than five hundred dollars ($500) per day against any bank or other person who violates an order issued pursuant to § 45-1-107 for each day during which the violation has occurred and continues. The maximum aggregate civil penalty assessed against a bank and any other person participating in the violation, however, shall not exceed five hundred dollars ($500) per day for each proceeding. In determining the amount of the penalty, the commissioner shall consider the appropriateness of the penalty with respect to the size of the financial resources and good faith of the person charged, the gravity of the violation, and other matters that justice may require. The person shall be afforded an opportunity for hearing upon request made within ten (10) days of the issuance of the notice of assessment. The commissioner's decision after a hearing or otherwise shall constitute a final order and may be reviewed in accordance with subsection (a); provided, that the original order shall not be reviewable in a proceeding initiated under this subsection (c). Acts 1973, ch. 294, § 18; T.C.A., § 45-126; Acts 1981, ch. 24, § 1; 1983, ch. 274, § 5.
(a) A person who is aggrieved by an order of the commissioner issued pursuant to § 45-1-107 is entitled to judicial review as provided in the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. A person who is aggrieved and directly affected by an order of the commissioner issued pursuant to other provisions of this title may seek judicial review as provided in title 27, chapter 9, except that judicial review of orders issued pursuant to chapter 5 of this title shall be governed by the Uniform Administrative Procedures Act.
(b) In the event a person does not comply with an order issued pursuant to § 45-1-107 , the commissioner may petition a chancery court having jurisdiction to seek injunctive relief to compel compliance with the order. The power is conferred and the duty is imposed upon the several chancery courts, in all proper cases, to award injunctive relief; provided, that the order issued by the commissioner shall not be reviewable in a proceeding initiated under this subsection (b).
(c) In lieu of the procedure set forth in subsection (b), the commissioner may assess a civil penalty of not more than five hundred dollars ($500) per day against any bank or other person who violates an order issued pursuant to § 45-1-107 for each day during which the violation has occurred and continues. The maximum aggregate civil penalty assessed against a bank and any other person participating in the violation, however, shall not exceed five hundred dollars ($500) per day for each proceeding. In determining the amount of the penalty, the commissioner shall consider the appropriateness of the penalty with respect to the size of the financial resources and good faith of the person charged, the gravity of the violation, and other matters that justice may require. The person shall be afforded an opportunity for hearing upon request made within ten (10) days of the issuance of the notice of assessment. The commissioner's decision after a hearing or otherwise shall constitute a final order and may be reviewed in accordance with subsection (a); provided, that the original order shall not be reviewable in a proceeding initiated under this subsection (c).
Acts 1973, ch. 294, § 18; T.C.A., § 45-126; Acts 1981, ch. 24, § 1; 1983, ch. 274, § 5.
Tenn. Code Ann. § 45-1-115 — TN Code / Title 45 / Chapter 1 / Section 45-1-115
Divisions within department - Classification and salaries of department positions
Status: in_force

(a) (1) There are created within the department the following divisions: (A) The bank examination division; (B) The bank charter and branch application division; (C) The credit union division; (D) The administrative and support services division; and (E) The industrial loan and thrift companies division. (2) The commissioner is authorized, with the consent of the governor, to combine, consolidate or abolish any of these divisions, or to create new divisions that are necessary to carry out the duties imposed upon the commissioner and the department. (b) All positions in the department, with the exception of the commissioner, shall be classified by the commissioner according to the nature of the duties to be performed and the minimum qualifications for appointment, subject to § 45-1-105(b) and this section. The commissioner, having regard for the nature of the services to be performed and the salaries paid for similar work elsewhere, shall establish a salary range for each class of positions and within the salary range shall provide for recognition of professionalism and efficiency of service and for length of service. Acts 1973, ch. 294, § 13; T.C.A., § 45-125; Acts 1983, ch. 274, § 6.
(a) (1) There are created within the department the following divisions: (A) The bank examination division; (B) The bank charter and branch application division; (C) The credit union division; (D) The administrative and support services division; and (E) The industrial loan and thrift companies division. (2) The commissioner is authorized, with the consent of the governor, to combine, consolidate or abolish any of these divisions, or to create new divisions that are necessary to carry out the duties imposed upon the commissioner and the department.
(1) There are created within the department the following divisions: (A) The bank examination division; (B) The bank charter and branch application division; (C) The credit union division; (D) The administrative and support services division; and (E) The industrial loan and thrift companies division.
(A) The bank examination division;
(B) The bank charter and branch application division;
(C) The credit union division;
(D) The administrative and support services division; and
(E) The industrial loan and thrift companies division.
(2) The commissioner is authorized, with the consent of the governor, to combine, consolidate or abolish any of these divisions, or to create new divisions that are necessary to carry out the duties imposed upon the commissioner and the department.
(b) All positions in the department, with the exception of the commissioner, shall be classified by the commissioner according to the nature of the duties to be performed and the minimum qualifications for appointment, subject to § 45-1-105(b) and this section. The commissioner, having regard for the nature of the services to be performed and the salaries paid for similar work elsewhere, shall establish a salary range for each class of positions and within the salary range shall provide for recognition of professionalism and efficiency of service and for length of service.
Acts 1973, ch. 294, § 13; T.C.A., § 45-125; Acts 1983, ch. 274, § 6.
Tenn. Code Ann. § 45-3-1504 — TN Code / Title 45 / Chapter 3 / Section 45-3-1504
Mutual savings and loan holding companies and their subsidiaries - Reports - Examination - Fees
Status: in_force

With respect to each mutual savings and loan holding company and each subsidiary of the holding company, the following shall apply: (1) Each mutual savings and loan holding company and each subsidiary of the holding company shall file with the commissioner reports required by the commissioner. The reports shall be in the form that the commissioner prescribes. Each report shall contain information concerning the operations of each mutual savings and loan holding company and subsidiary that the commissioner may require; (2) Each mutual savings and loan holding company shall maintain books and records prescribed by the commissioner; (3) Each mutual savings and loan holding company and each subsidiary of the holding company shall be subject to examination that the commissioner prescribes; (4) Each mutual savings and loan holding company under this part may engage in activities that the commissioner by regulation may establish not inconsistent with any applicable federal law; (5) Each mutual savings and loan holding company operating under this part shall pay and be assessed by the commissioner fees and charges as may be necessary to cover the cost of its examination and supervision under this part; and (6) The commissioner is empowered to promulgate reasonable rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing fees to support the registration, examination, and supervision of companies under this part, including fees for the costs of application and issuance of a charter. Acts 1989, ch. 354, § 4.
With respect to each mutual savings and loan holding company and each subsidiary of the holding company, the following shall apply:
(1) Each mutual savings and loan holding company and each subsidiary of the holding company shall file with the commissioner reports required by the commissioner. The reports shall be in the form that the commissioner prescribes. Each report shall contain information concerning the operations of each mutual savings and loan holding company and subsidiary that the commissioner may require;
(2) Each mutual savings and loan holding company shall maintain books and records prescribed by the commissioner;
(3) Each mutual savings and loan holding company and each subsidiary of the holding company shall be subject to examination that the commissioner prescribes;
(4) Each mutual savings and loan holding company under this part may engage in activities that the commissioner by regulation may establish not inconsistent with any applicable federal law;
(5) Each mutual savings and loan holding company operating under this part shall pay and be assessed by the commissioner fees and charges as may be necessary to cover the cost of its examination and supervision under this part; and
(6) The commissioner is empowered to promulgate reasonable rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing fees to support the registration, examination, and supervision of companies under this part, including fees for the costs of application and issuance of a charter.
Acts 1989, ch. 354, § 4.
Tenn. Code Ann. § 45-1-120 — TN Code / Title 45 / Chapter 1 / Section 45-1-120
Records of department
Status: in_force

(a) No information from the records of the department shall be revealed without the consent of the commissioner. (b) Reports of examinations made by the department shall be retained for five (5) years. (c) A copy of any document on file with the department that is certified by the commissioner as being a true copy may be introduced in evidence as if it were the original. The commissioner shall establish a schedule of fees for copies of documents. Acts 1969, ch. 36, § 1 (2.112); 1973, ch. 294, §§ 6, 17; T.C.A., § 45-119; Acts 1993, ch. 22, § 7.
(a) No information from the records of the department shall be revealed without the consent of the commissioner.
(b) Reports of examinations made by the department shall be retained for five (5) years.
(c) A copy of any document on file with the department that is certified by the commissioner as being a true copy may be introduced in evidence as if it were the original. The commissioner shall establish a schedule of fees for copies of documents.
Acts 1969, ch. 36, § 1 (2.112); 1973, ch. 294, §§ 6, 17; T.C.A., § 45-119; Acts 1993, ch. 22, § 7.
Tenn. Code Ann. § 45-3-302 — TN Code / Title 45 / Chapter 3 / Section 45-3-302
Approval by commissioner
Status: in_force

(a) No branch or satellite office, or other facility at which deposits may be accepted shall be established until approved by the commissioner. (b) In the event the application to open a branch or satellite office is disapproved and the applicants feel aggrieved, they may have a review by certiorari as provided in title 27, chapter 9. (c) Should the commissioner fail to approve or disapprove an application to open a branch or satellite office within ninety (90) calendar days after the submission of the application, the application shall be deemed to have been approved by the commissioner. Acts 1990, ch. 624, § 1.
(a) No branch or satellite office, or other facility at which deposits may be accepted shall be established until approved by the commissioner.
(b) In the event the application to open a branch or satellite office is disapproved and the applicants feel aggrieved, they may have a review by certiorari as provided in title 27, chapter 9.
(c) Should the commissioner fail to approve or disapprove an application to open a branch or satellite office within ninety (90) calendar days after the submission of the application, the application shall be deemed to have been approved by the commissioner.
Acts 1990, ch. 624, § 1.
Tenn. Code Ann. § 45-4-1901 — TN Code / Title 45 / Chapter 4 / Section 45-4-1901
Bureau of information maintained by commissioner of financial institutions
Status: in_force

It is the duty of the commissioner to: (1) Organize and conduct a bureau of information in regard to credit unions and maintain an educational campaign in the state, looking to the promotion and organization of credit unions; and (2) Upon application of three (3) persons, residing in the state, furnish without cost printed information and blank forms that may be necessary for the formation and establishment of any local credit union in the state and, upon written request of seven (7) residents of the state, expressing a desire to form a local credit union in their particular locality, proceed as promptly as convenient to the locality and to advise and assist the organizers to perfect their organization and to submit to the commissioner their recommendations in the matter of incorporating the credit union in question. Acts 1923, ch. 68, § 9; Shan. Supp. § 2198a14; Code 1932, § 3842; Acts 1967, ch. 227, § 1; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), §§ 45-1801, 45-4-1201.
It is the duty of the commissioner to:
(1) Organize and conduct a bureau of information in regard to credit unions and maintain an educational campaign in the state, looking to the promotion and organization of credit unions; and
(2) Upon application of three (3) persons, residing in the state, furnish without cost printed information and blank forms that may be necessary for the formation and establishment of any local credit union in the state and, upon written request of seven (7) residents of the state, expressing a desire to form a local credit union in their particular locality, proceed as promptly as convenient to the locality and to advise and assist the organizers to perfect their organization and to submit to the commissioner their recommendations in the matter of incorporating the credit union in question.
Acts 1923, ch. 68, § 9; Shan. Supp. § 2198a14; Code 1932, § 3842; Acts 1967, ch. 227, § 1; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), §§ 45-1801, 45-4-1201.
Tenn. Code Ann. § 45-4-104 — TN Code / Title 45 / Chapter 4 / Section 45-4-104
Use of words "credit union" in name or title regulated
Status: in_force

The use by any person, corporation, association or copartnership, except corporations formed under this chapter, of any name or title that contains the words "credit union" is a Class C misdemeanor. Acts 1923, ch. 68, § 5; Shan. Supp., § 2198a8; Code 1932, § 3836; T.C.A. (orig. ed.), § 45-1805; Acts 1989, ch. 591, § 113.
The use by any person, corporation, association or copartnership, except corporations formed under this chapter, of any name or title that contains the words "credit union" is a Class C misdemeanor.
Acts 1923, ch. 68, § 5; Shan. Supp., § 2198a8; Code 1932, § 3836; T.C.A. (orig. ed.), § 45-1805; Acts 1989, ch. 591, § 113.
Tenn. Code Ann. § 45-20-111 — TN Code / Title 45 / Chapter 20 / Section 45-20-111
Application
Status: in_force

This chapter shall apply to all high-cost home loans applied for and closed on or after January 1, 2007; provided, that this chapter shall not apply to the extent it is preempted by, or is in conflict with or inconsistent with the National Bank Act ( 12 U.S.C. § 21 et seq.), the Homeowner's Loan Act ( 12 U.S.C. § 1464 et seq.), the Federal Credit Union Act ( 12 U.S.C. § 1751 et seq.), or regulations issued by the office of the comptroller of the currency, the office of thrift supervision, the federal deposit insurance corporation or the federal credit union administration, and as interpreted by the federal courts, to national or state banks or trust companies, federal or state savings institutions, federal or state credit unions, or the operating subsidiaries of any of those. Acts 2006, ch. 801, § 13.
This chapter shall apply to all high-cost home loans applied for and closed on or after January 1, 2007; provided, that this chapter shall not apply to the extent it is preempted by, or is in conflict with or inconsistent with the National Bank Act ( 12 U.S.C. § 21 et seq.), the Homeowner's Loan Act ( 12 U.S.C. § 1464 et seq.), the Federal Credit Union Act ( 12 U.S.C. § 1751 et seq.), or regulations issued by the office of the comptroller of the currency, the office of thrift supervision, the federal deposit insurance corporation or the federal credit union administration, and as interpreted by the federal courts, to national or state banks or trust companies, federal or state savings institutions, federal or state credit unions, or the operating subsidiaries of any of those.
Acts 2006, ch. 801, § 13.
Tenn. Code Ann. § 45-2-906 — TN Code / Title 45 / Chapter 2 / Section 45-2-906
Adverse claims to contents of safe deposit box
Status: in_force

(a) An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless: (1) The lessor is directed to do so by order of a court of competent jurisdiction; or (2) The safe deposit box is leased or the property is held in the name of the lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by or on behalf of a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property. (b) A claim is also an adverse claim where one (1) of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one (1) or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name. Acts 1969, ch. 36, § 1 (3.225); T.C.A., § 45-420.
(a) An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless: (1) The lessor is directed to do so by order of a court of competent jurisdiction; or (2) The safe deposit box is leased or the property is held in the name of the lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by or on behalf of a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property.
(1) The lessor is directed to do so by order of a court of competent jurisdiction; or
(2) The safe deposit box is leased or the property is held in the name of the lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by or on behalf of a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property.
(b) A claim is also an adverse claim where one (1) of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one (1) or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name.
Acts 1969, ch. 36, § 1 (3.225); T.C.A., § 45-420.
Tenn. Code Ann. § 45-4-1111 — TN Code / Title 45 / Chapter 4 / Section 45-4-1111
Supervision of corporation
Status: in_force

(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner. A copy of the annual examination report shall be transmitted as soon as practicable to the corporation and to the supervisory agency of each jurisdiction of which one (1) or more credit unions have become members under § 45-4-1107(c) or (d) , and the latter also shall be entitled to further information reasonably necessary in connection with the examination. (b) The corporation shall not be subject to regulation or control by the department of commerce and insurance, and the statutes of the state governing the operation of insurance companies, including, but not limited to, title 56, shall not be applicable to the corporation. (c) Nothing in this part shall create any liability upon the state for the payment of any funds to any member credit union by reason of the acts or omissions of the corporation created hereunder, nor shall the state be required to pay any loss to any member credit union in the event the corporation shall be unable to pay the loss. Acts 1974, ch. 577, § 11; T.C.A., § 45-1845; Acts 1983, ch. 93, § 6.
(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner. A copy of the annual examination report shall be transmitted as soon as practicable to the corporation and to the supervisory agency of each jurisdiction of which one (1) or more credit unions have become members under § 45-4-1107(c) or (d) , and the latter also shall be entitled to further information reasonably necessary in connection with the examination.
(b) The corporation shall not be subject to regulation or control by the department of commerce and insurance, and the statutes of the state governing the operation of insurance companies, including, but not limited to, title 56, shall not be applicable to the corporation.
(c) Nothing in this part shall create any liability upon the state for the payment of any funds to any member credit union by reason of the acts or omissions of the corporation created hereunder, nor shall the state be required to pay any loss to any member credit union in the event the corporation shall be unable to pay the loss.
Acts 1974, ch. 577, § 11; T.C.A., § 45-1845; Acts 1983, ch. 93, § 6.
Tenn. Code Ann. § 45-3-1311 — TN Code / Title 45 / Chapter 3 / Section 45-3-1311
Defamation of business reputation
Status: in_force

It is a Class B misdemeanor for any person to knowingly make, utter, circulate, or transmit to any other person or persons, any statement untrue in fact, derogatory to the financial condition of any association subject to this chapter, or any federal association in this state, with intent to injure the financial institution, or who shall counsel, aid, procure, or induce another to originate, make, utter, transmit, or circulate the untrue statement, with like intent. Acts 1978, ch. 708, § 5.15; T.C.A., § 45-1715.
It is a Class B misdemeanor for any person to knowingly make, utter, circulate, or transmit to any other person or persons, any statement untrue in fact, derogatory to the financial condition of any association subject to this chapter, or any federal association in this state, with intent to injure the financial institution, or who shall counsel, aid, procure, or induce another to originate, make, utter, transmit, or circulate the untrue statement, with like intent.
Acts 1978, ch. 708, § 5.15; T.C.A., § 45-1715.
Tenn. Code Ann. § 45-3-106 — TN Code / Title 45 / Chapter 3 / Section 45-3-106
Tie-in provision
Status: in_force

Notwithstanding anything to the contrary in the laws of this state, every association organized and incorporated pursuant to or operating under this chapter has all the powers granted to savings and loan associations whose home offices are located in this state and that are incorporated or operating under the laws of the United States. Acts 1978, ch. 708, § 1.06; T.C.A., § 45-1306.
Notwithstanding anything to the contrary in the laws of this state, every association organized and incorporated pursuant to or operating under this chapter has all the powers granted to savings and loan associations whose home offices are located in this state and that are incorporated or operating under the laws of the United States.
Acts 1978, ch. 708, § 1.06; T.C.A., § 45-1306.