Tenn. Code Ann. § 45-8-222 — TN Code / Title 45 / Chapter 8 / Section 45-8-222
Prohibited acts
Status: in_force

(a) For the purposes of this section: (1) A person who is in a relationship referred to in this section within six (6) months before or after a licensee provides financing assistance shall be considered to be in that relationship as of the date that licensee provides that financing assistance; and (2) If a licensee, in order to protect its interest, designates a person to serve as a director of, officer of, or in any capacity in the management of a business firm to which that licensee provides financing assistance, that person shall not, on that account, be considered to have a relationship with that business firm. (b) A person shall not willfully make an untrue statement of a material fact in an application or report filed with the commissioner under this part, or willfully omit to state in the application or report a material fact required to be stated in the application or report. (c) A person having custody of any of the books, accounts, or other records of a licensee shall not willfully refuse to allow the commissioner, upon request, to inspect or make copies of any of those books, accounts or other records. (d) A person shall not, with intent to deceive a director, officer, employee, auditor or attorney of a licensee, the commissioner, or a governmental agency: (1) Make a false entry in the books, accounts or other records of the licensee; (2) Omit to make an entry in those books, accounts or other records that the person is required to make; or (3) Alter, conceal, or destroy any of those books, accounts or other records. (e) A licensee shall not provide, directly or indirectly, financing assistance to an associate of the licensee. (f) A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or in part, an obligation to an associate of that licensee. This subsection (f) does not apply to a transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance. (g) It is unlawful for any person to serve as an officer or director of a BIDCO who: (1) Has been convicted of an offense constituting a violation of the BIDCO laws, a felony or a breach of trust in the jurisdiction where the judgment was rendered; (2) Is indebted to the BIDCO for more than thirty (30) days upon a judgment that has become final. (h) It is unlawful for an affiliate of a BIDCO, or for an officer, director or employee of a BIDCO or affiliate of a BIDCO, to willfully and knowingly and without authority from the board of directors or governing body of the BIDCO, to receive, consent to receive, or agree to receive, any commission, emolument, gratuity, or reward, or any promise of any commission, emolument, or reward, property or thing of value or of personal advantage, for procuring or endeavoring to procure for any person a loan or any other investment by the BIDCO. (i) Any director of a BIDCO who concurs in any vote or act of the directors of the BIDCO by which it is intended to: (1) Make a dividend except from the surplus profits arising from the business of the BIDCO; (2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the stock of the BIDCO, or to reduce the stock except in pursuance of law; (3) Discount or receive any note, or other evidence of debt in payment of stock required to be paid or with intention to provide the means of making the payment; (4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in as consideration for the purchase of stock; or (5) Apply any portion of the funds of the BIDCO except as allowed by law, directly or indirectly, to the purchase of shares of its own stock. Acts 1989, ch. 124, § 22.
(a) For the purposes of this section: (1) A person who is in a relationship referred to in this section within six (6) months before or after a licensee provides financing assistance shall be considered to be in that relationship as of the date that licensee provides that financing assistance; and (2) If a licensee, in order to protect its interest, designates a person to serve as a director of, officer of, or in any capacity in the management of a business firm to which that licensee provides financing assistance, that person shall not, on that account, be considered to have a relationship with that business firm.
(1) A person who is in a relationship referred to in this section within six (6) months before or after a licensee provides financing assistance shall be considered to be in that relationship as of the date that licensee provides that financing assistance; and
(2) If a licensee, in order to protect its interest, designates a person to serve as a director of, officer of, or in any capacity in the management of a business firm to which that licensee provides financing assistance, that person shall not, on that account, be considered to have a relationship with that business firm.
(b) A person shall not willfully make an untrue statement of a material fact in an application or report filed with the commissioner under this part, or willfully omit to state in the application or report a material fact required to be stated in the application or report.
(c) A person having custody of any of the books, accounts, or other records of a licensee shall not willfully refuse to allow the commissioner, upon request, to inspect or make copies of any of those books, accounts or other records.
(d) A person shall not, with intent to deceive a director, officer, employee, auditor or attorney of a licensee, the commissioner, or a governmental agency: (1) Make a false entry in the books, accounts or other records of the licensee; (2) Omit to make an entry in those books, accounts or other records that the person is required to make; or (3) Alter, conceal, or destroy any of those books, accounts or other records.
(1) Make a false entry in the books, accounts or other records of the licensee;
(2) Omit to make an entry in those books, accounts or other records that the person is required to make; or
(3) Alter, conceal, or destroy any of those books, accounts or other records.
(e) A licensee shall not provide, directly or indirectly, financing assistance to an associate of the licensee.
(f) A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or in part, an obligation to an associate of that licensee. This subsection (f) does not apply to a transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance.
(g) It is unlawful for any person to serve as an officer or director of a BIDCO who: (1) Has been convicted of an offense constituting a violation of the BIDCO laws, a felony or a breach of trust in the jurisdiction where the judgment was rendered; (2) Is indebted to the BIDCO for more than thirty (30) days upon a judgment that has become final.
(1) Has been convicted of an offense constituting a violation of the BIDCO laws, a felony or a breach of trust in the jurisdiction where the judgment was rendered;
(2) Is indebted to the BIDCO for more than thirty (30) days upon a judgment that has become final.
(h) It is unlawful for an affiliate of a BIDCO, or for an officer, director or employee of a BIDCO or affiliate of a BIDCO, to willfully and knowingly and without authority from the board of directors or governing body of the BIDCO, to receive, consent to receive, or agree to receive, any commission, emolument, gratuity, or reward, or any promise of any commission, emolument, or reward, property or thing of value or of personal advantage, for procuring or endeavoring to procure for any person a loan or any other investment by the BIDCO.
(i) Any director of a BIDCO who concurs in any vote or act of the directors of the BIDCO by which it is intended to: (1) Make a dividend except from the surplus profits arising from the business of the BIDCO; (2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the stock of the BIDCO, or to reduce the stock except in pursuance of law; (3) Discount or receive any note, or other evidence of debt in payment of stock required to be paid or with intention to provide the means of making the payment; (4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in as consideration for the purchase of stock; or (5) Apply any portion of the funds of the BIDCO except as allowed by law, directly or indirectly, to the purchase of shares of its own stock.
(1) Make a dividend except from the surplus profits arising from the business of the BIDCO;
(2) Divide, withdraw or in any manner pay to the stockholders or any of them any part of the stock of the BIDCO, or to reduce the stock except in pursuance of law;
(3) Discount or receive any note, or other evidence of debt in payment of stock required to be paid or with intention to provide the means of making the payment;
(4) Receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in as consideration for the purchase of stock; or
(5) Apply any portion of the funds of the BIDCO except as allowed by law, directly or indirectly, to the purchase of shares of its own stock.
Acts 1989, ch. 124, § 22.
Tenn. Code Ann. § 45-4-602 — TN Code / Title 45 / Chapter 4 / Section 45-4-602
Interest
Status: in_force

(a) A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of: (1) The applicable formula rate; or (2) The rate of interest permitted to be charged by credit unions chartered by the federal government. (b) For installment loans, the maximum effective rate of interest shall: (1) Be determined in accordance with the actuarial method; (2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part. Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820; Acts 1986, ch. 558, § 2.
(a) A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of: (1) The applicable formula rate; or (2) The rate of interest permitted to be charged by credit unions chartered by the federal government.
(1) The applicable formula rate; or
(2) The rate of interest permitted to be charged by credit unions chartered by the federal government.
(b) For installment loans, the maximum effective rate of interest shall: (1) Be determined in accordance with the actuarial method; (2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and (3) Not be affected by the prepayment of the loan, in whole or in part.
(1) Be determined in accordance with the actuarial method;
(2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and
(3) Not be affected by the prepayment of the loan, in whole or in part.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820; Acts 1986, ch. 558, § 2.
Tenn. Code Ann. § 45-2-1411 — TN Code / Title 45 / Chapter 2 / Section 45-2-1411
Enforcement
Status: in_force

If the commissioner determines that a branch maintained by an out-of-state state bank or a trust office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state, or is being operated in an unsafe and unsound manner, the commissioner shall have the authority to take all enforcement actions that the commissioner would be empowered to take if the branch or office were a Tennessee state bank; provided, that the commissioner shall promptly give notice to the home state supervisory agency of each enforcement action taken against an out-of-state state bank or out-of-state trust institution. To the extent practicable, the commissioner shall consult and cooperate with the home state supervisory agency in pursuing and resolving the enforcement action. The commissioner may issue an order temporarily or permanently prohibiting a trust institution from acting as a fiduciary in this state. Acts 1996, ch. 562, § 1; 1999, ch. 112, § 13.
If the commissioner determines that a branch maintained by an out-of-state state bank or a trust office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state, or is being operated in an unsafe and unsound manner, the commissioner shall have the authority to take all enforcement actions that the commissioner would be empowered to take if the branch or office were a Tennessee state bank; provided, that the commissioner shall promptly give notice to the home state supervisory agency of each enforcement action taken against an out-of-state state bank or out-of-state trust institution. To the extent practicable, the commissioner shall consult and cooperate with the home state supervisory agency in pursuing and resolving the enforcement action. The commissioner may issue an order temporarily or permanently prohibiting a trust institution from acting as a fiduciary in this state.
Acts 1996, ch. 562, § 1; 1999, ch. 112, § 13.
Tenn. Code Ann. § 45-17-114 — TN Code / Title 45 / Chapter 17 / Section 45-17-114
Suspension or revocation of licenses
Status: in_force

(a) The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care: (1) Failed to pay any fees or assessments imposed by the commissioner under this chapter; (2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations; (3) Has violated any provisions of this chapter or any administrative regulation issued pursuant to this chapter or has violated any other law in the course of the licensee's dealings as a licensee; (4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or (5) Has demonstrated incompetency or untrustworthiness to act as a licensee. (b) If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee. (c) A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Amended by 2014 Tenn. Acts, ch. 736,s 25, eff. 7/1/2015. Acts 1997, ch. 255, § 15; 1999, ch. 14, § 1.
(a) The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care: (1) Failed to pay any fees or assessments imposed by the commissioner under this chapter; (2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations; (3) Has violated any provisions of this chapter or any administrative regulation issued pursuant to this chapter or has violated any other law in the course of the licensee's dealings as a licensee; (4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or (5) Has demonstrated incompetency or untrustworthiness to act as a licensee.
(1) Failed to pay any fees or assessments imposed by the commissioner under this chapter;
(2) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations;
(3) Has violated any provisions of this chapter or any administrative regulation issued pursuant to this chapter or has violated any other law in the course of the licensee's dealings as a licensee;
(4) Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or
(5) Has demonstrated incompetency or untrustworthiness to act as a licensee.
(b) If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee.
(c) A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Amended by 2014 Tenn. Acts, ch. 736,s 25, eff. 7/1/2015.
Acts 1997, ch. 255, § 15; 1999, ch. 14, § 1.
Tenn. Code Ann. § 45-2-2106 — TN Code / Title 45 / Chapter 2 / Section 45-2-2106
Application for certificate of authority - Effect of failure to timely file or full denial - Effect of approval
Status: in_force

(a) In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: (1) Evidence that capital and surplus have been fully paid in; (2) The name and address of each investor, and the number of shares or membership units purchased by each; (3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; (4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; (5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and (6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued. (b) The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner. (c) If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial. (d) As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state. Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
(a) In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: (1) Evidence that capital and surplus have been fully paid in; (2) The name and address of each investor, and the number of shares or membership units purchased by each; (3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; (4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; (5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and (6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(1) Evidence that capital and surplus have been fully paid in;
(2) The name and address of each investor, and the number of shares or membership units purchased by each;
(3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force;
(4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;
(5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and
(6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(b) The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner.
(c) If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial.
(d) As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state.
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Tenn. Code Ann. § 45-10-101 — TN Code / Title 45 / Chapter 10 / Section 45-10-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Financial Records Privacy Act." Acts 1983, ch. 224, § 1.
This chapter shall be known and may be cited as the "Financial Records Privacy Act."
Acts 1983, ch. 224, § 1.
Tenn. Code Ann. § 45-3-1313 — TN Code / Title 45 / Chapter 3 / Section 45-3-1313
Criminal sanctions for violations
Status: in_force

(a) Except as otherwise specifically provided in this chapter, any person responsible for an act or omission expressly declared to be a criminal offense by any provision of this chapter commits: (1) A Class C misdemeanor; or (2) If the act or omission was intended to defraud, a Class E felony. (b) Any director, officer, agent, or employee of an association is deemed responsible for an act or omission of the association declared by this chapter to be a criminal offense whenever, knowing that the act or omission is unlawful, the director, officer, agent or employee participates in authorizing, executing, ratifying or concealing the act or omission. (c) Unless otherwise provided by this chapter, it is no defense to a criminal prosecution under this chapter that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant reasonably could and should have known the facts in the proper performance of the defendant's duties. Acts 1978, ch. 708, § 5.17; T.C.A., § 45-1717; Acts 1989, ch. 591, §§ 39, 113.
(a) Except as otherwise specifically provided in this chapter, any person responsible for an act or omission expressly declared to be a criminal offense by any provision of this chapter commits: (1) A Class C misdemeanor; or (2) If the act or omission was intended to defraud, a Class E felony.
(1) A Class C misdemeanor; or
(2) If the act or omission was intended to defraud, a Class E felony.
(b) Any director, officer, agent, or employee of an association is deemed responsible for an act or omission of the association declared by this chapter to be a criminal offense whenever, knowing that the act or omission is unlawful, the director, officer, agent or employee participates in authorizing, executing, ratifying or concealing the act or omission.
(c) Unless otherwise provided by this chapter, it is no defense to a criminal prosecution under this chapter that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant reasonably could and should have known the facts in the proper performance of the defendant's duties.
Acts 1978, ch. 708, § 5.17; T.C.A., § 45-1717; Acts 1989, ch. 591, §§ 39, 113.
Tenn. Code Ann. § 45-1-128 — TN Code / Title 45 / Chapter 1 / Section 45-1-128
Analyzing risk factors of customers - Prohibited considerations - Notice
Status: in_force

(a) As used in this section: (1) "Financial institution" means, notwithstanding § 47-18-111 , a state or national bank, a savings and loan association, savings bank, credit union, industrial loan and thrift company, or mortgage lender that has more than one hundred billion dollars ($100,000,000,000) in assets; and (2) "Services": (A) Means a financial product or service offered by a financial institution; and (B) Does not include a loan, as defined in § 45-4-601 . (b) Financial institutions shall make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer and shall not engage in a practice described in subsection (c). This subsection (b) does not restrict a financial institution that claims a religious purpose from making such determinations based on the current or prospective customer's religious beliefs, religious exercise, or religious affiliations. (c) A financial institution shall not deny or cancel its services to a person, or otherwise discriminate against a person in making available such services or in the terms or conditions of such services, on the basis of: (1) The person's political opinions, speech, or affiliations; (2) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations; (3) Any factor if it is not a quantitative, impartial, and risk-based standard, including any such factor related to the person's business sector; or (4) The use of a rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including: (A) The person's political opinions, speech, or affiliations; (B) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations; (C) The person's lawful ownership of a firearm; (D) The person's engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition; (E) The person's engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture; (F) The person's support of the state or federal government in combatting illegal immigration, drug trafficking, or human trafficking; (G) The person's engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this subsection (c); or (H) The person's failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law: (i) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures; (ii) Social governance standards, benchmarks, or requirements, including environmental or social justice; (iii) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under title 4, chapter 21; or (iv) Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training. (d) If a financial institution refuses to provide, restricts, or terminates service to a person, then that person may request a statement of specific reasons for the refusal, restriction, or termination within ninety (90) days after receiving notice of the refusal to provide, restriction of, or termination of service. The person may request the statement from a customer service representative or designated account representative by phone, mail, or electronic mail. Unless otherwise prohibited by federal law, the financial institution shall transmit the statement of specific reasons by mail and electronic mail, if known to the financial institution, within thirty (30) days of receiving the person's request. The statement of specific reasons must include: (1) A detailed explanation of the basis for the denial, restriction, or termination of service, including a description of any of the person's speech, religious exercise, business activity with a particular industry, or other conduct that was, in whole or in part, the basis of the financial institution's denial, restriction, or termination of service; (2) A copy of the terms of service agreed to by the person and the financial institution; and (3) A citation to the specific provisions of the terms of service upon which the financial institution relied to refuse to provide, restrict, or terminate service. (e) This section does not prohibit a financial institution from declining to provide financial services to a person that is engaged in fraud, criminal conduct, incitement to unlawful actions, or that creates obscenity or another form of expression that is not protected by the Constitution of Tennessee or the United States Constitution. (f) In addition to the remedies and penalties provided under this part, a violation of this section constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in title 47, chapter 18, part 1. A violation of this section constitutes an unfair or deceptive act or practice affecting trade or commerce and is subject to the penalties and remedies of the Tennessee Consumer Protection Act of 1977. Added by 2024 Tenn. Acts, ch. 746,s 1, eff. 7/1/2024.
(a) As used in this section: (1) "Financial institution" means, notwithstanding § 47-18-111 , a state or national bank, a savings and loan association, savings bank, credit union, industrial loan and thrift company, or mortgage lender that has more than one hundred billion dollars ($100,000,000,000) in assets; and (2) "Services": (A) Means a financial product or service offered by a financial institution; and (B) Does not include a loan, as defined in § 45-4-601 .
(1) "Financial institution" means, notwithstanding § 47-18-111 , a state or national bank, a savings and loan association, savings bank, credit union, industrial loan and thrift company, or mortgage lender that has more than one hundred billion dollars ($100,000,000,000) in assets; and
(2) "Services": (A) Means a financial product or service offered by a financial institution; and (B) Does not include a loan, as defined in § 45-4-601 .
(A) Means a financial product or service offered by a financial institution; and
(B) Does not include a loan, as defined in § 45-4-601 .
(b) Financial institutions shall make determinations about the provision or denial of services based on an analysis of risk factors unique to each current or prospective customer and shall not engage in a practice described in subsection (c). This subsection (b) does not restrict a financial institution that claims a religious purpose from making such determinations based on the current or prospective customer's religious beliefs, religious exercise, or religious affiliations.
(c) A financial institution shall not deny or cancel its services to a person, or otherwise discriminate against a person in making available such services or in the terms or conditions of such services, on the basis of: (1) The person's political opinions, speech, or affiliations; (2) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations; (3) Any factor if it is not a quantitative, impartial, and risk-based standard, including any such factor related to the person's business sector; or (4) The use of a rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including: (A) The person's political opinions, speech, or affiliations; (B) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations; (C) The person's lawful ownership of a firearm; (D) The person's engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition; (E) The person's engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture; (F) The person's support of the state or federal government in combatting illegal immigration, drug trafficking, or human trafficking; (G) The person's engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this subsection (c); or (H) The person's failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law: (i) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures; (ii) Social governance standards, benchmarks, or requirements, including environmental or social justice; (iii) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under title 4, chapter 21; or (iv) Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training.
(1) The person's political opinions, speech, or affiliations;
(2) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations;
(3) Any factor if it is not a quantitative, impartial, and risk-based standard, including any such factor related to the person's business sector; or
(4) The use of a rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including: (A) The person's political opinions, speech, or affiliations; (B) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations; (C) The person's lawful ownership of a firearm; (D) The person's engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition; (E) The person's engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture; (F) The person's support of the state or federal government in combatting illegal immigration, drug trafficking, or human trafficking; (G) The person's engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this subsection (c); or (H) The person's failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law: (i) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures; (ii) Social governance standards, benchmarks, or requirements, including environmental or social justice; (iii) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under title 4, chapter 21; or (iv) Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training.
(A) The person's political opinions, speech, or affiliations;
(B) Except as provided in subsection (b), the person's religious beliefs, religious exercise, or religious affiliations;
(C) The person's lawful ownership of a firearm;
(D) The person's engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition;
(E) The person's engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture;
(F) The person's support of the state or federal government in combatting illegal immigration, drug trafficking, or human trafficking;
(G) The person's engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this subsection (c); or
(H) The person's failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law: (i) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures; (ii) Social governance standards, benchmarks, or requirements, including environmental or social justice; (iii) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under title 4, chapter 21; or (iv) Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training.
(i) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures;
(ii) Social governance standards, benchmarks, or requirements, including environmental or social justice;
(iii) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under title 4, chapter 21; or
(iv) Policies or procedures requiring or encouraging employee participation in social justice programming, including diversity, equity, or inclusion training.
(d) If a financial institution refuses to provide, restricts, or terminates service to a person, then that person may request a statement of specific reasons for the refusal, restriction, or termination within ninety (90) days after receiving notice of the refusal to provide, restriction of, or termination of service. The person may request the statement from a customer service representative or designated account representative by phone, mail, or electronic mail. Unless otherwise prohibited by federal law, the financial institution shall transmit the statement of specific reasons by mail and electronic mail, if known to the financial institution, within thirty (30) days of receiving the person's request. The statement of specific reasons must include: (1) A detailed explanation of the basis for the denial, restriction, or termination of service, including a description of any of the person's speech, religious exercise, business activity with a particular industry, or other conduct that was, in whole or in part, the basis of the financial institution's denial, restriction, or termination of service; (2) A copy of the terms of service agreed to by the person and the financial institution; and (3) A citation to the specific provisions of the terms of service upon which the financial institution relied to refuse to provide, restrict, or terminate service.
(1) A detailed explanation of the basis for the denial, restriction, or termination of service, including a description of any of the person's speech, religious exercise, business activity with a particular industry, or other conduct that was, in whole or in part, the basis of the financial institution's denial, restriction, or termination of service;
(2) A copy of the terms of service agreed to by the person and the financial institution; and
(3) A citation to the specific provisions of the terms of service upon which the financial institution relied to refuse to provide, restrict, or terminate service.
(e) This section does not prohibit a financial institution from declining to provide financial services to a person that is engaged in fraud, criminal conduct, incitement to unlawful actions, or that creates obscenity or another form of expression that is not protected by the Constitution of Tennessee or the United States Constitution.
(f) In addition to the remedies and penalties provided under this part, a violation of this section constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in title 47, chapter 18, part 1. A violation of this section constitutes an unfair or deceptive act or practice affecting trade or commerce and is subject to the penalties and remedies of the Tennessee Consumer Protection Act of 1977.
Added by 2024 Tenn. Acts, ch. 746,s 1, eff. 7/1/2024.
Tenn. Code Ann. § 45-7-111 — TN Code / Title 45 / Chapter 7 / Section 45-7-111
Consistent state licensing
Status: in_force

(a) To establish consistent licensing between this state and other states, the commissioner is authorized to: (1) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; and (2) Participate in nationwide protocols for licensing cooperation and coordination among state regulators; provided, that such protocols are consistent with this chapter. (b) In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities to enable the commissioner to: (1) Collect and maintain records; (2) Coordinate multistate licensing processes and supervision processes; (3) Process fees; and (4) Facilitate communication between this state and licensees or other persons subject to this chapter. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; 1996, ch. 737, § 2; 2013, ch. 103, § 1; T.C.A., § 45-7-211 ; Acts 2020, ch. 730, § 3.
(a) To establish consistent licensing between this state and other states, the commissioner is authorized to: (1) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; and (2) Participate in nationwide protocols for licensing cooperation and coordination among state regulators; provided, that such protocols are consistent with this chapter.
(1) Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; and
(2) Participate in nationwide protocols for licensing cooperation and coordination among state regulators; provided, that such protocols are consistent with this chapter.
(b) In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with NMLS or other entities to enable the commissioner to: (1) Collect and maintain records; (2) Coordinate multistate licensing processes and supervision processes; (3) Process fees; and (4) Facilitate communication between this state and licensees or other persons subject to this chapter.
(1) Collect and maintain records;
(2) Coordinate multistate licensing processes and supervision processes;
(3) Process fees; and
(4) Facilitate communication between this state and licensees or other persons subject to this chapter.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; 1996, ch. 737, § 2; 2013, ch. 103, § 1; T.C.A., § 45-7-211 ; Acts 2020, ch. 730, § 3.
Tenn. Code Ann. § 45-10-104 — TN Code / Title 45 / Chapter 10 / Section 45-10-104
Requisites for disclosure - Effect of disclosure
Status: in_force

(a) Except as provided in § 45-10-103 , a financial institution may not disclose to any person, except to the customer or the customer's agent, any financial records relating to that customer unless: (1) The customer has authorized disclosure to that person as provided in § 45-10-105 ; or (2) The financial records are disclosed in response to a lawful subpoena that meets the requirements of §§ 45-10-106 and 45-10-107 . (b) Nothing in this chapter shall preclude any financial institution, or any officer, employee, or agent of a financial institution, from notifying a government authority that the institution, or officer, employee, or agent has information that the financial institution or its representative believes may be relevant to a possible violation of any statute or regulation. The information may include the name or other identifying or descriptive information concerning any individual, corporation, or account involved in any suspected illegal activity, and a description of the activity. The information may be disclosed notwithstanding any law or regulation of this state to the contrary. Nothing in this section shall create any duty to provide any information to a governmental authority except in accordance with subsection (a), nor relieve any duty to provide information to a governmental authority when otherwise required by law. Any financial institution, or officer, employee, or agent thereof making a disclosure of information pursuant to this subsection (b), shall not be liable to any person under any law or regulation of this state or political subdivision thereof, for disclosure or for any failure to disclose information required or permitted under this section. Acts 1983, ch. 224, § 4; 1995, ch. 309, §4; 2003 , ch. 98, § 1.
(a) Except as provided in § 45-10-103 , a financial institution may not disclose to any person, except to the customer or the customer's agent, any financial records relating to that customer unless: (1) The customer has authorized disclosure to that person as provided in § 45-10-105 ; or (2) The financial records are disclosed in response to a lawful subpoena that meets the requirements of §§ 45-10-106 and 45-10-107 .
(1) The customer has authorized disclosure to that person as provided in § 45-10-105 ; or
(2) The financial records are disclosed in response to a lawful subpoena that meets the requirements of §§ 45-10-106 and 45-10-107 .
(b) Nothing in this chapter shall preclude any financial institution, or any officer, employee, or agent of a financial institution, from notifying a government authority that the institution, or officer, employee, or agent has information that the financial institution or its representative believes may be relevant to a possible violation of any statute or regulation. The information may include the name or other identifying or descriptive information concerning any individual, corporation, or account involved in any suspected illegal activity, and a description of the activity. The information may be disclosed notwithstanding any law or regulation of this state to the contrary. Nothing in this section shall create any duty to provide any information to a governmental authority except in accordance with subsection (a), nor relieve any duty to provide information to a governmental authority when otherwise required by law. Any financial institution, or officer, employee, or agent thereof making a disclosure of information pursuant to this subsection (b), shall not be liable to any person under any law or regulation of this state or political subdivision thereof, for disclosure or for any failure to disclose information required or permitted under this section.
Acts 1983, ch. 224, § 4; 1995, ch. 309, §4; 2003 , ch. 98, § 1.
Tenn. Code Ann. § 45-4-102 — TN Code / Title 45 / Chapter 4 / Section 45-4-102
Submission of bylaws and amendments to bylaws - Provisions
Status: in_force

(a) At the time of applying for a charter of incorporation, the incorporators of the credit union shall submit, in duplicate, sets of bylaws with the acknowledgment of their adoption to the commissioner, which shall provide: (1) The date of the annual meeting, which shall be at any time in January, February or March of each year, the manner of notification of meetings, conducting the same, the number of members constituting a quorum, and regulations as to voting; (2) The number of directors, which shall be not less than five (5), all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors; (3) The qualifications for membership; (4) The conditions under which shares may be issued, transferred, and withdrawn, members' special accounts may be received and withdrawn, loans may be made and repaid and funds of the corporation may be otherwise invested; and (5) The charges, if any, that will be made for failure to meet obligations punctually, whether or not the corporation will have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend and other matters, consistent with this chapter, that may be required to perfect the organization and make possible the operation of the credit union in question. (b) Upon adoption of any amendments to its bylaws, the credit union shall submit duplicate copies to the commissioner. No amendment of the bylaws of the credit union shall become effective until approved in writing by the commissioner. (c) The credit union may adopt, subject to the approval of the commissioner, bylaws that substantially follow the National Credit Union Administration (NCUA) Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments. Any credit union adopting bylaw provisions in accordance with either the NCUA Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments may operate the credit union in accordance with the bylaws, notwithstanding other sections of this chapter to the contrary. Acts 1923, ch. 68, § 4; Shan. Supp., § 2198a 6; Code 1932, § 3834; Acts 1963, ch. 30, § 1; 1967, ch. 227, § 2; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1803; Acts 1986, ch. 558, § 5; 1987, ch. 100, § 1; 1989, ch. 223, § 1; 1992, ch. 591, §§ 1, 2.
(a) At the time of applying for a charter of incorporation, the incorporators of the credit union shall submit, in duplicate, sets of bylaws with the acknowledgment of their adoption to the commissioner, which shall provide: (1) The date of the annual meeting, which shall be at any time in January, February or March of each year, the manner of notification of meetings, conducting the same, the number of members constituting a quorum, and regulations as to voting; (2) The number of directors, which shall be not less than five (5), all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors; (3) The qualifications for membership; (4) The conditions under which shares may be issued, transferred, and withdrawn, members' special accounts may be received and withdrawn, loans may be made and repaid and funds of the corporation may be otherwise invested; and (5) The charges, if any, that will be made for failure to meet obligations punctually, whether or not the corporation will have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend and other matters, consistent with this chapter, that may be required to perfect the organization and make possible the operation of the credit union in question.
(1) The date of the annual meeting, which shall be at any time in January, February or March of each year, the manner of notification of meetings, conducting the same, the number of members constituting a quorum, and regulations as to voting;
(2) The number of directors, which shall be not less than five (5), all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors;
(3) The qualifications for membership;
(4) The conditions under which shares may be issued, transferred, and withdrawn, members' special accounts may be received and withdrawn, loans may be made and repaid and funds of the corporation may be otherwise invested; and
(5) The charges, if any, that will be made for failure to meet obligations punctually, whether or not the corporation will have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend and other matters, consistent with this chapter, that may be required to perfect the organization and make possible the operation of the credit union in question.
(b) Upon adoption of any amendments to its bylaws, the credit union shall submit duplicate copies to the commissioner. No amendment of the bylaws of the credit union shall become effective until approved in writing by the commissioner.
(c) The credit union may adopt, subject to the approval of the commissioner, bylaws that substantially follow the National Credit Union Administration (NCUA) Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments. Any credit union adopting bylaw provisions in accordance with either the NCUA Federal Credit Union Bylaws or the NCUA Standard Bylaw Amendments may operate the credit union in accordance with the bylaws, notwithstanding other sections of this chapter to the contrary.
Acts 1923, ch. 68, § 4; Shan. Supp., § 2198a 6; Code 1932, § 3834; Acts 1963, ch. 30, § 1; 1967, ch. 227, § 2; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), § 45-1803; Acts 1986, ch. 558, § 5; 1987, ch. 100, § 1; 1989, ch. 223, § 1; 1992, ch. 591, §§ 1, 2.
Tenn. Code Ann. § 45-3-516 — TN Code / Title 45 / Chapter 3 / Section 45-3-516
Accounts as legal investments and as security
Status: in_force

(a) Legal Investments. (1) In addition to investments in savings and loan associations as authorized by other law, administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, savings and loan associations, credit unions, and other types of similar financial institutions, charitable, educational, eleemosynary corporations, funds and organizations, cemeteries, perpetual care funds, state and local governmental agencies and municipal and other public corporations and bodies, and public officials, including, but not limited to, all officials, boards, agencies, and entities described in §§ 9-1-107 and 35-3-117 , and all other legal entities are specifically authorized and empowered to invest or deposit funds held by them, without any order of any court, in accounts of associations covered by this chapter and in accounts of federal associations organized under the laws of the United States and under federal supervision, and the investments shall be deemed and held to be legal investments for the funds. (2) With respect to investments by custodians, associations are deemed to be "banks" within the meaning of that term as used in [former] § 35-7-102 . (3) The commissioner may by regulation provide that accounts in associations shall be legal investments for any persons, firms, corporations, or entities not herein specifically referred to. (b) Security. Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the accounts made legal investments by this section shall be acceptable for deposits, and whenever under the laws of this state or otherwise, a bond is required with security, the bond may be furnished, and the accounts made legal investments by this section in the amount of the bond, when deposited therewith, shall be acceptable as security for the bond without other security. (c) Provisions Supplemental. This section is supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose. Acts 1978, ch. 708, § 2.16; T.C.A., § 45-1416.
(a) Legal Investments. (1) In addition to investments in savings and loan associations as authorized by other law, administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, savings and loan associations, credit unions, and other types of similar financial institutions, charitable, educational, eleemosynary corporations, funds and organizations, cemeteries, perpetual care funds, state and local governmental agencies and municipal and other public corporations and bodies, and public officials, including, but not limited to, all officials, boards, agencies, and entities described in §§ 9-1-107 and 35-3-117 , and all other legal entities are specifically authorized and empowered to invest or deposit funds held by them, without any order of any court, in accounts of associations covered by this chapter and in accounts of federal associations organized under the laws of the United States and under federal supervision, and the investments shall be deemed and held to be legal investments for the funds. (2) With respect to investments by custodians, associations are deemed to be "banks" within the meaning of that term as used in [former] § 35-7-102 . (3) The commissioner may by regulation provide that accounts in associations shall be legal investments for any persons, firms, corporations, or entities not herein specifically referred to.
(1) In addition to investments in savings and loan associations as authorized by other law, administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, savings and loan associations, credit unions, and other types of similar financial institutions, charitable, educational, eleemosynary corporations, funds and organizations, cemeteries, perpetual care funds, state and local governmental agencies and municipal and other public corporations and bodies, and public officials, including, but not limited to, all officials, boards, agencies, and entities described in §§ 9-1-107 and 35-3-117 , and all other legal entities are specifically authorized and empowered to invest or deposit funds held by them, without any order of any court, in accounts of associations covered by this chapter and in accounts of federal associations organized under the laws of the United States and under federal supervision, and the investments shall be deemed and held to be legal investments for the funds.
(2) With respect to investments by custodians, associations are deemed to be "banks" within the meaning of that term as used in [former] § 35-7-102 .
(3) The commissioner may by regulation provide that accounts in associations shall be legal investments for any persons, firms, corporations, or entities not herein specifically referred to.
(b) Security. Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the accounts made legal investments by this section shall be acceptable for deposits, and whenever under the laws of this state or otherwise, a bond is required with security, the bond may be furnished, and the accounts made legal investments by this section in the amount of the bond, when deposited therewith, shall be acceptable as security for the bond without other security.
(c) Provisions Supplemental. This section is supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
Acts 1978, ch. 708, § 2.16; T.C.A., § 45-1416.
Tenn. Code Ann. § 45-3-1404 — TN Code / Title 45 / Chapter 3 / Section 45-3-1404
Branch banks and subsidiaries
Status: in_force

Notwithstanding any other provision of law to the contrary, a resulting institution may create and operate branch banks or subsidiaries in any county where the merging or converting association had branch offices or subsidiaries in existence or had applications for branches filed pending approval by the appropriate authority on April 23, 1985. Acts 1985, ch. 268, § 3.
Notwithstanding any other provision of law to the contrary, a resulting institution may create and operate branch banks or subsidiaries in any county where the merging or converting association had branch offices or subsidiaries in existence or had applications for branches filed pending approval by the appropriate authority on April 23, 1985.
Acts 1985, ch. 268, § 3.
Tenn. Code Ann. § 45-12-123 — TN Code / Title 45 / Chapter 12 / Section 45-12-123
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 rules that 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, 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 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. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(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 rules that 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, 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 rules that 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, 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 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.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-2-2003 — TN Code / Title 45 / Chapter 2 / Section 45-2-2003
Remedies
Status: in_force

(a) If a private trust company violates any provisions of this chapter, the commissioner may: (1) Institute any action or remedy prescribed by this chapter and chapter 1 of this title, or any applicable rule; or (2) Refer the private trust company to the attorney general and reporter for institution of a quo warranto proceeding to revoke the charter. (b) After notice and an opportunity for a hearing pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, the commissioner shall have authority to revoke the exempt status of a private trust company in the following circumstances: (1) The exempt private trust company makes a false statement under oath on any document required to be filed by the department; (2) The exempt private trust company fails to submit to an examination as required by this chapter; (3) The exempt private trust company withholds requested information from the commissioner; or (4) The exempt private trust company violates any provision applicable to exempt private trust companies. (c) After taking effect, the revocation is final and nonappealable as to that private trust company. The private trust company shall then be subject to all of the requirements and provisions applicable to non-exempt state trust companies within the period of time that the commissioner determines reasonable and circumstances warrant. Acts 1999, ch. 112, § 18.
(a) If a private trust company violates any provisions of this chapter, the commissioner may: (1) Institute any action or remedy prescribed by this chapter and chapter 1 of this title, or any applicable rule; or (2) Refer the private trust company to the attorney general and reporter for institution of a quo warranto proceeding to revoke the charter.
(1) Institute any action or remedy prescribed by this chapter and chapter 1 of this title, or any applicable rule; or
(2) Refer the private trust company to the attorney general and reporter for institution of a quo warranto proceeding to revoke the charter.
(b) After notice and an opportunity for a hearing pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, the commissioner shall have authority to revoke the exempt status of a private trust company in the following circumstances: (1) The exempt private trust company makes a false statement under oath on any document required to be filed by the department; (2) The exempt private trust company fails to submit to an examination as required by this chapter; (3) The exempt private trust company withholds requested information from the commissioner; or (4) The exempt private trust company violates any provision applicable to exempt private trust companies.
(1) The exempt private trust company makes a false statement under oath on any document required to be filed by the department;
(2) The exempt private trust company fails to submit to an examination as required by this chapter;
(3) The exempt private trust company withholds requested information from the commissioner; or
(4) The exempt private trust company violates any provision applicable to exempt private trust companies.
(c) After taking effect, the revocation is final and nonappealable as to that private trust company. The private trust company shall then be subject to all of the requirements and provisions applicable to non-exempt state trust companies within the period of time that the commissioner determines reasonable and circumstances warrant.
Acts 1999, ch. 112, § 18.
Tenn. Code Ann. § 45-2-1720 — TN Code / Title 45 / Chapter 2 / Section 45-2-1720
False advertising
Status: in_force

(a) It is unlawful for any entity to make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster or over the internet or any radio or television, or in any other way, an advertisement, announcement or statement containing any assertion, representation, or statement with respect to the sale, distribution, offering for sale or advertising of any loan, refinance, insurance or any other product or service that is untrue, deceptive, misleading, or that uses the name or logo of any other lender without the express written consent of the lender whose name is used. For purposes of this section, "lender" means any bank, savings and loan association, savings bank, trust company, credit union, industrial loan and thrift company, mortgage company, mortgage broker, or any subsidiary or affiliate thereof. (b) Each solicitation to an individual in violation of this section shall be considered a separate act. The commissioner of financial institutions, the commissioner of commerce and insurance, and the attorney general and reporter are entitled to enforce this section against any regulated entity within their jurisdiction or against any other person. The commissioners shall have authority to issue a cease and desist order and to impose a civil penalty of up to one thousand dollars ($1,000) per violation. (c) Any lender whose name or logo is used in violation of this section is entitled to sue for damages, which shall include any actual damages, statutory penalties of one thousand dollars ($1,000) per violation, and court costs and attorney's fees. Acts 2006, ch. 801, § 11.
(a) It is unlawful for any entity to make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster or over the internet or any radio or television, or in any other way, an advertisement, announcement or statement containing any assertion, representation, or statement with respect to the sale, distribution, offering for sale or advertising of any loan, refinance, insurance or any other product or service that is untrue, deceptive, misleading, or that uses the name or logo of any other lender without the express written consent of the lender whose name is used. For purposes of this section, "lender" means any bank, savings and loan association, savings bank, trust company, credit union, industrial loan and thrift company, mortgage company, mortgage broker, or any subsidiary or affiliate thereof.
(b) Each solicitation to an individual in violation of this section shall be considered a separate act. The commissioner of financial institutions, the commissioner of commerce and insurance, and the attorney general and reporter are entitled to enforce this section against any regulated entity within their jurisdiction or against any other person. The commissioners shall have authority to issue a cease and desist order and to impose a civil penalty of up to one thousand dollars ($1,000) per violation.
(c) Any lender whose name or logo is used in violation of this section is entitled to sue for damages, which shall include any actual damages, statutory penalties of one thousand dollars ($1,000) per violation, and court costs and attorney's fees.
Acts 2006, ch. 801, § 11.
Tenn. Code Ann. § 45-3-603 — TN Code / Title 45 / Chapter 3 / Section 45-3-603
Dealing with successors in interest
Status: in_force

In the case of any investment made by an association in a real estate or other loan, in the event the ownership of the real estate or other collateral security, or any part of the real estate or other collateral security, becomes vested in a person other than the party or parties originally executing the security instrument, and if there is not an agreement in writing to the contrary, an association may, without notice to the party or parties, deal with the successor or successors in interest with reference to the mortgage and the debt thereby secured in the same manner as with the party or parties, and may forebear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereunder, without discharging or in any way affecting the original liability of the party or parties thereunder or upon the debt thereby secured. Acts 1978, ch. 708, § 2.31; T.C.A., § 45-1431.
In the case of any investment made by an association in a real estate or other loan, in the event the ownership of the real estate or other collateral security, or any part of the real estate or other collateral security, becomes vested in a person other than the party or parties originally executing the security instrument, and if there is not an agreement in writing to the contrary, an association may, without notice to the party or parties, deal with the successor or successors in interest with reference to the mortgage and the debt thereby secured in the same manner as with the party or parties, and may forebear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereunder, without discharging or in any way affecting the original liability of the party or parties thereunder or upon the debt thereby secured.
Acts 1978, ch. 708, § 2.31; T.C.A., § 45-1431.
Tenn. Code Ann. § 45-2-709 — TN Code / Title 45 / Chapter 2 / Section 45-2-709
Reserve against deposits
Status: in_force

A state bank shall maintain a reserve against deposits in the form and manner that the commissioner prescribes by regulation. In promulgating regulations hereunder, the commissioner shall consider the reserve requirements of the federal Monetary Control Act of 1980, 94 Stat. 132, and the liquidity needs of state banks. Acts 1969, ch. 36, § 1 (3.249); 1973, ch. 294, § 6; T.C.A., § 45-427; Acts 1981, ch. 226, § 1.
A state bank shall maintain a reserve against deposits in the form and manner that the commissioner prescribes by regulation. In promulgating regulations hereunder, the commissioner shall consider the reserve requirements of the federal Monetary Control Act of 1980, 94 Stat. 132, and the liquidity needs of state banks.
Acts 1969, ch. 36, § 1 (3.249); 1973, ch. 294, § 6; T.C.A., § 45-427; Acts 1981, ch. 226, § 1.
Tenn. Code Ann. § 45-2-1019 — TN Code / Title 45 / Chapter 2 / Section 45-2-1019
Pledge of assets
Status: in_force

(a) A state trust company may not pledge or create a lien on any of its assets except: (1) To secure the repayment of money borrowed; (2) As specifically authorized or required by § 45-2-611 ; or (3) By rules adopted under this chapter. (b) An act, deed, conveyance, pledge, or contract in violation of this section is void. Acts 1999, ch. 112, § 10.
(a) A state trust company may not pledge or create a lien on any of its assets except: (1) To secure the repayment of money borrowed; (2) As specifically authorized or required by § 45-2-611 ; or (3) By rules adopted under this chapter.
(1) To secure the repayment of money borrowed;
(2) As specifically authorized or required by § 45-2-611 ; or
(3) By rules adopted under this chapter.
(b) An act, deed, conveyance, pledge, or contract in violation of this section is void.
Acts 1999, ch. 112, § 10.
Tenn. Code Ann. § 45-1-209 — TN Code / Title 45 / Chapter 1 / Section 45-1-209
General arbitration law inapplicable
Status: in_force

Title 29, chapter 5, part 1 does not apply to an arbitration covered by this part. Acts 1981, ch. 25, § 9; T.C.A., § 45-1-309 .
Title 29, chapter 5, part 1 does not apply to an arbitration covered by this part.
Acts 1981, ch. 25, § 9; T.C.A., § 45-1-309 .
Tenn. Code Ann. § 45-4-1211 — TN Code / Title 45 / Chapter 4 / Section 45-4-1211
Tax status of corporation - Status of its bonds and other obligations
Status: in_force

(a) The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state. (b) Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment thereto or substitution therefor, notes, bonds, debentures and other obligations issued by the corporation shall be deemed to be securities issued by a state-chartered credit union as more specifically defined in § 48-1-103(a)(5) . Acts 1981, ch. 76, § 11.
(a) The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state.
(b) Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment thereto or substitution therefor, notes, bonds, debentures and other obligations issued by the corporation shall be deemed to be securities issued by a state-chartered credit union as more specifically defined in § 48-1-103(a)(5) .
Acts 1981, ch. 76, § 11.
Tenn. Code Ann. § 45-2-802 — TN Code / Title 45 / Chapter 2 / Section 45-2-802
Appointment of federal deposit insurance corporation as receiver of state bank - Powers and duties
Status: in_force

(a) The federal deposit insurance corporation may be appointed receiver of any state bank, the deposits in which are to any extent insured by that corporation and that has been closed on account of inability to meet the demands of its depositors, or otherwise by the law of Tennessee. (b) The commissioner, after taking possession of a state bank, shall have the right to appoint the federal deposit insurance corporation as receiver. (c) Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post bond or security. (d) If the corporation accepts the appointment, it shall have and possess all of the duties, powers, and privileges provided by the laws of this state with respect to receivers of closed banks, except insofar as the duties, powers, and privileges are in conflict with the Federal Deposit Insurance Act. In addition, the federal deposit insurance corporation as receiver shall have the right to make an emergency sale of assets of a closed bank, as provided in part 15 of this chapter. Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-502; Acts 1980, ch. 510, § 1.
(a) The federal deposit insurance corporation may be appointed receiver of any state bank, the deposits in which are to any extent insured by that corporation and that has been closed on account of inability to meet the demands of its depositors, or otherwise by the law of Tennessee.
(b) The commissioner, after taking possession of a state bank, shall have the right to appoint the federal deposit insurance corporation as receiver.
(c) Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post bond or security.
(d) If the corporation accepts the appointment, it shall have and possess all of the duties, powers, and privileges provided by the laws of this state with respect to receivers of closed banks, except insofar as the duties, powers, and privileges are in conflict with the Federal Deposit Insurance Act. In addition, the federal deposit insurance corporation as receiver shall have the right to make an emergency sale of assets of a closed bank, as provided in part 15 of this chapter.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-502; Acts 1980, ch. 510, § 1.
Tenn. Code Ann. § 45-7-141 — TN Code / Title 45 / Chapter 7 / Section 45-7-141
Consent orders - Emergency orders
Status: in_force

(a) The commissioner may enter consent orders at any time with a person to resolve a matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the order. A consent order may provide that it does not constitute: (1) An admission by a person that a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter, has been violated; or (2) A finding by the commissioner that the person has violated a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter. (b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order. (c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take an enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken, if the application is filed with the commissioner within twenty (20) days of the receipt of the notice of the commissioner's emergency action. Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
(a) The commissioner may enter consent orders at any time with a person to resolve a matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the order. A consent order may provide that it does not constitute: (1) An admission by a person that a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter, has been violated; or (2) A finding by the commissioner that the person has violated a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter.
(1) An admission by a person that a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter, has been violated; or
(2) A finding by the commissioner that the person has violated a provision of this chapter, or a rule or order promulgated or issued pursuant to this chapter.
(b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take an enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken, if the application is filed with the commissioner within twenty (20) days of the receipt of the notice of the commissioner's emergency action.
Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Tenn. Code Ann. § 45-9-105 — TN Code / Title 45 / Chapter 9 / Section 45-9-105
Rules and regulations
Status: in_force

The commissioner has the authority to issue rules and regulations that the commissioner, who has sole discretion with regard to the rules and regulations, deems necessary to carry out the purpose or purposes of this chapter. Acts 1983, ch. 104, § 6.
The commissioner has the authority to issue rules and regulations that the commissioner, who has sole discretion with regard to the rules and regulations, deems necessary to carry out the purpose or purposes of this chapter.
Acts 1983, ch. 104, § 6.
Tenn. Code Ann. § 45-17-115 — TN Code / Title 45 / Chapter 17 / Section 45-17-115
Violations - Cease and desist orders - Penalties
Status: in_force

If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any administrative regulation issued pursuant thereto, the commissioner may: (1) Order the person to cease and desist violating the chapter or any administrative rules issued pursuant thereto; (2) Require the refund of any fees collected by the person in violation of this chapter; and/or (3) Order the person to pay to the commissioner a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter or each day that a violation has occurred and continues. Acts 1997, ch. 255, § 16; 1999, ch. 14, § 1; 2001, ch. 165, § 21.
If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any administrative regulation issued pursuant thereto, the commissioner may:
(1) Order the person to cease and desist violating the chapter or any administrative rules issued pursuant thereto;
(2) Require the refund of any fees collected by the person in violation of this chapter; and/or
(3) Order the person to pay to the commissioner a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter or each day that a violation has occurred and continues.
Acts 1997, ch. 255, § 16; 1999, ch. 14, § 1; 2001, ch. 165, § 21.
Tenn. Code Ann. § 45-12-101 — TN Code / Title 45 / Chapter 12 / Section 45-12-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Flexible Credit Act." Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
This chapter shall be known and may be cited as the "Flexible Credit Act."
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-2-1202 — TN Code / Title 45 / Chapter 2 / Section 45-2-1202
[Repealed] Part definitions
Status: repealed

As used in this part, unless the context otherwise requires: (1) "Account" means funds or assets held by a financial service provider, including, but not limited to, a deposit account, savings account, share account, certificate of deposit, trust account, IRA, guardianship or conservatorship account, investment or securities account, retirement account, or loan or extension of credit; (2) "Department" means the department of financial institutions unless otherwise designated in this part; (3) "Elderly adult" means a person sixty-five (65) years of age or older; (4) "Financial exploitation" means the unlawful appropriation or use of an elderly or vulnerable adult's property, as defined in § 39-11-106(a) , for one's own benefit or that of a third party; (5) "Financial service provider" means any of the following engaged in or transacting business in this state: (A) A state or national bank or trust company; (B) A state or federal savings and loan association; (C) A state or federal credit union; (D) An industrial loan and thrift company, regulated by chapter 5 of this title; (E) A money transmitter, regulated by chapter 7, part 2 of this title; (F) A check casher, regulated by chapter 18 of this title; (G) A mortgage loan lender, mortgage loan broker, mortgage loan originator, or mortgage loan servicer, regulated by chapter 13 of this title; (H) A title pledge lender, regulated by chapter 15 of this title; (I) A deferred presentment services provider, regulated by chapter 17 of this title; (J) A flex loan provider, regulated by chapter 12 of this title; or (K) A home equity conversion mortgage lender, regulated by title 47, chapter 30; (6) "Financial transaction" means any of the following as applicable to the business or services provided by a financial service provider: (A) A transfer or request to transfer or disburse funds or assets in an account; (B) A request to initiate a wire transfer, initiate an automated clearing house (ACH) transfer, or issue a money order, cashier's check, or official check; (C) A request to negotiate a check or other negotiable instrument; (D) A request to change the ownership of an account; (E) A request to sell or transfer securities or other assets if the person selling or transferring the securities or assets is not required to register pursuant to title 48, chapter 1, part 1; (F) A request for a loan, extension of credit, or draw on a line of credit; or (G) A request to transfer the title to any real property, or the title of any motor vehicle or mobile home, or to encumber such real property, motor vehicle, or mobile home; (7) "Law enforcement agency" means a district attorney general, municipal police department, county sheriff, the Tennessee bureau of investigation, United States attorney, FBI, secret service, or other federal law enforcement agency; and (8) "Vulnerable adult" means a person eighteen (18) years of age or older who, because of mental or physical dysfunction, is unable to fully manage the person's own resources, carry out all or a portion of the activities of daily living, or is unable to fully protect against neglect, exploitation, or hazardous or abusive situations without assistance from others. 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.
As used in this part, unless the context otherwise requires:
(1) "Account" means funds or assets held by a financial service provider, including, but not limited to, a deposit account, savings account, share account, certificate of deposit, trust account, IRA, guardianship or conservatorship account, investment or securities account, retirement account, or loan or extension of credit;
(2) "Department" means the department of financial institutions unless otherwise designated in this part;
(3) "Elderly adult" means a person sixty-five (65) years of age or older;
(4) "Financial exploitation" means the unlawful appropriation or use of an elderly or vulnerable adult's property, as defined in § 39-11-106(a) , for one's own benefit or that of a third party;
(5) "Financial service provider" means any of the following engaged in or transacting business in this state: (A) A state or national bank or trust company; (B) A state or federal savings and loan association; (C) A state or federal credit union; (D) An industrial loan and thrift company, regulated by chapter 5 of this title; (E) A money transmitter, regulated by chapter 7, part 2 of this title; (F) A check casher, regulated by chapter 18 of this title; (G) A mortgage loan lender, mortgage loan broker, mortgage loan originator, or mortgage loan servicer, regulated by chapter 13 of this title; (H) A title pledge lender, regulated by chapter 15 of this title; (I) A deferred presentment services provider, regulated by chapter 17 of this title; (J) A flex loan provider, regulated by chapter 12 of this title; or (K) A home equity conversion mortgage lender, regulated by title 47, chapter 30;
(A) A state or national bank or trust company;
(B) A state or federal savings and loan association;
(C) A state or federal credit union;
(D) An industrial loan and thrift company, regulated by chapter 5 of this title;
(E) A money transmitter, regulated by chapter 7, part 2 of this title;
(F) A check casher, regulated by chapter 18 of this title;
(G) A mortgage loan lender, mortgage loan broker, mortgage loan originator, or mortgage loan servicer, regulated by chapter 13 of this title;
(H) A title pledge lender, regulated by chapter 15 of this title;
(I) A deferred presentment services provider, regulated by chapter 17 of this title;
(J) A flex loan provider, regulated by chapter 12 of this title; or
(K) A home equity conversion mortgage lender, regulated by title 47, chapter 30;
(6) "Financial transaction" means any of the following as applicable to the business or services provided by a financial service provider: (A) A transfer or request to transfer or disburse funds or assets in an account; (B) A request to initiate a wire transfer, initiate an automated clearing house (ACH) transfer, or issue a money order, cashier's check, or official check; (C) A request to negotiate a check or other negotiable instrument; (D) A request to change the ownership of an account; (E) A request to sell or transfer securities or other assets if the person selling or transferring the securities or assets is not required to register pursuant to title 48, chapter 1, part 1; (F) A request for a loan, extension of credit, or draw on a line of credit; or (G) A request to transfer the title to any real property, or the title of any motor vehicle or mobile home, or to encumber such real property, motor vehicle, or mobile home;
(A) A transfer or request to transfer or disburse funds or assets in an account;
(B) A request to initiate a wire transfer, initiate an automated clearing house (ACH) transfer, or issue a money order, cashier's check, or official check;
(C) A request to negotiate a check or other negotiable instrument;
(D) A request to change the ownership of an account;
(E) A request to sell or transfer securities or other assets if the person selling or transferring the securities or assets is not required to register pursuant to title 48, chapter 1, part 1;
(F) A request for a loan, extension of credit, or draw on a line of credit; or
(G) A request to transfer the title to any real property, or the title of any motor vehicle or mobile home, or to encumber such real property, motor vehicle, or mobile home;
(7) "Law enforcement agency" means a district attorney general, municipal police department, county sheriff, the Tennessee bureau of investigation, United States attorney, FBI, secret service, or other federal law enforcement agency; and
(8) "Vulnerable adult" means a person eighteen (18) years of age or older who, because of mental or physical dysfunction, is unable to fully manage the person's own resources, carry out all or a portion of the activities of daily living, or is unable to fully protect against neglect, exploitation, or hazardous or abusive situations without assistance from others.
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. § 45-2-303 — TN Code / Title 45 / Chapter 2 / Section 45-2-303
Items allowed in the charter of a bank - Required language if bank amends its charter - Shareholder consent to release of information - No fee for approving charter amendment - Right of shareholder to be informed in writing of number of shares counted - Shareholder right to declaratory judgment regarding dispute about votes
Status: in_force

(a) In addition to any provisions permitted or required by this chapter and the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, the charter of a bank may include all, but not less than all, of the following: (1) The bank shall not disclose the name, address or number of shares of a bank shareholder, except as required or permitted by the Financial Records Privacy Act, compiled in chapter 10 of this title, and such information shall be deemed to be a financial record within the meaning of that act; (2) No person shall solicit a proxy or written consent from any shareholder to vote shares of the bank, unless the information specified by the bank's bylaws is delivered to the bank and to the shareholders as a group no later than the date specified in the bank's bylaws. In adopting an informational requirement, a bank shall provide the information to all shareholders or specify a reasonable and timely method for a shareholder to communicate with other shareholders about bank business; (3) If the bylaws state that the bank will communicate the information to the other shareholders on the shareholder's behalf, the bank may charge a reasonable fee to cover the cost of distribution, which shall be provided for in the bylaws; and (4) The bank shall notify the requesting shareholder that it has provided the requested information to the other shareholders. The bank shall notify the requesting shareholder within seven (7) days after receiving the request and the information to be provided to the shareholders. The bylaws shall describe the means by which the bank will notify the requesting shareholders. (b) If a bank amends its charter in accordance with subsection (a), the charter shall include the following language, in all capital letters and in at least twelve (12) point bold type: THE RECORD OF SHAREHOLDERS OF THIS BANK IS NOT SUBJECT TO INSPECTION AND COPYING IN ACCORDANCE WITH TENN. CODE ANN. § 48-26-102 . IT IS A FINANCIAL RECORD AND MAY BE OBTAINED ONLY IN ACCORDANCE WITH THE FINANCIAL RECORDS PRIVACY ACT, COMPILED IN TENN. CODE ANN. §§ 45-10-101 ET SEQ. (c) If a shareholder of a bank, which amends its charter in accordance with subsection (a), notifies the bank in writing that the shareholder consents to the release of information in the shareholder record relating to such shareholder, the bank shall timely provide such information to any shareholder requesting the information. (d) If a bank adopts a charter amendment pursuant to subsection (a), the commissioner shall not charge a fee for approving the amendment. (e) Any shareholder, if the bank's charter or bylaws expressly authorize shareholder actions by written consent, shall have the right to be informed in writing by the bank of the number of shares counted: (1) Toward a quorum for a shareholders meeting; (2) Regarding any nomination or proposal voted upon at a shareholders meeting; or (3) Regarding an action taken by written consent. (f) Any bank shareholder of record shall have the right to seek a declaratory judgment with respect to a bona fide dispute regarding votes described in subsection (e) in a court of record in the county in which the bank's main office or chief executive's office is located. (g) For purposes of this section: (1) "Bank" has the same meaning as provided in § 45-1-103 , except that "bank" shall be deemed to include any controlling person; (2) "Controlling person" has the same meaning as provided in § 45-2-103(a)(1) ; and (3) "Person" has the same meaning as provided in § 45-2-103(a)(1) . (h) Nothing in this section shall in any way limit the authority held by the commissioner. Added by 2013 Tenn. Acts, ch. 119,s 1, eff. 7/1/2013.
(a) In addition to any provisions permitted or required by this chapter and the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, the charter of a bank may include all, but not less than all, of the following: (1) The bank shall not disclose the name, address or number of shares of a bank shareholder, except as required or permitted by the Financial Records Privacy Act, compiled in chapter 10 of this title, and such information shall be deemed to be a financial record within the meaning of that act; (2) No person shall solicit a proxy or written consent from any shareholder to vote shares of the bank, unless the information specified by the bank's bylaws is delivered to the bank and to the shareholders as a group no later than the date specified in the bank's bylaws. In adopting an informational requirement, a bank shall provide the information to all shareholders or specify a reasonable and timely method for a shareholder to communicate with other shareholders about bank business; (3) If the bylaws state that the bank will communicate the information to the other shareholders on the shareholder's behalf, the bank may charge a reasonable fee to cover the cost of distribution, which shall be provided for in the bylaws; and (4) The bank shall notify the requesting shareholder that it has provided the requested information to the other shareholders. The bank shall notify the requesting shareholder within seven (7) days after receiving the request and the information to be provided to the shareholders. The bylaws shall describe the means by which the bank will notify the requesting shareholders.
(1) The bank shall not disclose the name, address or number of shares of a bank shareholder, except as required or permitted by the Financial Records Privacy Act, compiled in chapter 10 of this title, and such information shall be deemed to be a financial record within the meaning of that act;
(2) No person shall solicit a proxy or written consent from any shareholder to vote shares of the bank, unless the information specified by the bank's bylaws is delivered to the bank and to the shareholders as a group no later than the date specified in the bank's bylaws. In adopting an informational requirement, a bank shall provide the information to all shareholders or specify a reasonable and timely method for a shareholder to communicate with other shareholders about bank business;
(3) If the bylaws state that the bank will communicate the information to the other shareholders on the shareholder's behalf, the bank may charge a reasonable fee to cover the cost of distribution, which shall be provided for in the bylaws; and
(4) The bank shall notify the requesting shareholder that it has provided the requested information to the other shareholders. The bank shall notify the requesting shareholder within seven (7) days after receiving the request and the information to be provided to the shareholders. The bylaws shall describe the means by which the bank will notify the requesting shareholders.
(b) If a bank amends its charter in accordance with subsection (a), the charter shall include the following language, in all capital letters and in at least twelve (12) point bold type: THE RECORD OF SHAREHOLDERS OF THIS BANK IS NOT SUBJECT TO INSPECTION AND COPYING IN ACCORDANCE WITH TENN. CODE ANN. § 48-26-102 . IT IS A FINANCIAL RECORD AND MAY BE OBTAINED ONLY IN ACCORDANCE WITH THE FINANCIAL RECORDS PRIVACY ACT, COMPILED IN TENN. CODE ANN. §§ 45-10-101 ET SEQ.
THE RECORD OF SHAREHOLDERS OF THIS BANK IS NOT SUBJECT TO INSPECTION AND COPYING IN ACCORDANCE WITH TENN. CODE ANN. § 48-26-102 . IT IS A FINANCIAL RECORD AND MAY BE OBTAINED ONLY IN ACCORDANCE WITH THE FINANCIAL RECORDS PRIVACY ACT, COMPILED IN TENN. CODE ANN. §§ 45-10-101 ET SEQ.
(c) If a shareholder of a bank, which amends its charter in accordance with subsection (a), notifies the bank in writing that the shareholder consents to the release of information in the shareholder record relating to such shareholder, the bank shall timely provide such information to any shareholder requesting the information.
(d) If a bank adopts a charter amendment pursuant to subsection (a), the commissioner shall not charge a fee for approving the amendment.
(e) Any shareholder, if the bank's charter or bylaws expressly authorize shareholder actions by written consent, shall have the right to be informed in writing by the bank of the number of shares counted: (1) Toward a quorum for a shareholders meeting; (2) Regarding any nomination or proposal voted upon at a shareholders meeting; or (3) Regarding an action taken by written consent.
(1) Toward a quorum for a shareholders meeting;
(2) Regarding any nomination or proposal voted upon at a shareholders meeting; or
(3) Regarding an action taken by written consent.
(f) Any bank shareholder of record shall have the right to seek a declaratory judgment with respect to a bona fide dispute regarding votes described in subsection (e) in a court of record in the county in which the bank's main office or chief executive's office is located.
(g) For purposes of this section: (1) "Bank" has the same meaning as provided in § 45-1-103 , except that "bank" shall be deemed to include any controlling person; (2) "Controlling person" has the same meaning as provided in § 45-2-103(a)(1) ; and (3) "Person" has the same meaning as provided in § 45-2-103(a)(1) .
(1) "Bank" has the same meaning as provided in § 45-1-103 , except that "bank" shall be deemed to include any controlling person;
(2) "Controlling person" has the same meaning as provided in § 45-2-103(a)(1) ; and
(3) "Person" has the same meaning as provided in § 45-2-103(a)(1) .
(h) Nothing in this section shall in any way limit the authority held by the commissioner.
Added by 2013 Tenn. Acts, ch. 119,s 1, eff. 7/1/2013.
Tenn. Code Ann. § 45-7-106 — TN Code / Title 45 / Chapter 7 / Section 45-7-106
Implementation
Status: in_force

(a) In order to carry out the purposes of this chapter, the commissioner may, subject to § 45-7-108 : (1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burdens by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter; (2) Use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter; (3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials; (4) Accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee, and incorporate the audit report in any report of examination or investigation; and (5) Rely on and utilize the reports referenced in subdivisions (a)(3) and (4) for any purposes deemed appropriate by the commissioner under this chapter, including for purposes of making determinations regarding applications received under this chapter. (b) The commissioner is authorized to administer, interpret, and enforce this chapter, promulgate rules effectuating the purposes of this chapter, and to recover the cost of administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this chapter. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-206 .
(a) In order to carry out the purposes of this chapter, the commissioner may, subject to § 45-7-108 : (1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burdens by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter; (2) Use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter; (3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials; (4) Accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee, and incorporate the audit report in any report of examination or investigation; and (5) Rely on and utilize the reports referenced in subdivisions (a)(3) and (4) for any purposes deemed appropriate by the commissioner under this chapter, including for purposes of making determinations regarding applications received under this chapter.
(1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burdens by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter;
(2) Use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter;
(3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials;
(4) Accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee, and incorporate the audit report in any report of examination or investigation; and
(5) Rely on and utilize the reports referenced in subdivisions (a)(3) and (4) for any purposes deemed appropriate by the commissioner under this chapter, including for purposes of making determinations regarding applications received under this chapter.
(b) The commissioner is authorized to administer, interpret, and enforce this chapter, promulgate rules effectuating the purposes of this chapter, and to recover the cost of administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this chapter.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-206 .
Tenn. Code Ann. § 45-7-115 — TN Code / Title 45 / Chapter 7 / Section 45-7-115
Issuance of license
Status: in_force

(a) When an application for an original license under this chapter appears to the commissioner to include all the items and address all of the matters that are required, the application is considered complete under this section. (b) Unless the commissioner has extended the application period pursuant to subsection (c), or the commissioner has approved or denied the application within one hundred eighty (180) days after the date that the commissioner determined the application to be complete: (1) The application is approved; and (2) The license takes effect as of the first business day after expiration of the one hundred eighty-day period. (c) The commissioner may for good cause extend the application period. (d) A determination by the commissioner that an application is considered complete under this section means only that the application, on its face, appears to include all items, including the criminal background check response from the federal bureau of investigation, or investigative background report, if applicable, and address all matters required, and is not an assessment of the substance of the application or of the sufficiency of the information provided. (e) When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, competence, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this section if the commissioner finds that the following conditions have been fulfilled: (1) The applicant has complied with §§ 45-7-113 and 45-7-114 ; and (2) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission. (f) The commissioner shall notify the applicant in writing of a denial of an application under this section, stating the basis for denial. If the commissioner denies an application, the applicant may make a written request to the commissioner for a hearing on the question of whether the license should be granted. Any hearing requested under this subsection (f) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the individual has requested the hearing in writing within thirty (30) days of the date of the commissioner's denial. At the hearing, the applicant must prove by a preponderance of the evidence that the applicant is entitled to a license. (g) The initial license term begins on the day the application is approved. The license expires on December 31st of the year in which the license term began. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-215 .
(a) When an application for an original license under this chapter appears to the commissioner to include all the items and address all of the matters that are required, the application is considered complete under this section.
(b) Unless the commissioner has extended the application period pursuant to subsection (c), or the commissioner has approved or denied the application within one hundred eighty (180) days after the date that the commissioner determined the application to be complete: (1) The application is approved; and (2) The license takes effect as of the first business day after expiration of the one hundred eighty-day period.
(1) The application is approved; and
(2) The license takes effect as of the first business day after expiration of the one hundred eighty-day period.
(c) The commissioner may for good cause extend the application period.
(d) A determination by the commissioner that an application is considered complete under this section means only that the application, on its face, appears to include all items, including the criminal background check response from the federal bureau of investigation, or investigative background report, if applicable, and address all matters required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
(e) When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, competence, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this section if the commissioner finds that the following conditions have been fulfilled: (1) The applicant has complied with §§ 45-7-113 and 45-7-114 ; and (2) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(1) The applicant has complied with §§ 45-7-113 and 45-7-114 ; and
(2) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(f) The commissioner shall notify the applicant in writing of a denial of an application under this section, stating the basis for denial. If the commissioner denies an application, the applicant may make a written request to the commissioner for a hearing on the question of whether the license should be granted. Any hearing requested under this subsection (f) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the individual has requested the hearing in writing within thirty (30) days of the date of the commissioner's denial. At the hearing, the applicant must prove by a preponderance of the evidence that the applicant is entitled to a license.
(g) The initial license term begins on the day the application is approved. The license expires on December 31st of the year in which the license term began.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-215 .
Tenn. Code Ann. § 45-8-212 — TN Code / Title 45 / Chapter 8 / Section 45-8-212
Control of business firms
Status: in_force

(a) One (1) or more other licensees, or one (1) or more directors, officers, principal shareholders, or affiliates of another licensee or licensees, either by itself or in concert with one (1) or more of its directors, officers, principal shareholders, or affiliates, shall not hold control of a business firm, except as follows: (1) If and to the extent necessary to protect the interests of a licensee as a creditor of, or investor in, a business firm, a licensee that has provided financing assistance to a business firm may acquire and hold control of the business firm. Unless the commissioner approves a longer period, a licensee holding control of a business firm under this subdivision (a)(1) shall divest itself of the interest that constitutes holding control as soon as practicable or within three (3) years after acquiring the interest, whichever is earlier; (2) With the approval of the commissioner, a licensee may acquire and hold control of a corporation that is licensed as a small business investment company under the United States Small Business Investment Act of 1958, ( 15 U.S.C. § 661 et seq.), as amended; (3) With the approval of the commissioner, a licensee may acquire and hold control of a company that is a development company, whether or not the development company has been or may become certified by the United States small business administration pursuant to the United States Small Business Investment Act of 1958; (4) With the approval of the commissioner, a licensee may acquire and hold control of another business firm that is engaged in no business other than the business of providing financing assistance or management assistance to business firms; and (5) With the approval of the commissioner, a licensee may acquire and hold control of a business firm not referred to in subdivisions (a)(1)-(4). The commissioner shall not approve an application under this subdivision (a)(5) unless the commissioner determines that the acquisition will promote the purposes of this part. (b) If a licensee anticipates acquiring and holding control of a business firm under subdivision (a)(1), the licensee shall file with the commissioner a plan for acquiring and holding control of the business firm, which shall include, at a minimum, the following: (1) The reasons it is necessary for the licensee to acquire and hold control of the business firm; (2) The percentage of outstanding voting securities of the business firm that the licensee anticipates acquiring and holding; (3) The licensee's proposed course of action upon obtaining control of the business firm; and (4) The length of time the licensee anticipates it will be necessary to hold control of the business firm. (c) The commissioner may require a licensee to demonstrate the necessity for the licensee to hold control of a business firm under subdivision (a)(1). (d) For the purposes of this section, "hold control" means ownership, directly or indirectly, of record or beneficially, of voting securities greater than: (1) For a business firm with outstanding voting securities held by fewer than fifty (50) shareholders, forty percent (40%) of the outstanding voting securities; and (2) For a business firm with outstanding voting securities held by fifty (50) or more shareholders, twenty-five percent (25%) of the outstanding voting securities. Acts 1989, ch. 124, § 12.
(a) One (1) or more other licensees, or one (1) or more directors, officers, principal shareholders, or affiliates of another licensee or licensees, either by itself or in concert with one (1) or more of its directors, officers, principal shareholders, or affiliates, shall not hold control of a business firm, except as follows: (1) If and to the extent necessary to protect the interests of a licensee as a creditor of, or investor in, a business firm, a licensee that has provided financing assistance to a business firm may acquire and hold control of the business firm. Unless the commissioner approves a longer period, a licensee holding control of a business firm under this subdivision (a)(1) shall divest itself of the interest that constitutes holding control as soon as practicable or within three (3) years after acquiring the interest, whichever is earlier; (2) With the approval of the commissioner, a licensee may acquire and hold control of a corporation that is licensed as a small business investment company under the United States Small Business Investment Act of 1958, ( 15 U.S.C. § 661 et seq.), as amended; (3) With the approval of the commissioner, a licensee may acquire and hold control of a company that is a development company, whether or not the development company has been or may become certified by the United States small business administration pursuant to the United States Small Business Investment Act of 1958; (4) With the approval of the commissioner, a licensee may acquire and hold control of another business firm that is engaged in no business other than the business of providing financing assistance or management assistance to business firms; and (5) With the approval of the commissioner, a licensee may acquire and hold control of a business firm not referred to in subdivisions (a)(1)-(4). The commissioner shall not approve an application under this subdivision (a)(5) unless the commissioner determines that the acquisition will promote the purposes of this part.
(1) If and to the extent necessary to protect the interests of a licensee as a creditor of, or investor in, a business firm, a licensee that has provided financing assistance to a business firm may acquire and hold control of the business firm. Unless the commissioner approves a longer period, a licensee holding control of a business firm under this subdivision (a)(1) shall divest itself of the interest that constitutes holding control as soon as practicable or within three (3) years after acquiring the interest, whichever is earlier;
(2) With the approval of the commissioner, a licensee may acquire and hold control of a corporation that is licensed as a small business investment company under the United States Small Business Investment Act of 1958, ( 15 U.S.C. § 661 et seq.), as amended;
(3) With the approval of the commissioner, a licensee may acquire and hold control of a company that is a development company, whether or not the development company has been or may become certified by the United States small business administration pursuant to the United States Small Business Investment Act of 1958;
(4) With the approval of the commissioner, a licensee may acquire and hold control of another business firm that is engaged in no business other than the business of providing financing assistance or management assistance to business firms; and
(5) With the approval of the commissioner, a licensee may acquire and hold control of a business firm not referred to in subdivisions (a)(1)-(4). The commissioner shall not approve an application under this subdivision (a)(5) unless the commissioner determines that the acquisition will promote the purposes of this part.
(b) If a licensee anticipates acquiring and holding control of a business firm under subdivision (a)(1), the licensee shall file with the commissioner a plan for acquiring and holding control of the business firm, which shall include, at a minimum, the following: (1) The reasons it is necessary for the licensee to acquire and hold control of the business firm; (2) The percentage of outstanding voting securities of the business firm that the licensee anticipates acquiring and holding; (3) The licensee's proposed course of action upon obtaining control of the business firm; and (4) The length of time the licensee anticipates it will be necessary to hold control of the business firm.
(1) The reasons it is necessary for the licensee to acquire and hold control of the business firm;
(2) The percentage of outstanding voting securities of the business firm that the licensee anticipates acquiring and holding;
(3) The licensee's proposed course of action upon obtaining control of the business firm; and
(4) The length of time the licensee anticipates it will be necessary to hold control of the business firm.
(c) The commissioner may require a licensee to demonstrate the necessity for the licensee to hold control of a business firm under subdivision (a)(1).
(d) For the purposes of this section, "hold control" means ownership, directly or indirectly, of record or beneficially, of voting securities greater than: (1) For a business firm with outstanding voting securities held by fewer than fifty (50) shareholders, forty percent (40%) of the outstanding voting securities; and (2) For a business firm with outstanding voting securities held by fifty (50) or more shareholders, twenty-five percent (25%) of the outstanding voting securities.
(1) For a business firm with outstanding voting securities held by fewer than fifty (50) shareholders, forty percent (40%) of the outstanding voting securities; and
(2) For a business firm with outstanding voting securities held by fifty (50) or more shareholders, twenty-five percent (25%) of the outstanding voting securities.
Acts 1989, ch. 124, § 12.
Tenn. Code Ann. § 45-2-202 — TN Code / Title 45 / Chapter 2 / Section 45-2-202
Notice of intention - Request for issuance of charter - Approval or nonapproval of notice of intention or request for issuance of charter and accompanying documents - Notice - Filing - Restriction on acceptance of shares of capital stock until notice of approval received
Status: in_force

(a) The incorporators shall file with the commissioner a notice of their intention to organize a corporation seeking authority to become a state bank, signed by each of the incorporators. The notice shall state the following and other information that the commissioner may require: (1) The name, residence and occupation of each incorporator, and the amount of stock subscribed and paid for by each; (2) The name and address of an individual within the state to whom notice to all incorporators may be sent; (3) The total capital, the number of shares of each class and series, the par value of the shares of each class and series of the corporation and a copy of the stockholder offering circular and subscription agreement. For purposes of Tennessee law, any securities with different voting, distribution, or liquidation rights or preferences shall be deemed to be securities of different classes; (4) Whether it is intended that the proposed state bank shall have trust powers; (5) The community in which the proposed state bank is to be headquartered; (6) The proposed name of the institution, which, in the commissioner's judgment, is not likely to cause confusion to the affected public. The incorporators shall use the phrase "in organization" after the proposed bank's name, until such time as the certificate of authority has been issued; (7) A statement of the method of financing and amount of organizational expense fund as required in § 45-2-203 ; (8) A copy of the escrow agreement; and (9) The filing fee required by the secretary of state. (b) The incorporators may also file with the commissioner a request for issuance of charter for a corporation seeking to conduct banking business in Tennessee, accompanied by an executed charter. The executed charter filed with the commissioner shall be in the form the commissioner prescribes, containing the following information: (1) The name of the state bank; (2) If the state bank is to exercise trust powers, a statement to that effect; (3) The community in which the main office is to be located; (4) The amount of capital, the number of shares of each class and series, the relative preferences, powers and rights of each class and series, the par value of the shares of each class and series, if any, and the amount of the paid-in surplus; and (5) Any other proper provisions to govern the business and affairs of the state bank that may be desired by the incorporators, including, but not limited to, the initial directors of the proposed state bank. (c) (1) If the notice of intention, request for issuance of charter or any accompanying documents do not comply with the requirements of this section, the commissioner shall, within ten (10) business days after receipt, either: (A) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents are approved as to form pending the receipt of any additional information requested of the applicant in the notice; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents, have not been accepted, calling attention to the defect or defects in the documents. The incorporators may resubmit the notice of intention, proposed charter or accompanying documents, revised as necessary, to address the defect or defects noted by the commissioner. (2) The commissioner shall have five (5) business days after receipt of the revised notice of intention, request for issuance of charter and accompanying documents to review the notice, request and documents and either: (A) Notify the incorporators that the revised notice of intention, request for issuance of charter and accompanying documents are approved as to form; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents have not been accepted, calling attention to the defect or defects still in the documents. (3) If the revised notice of intention, request for issuance of charter and accompanying documents are not accepted, any subsequent filing by the incorporators for the proposed bank shall be as if it were an initial filing. (4) If the commissioner does not refuse to accept the notice of intention and request for issuance of charter or revised notice of intention and revised request for issuance of charter within the time provided, they shall be deemed to be approved as to form. (d) After the notice of intention and request for issuance of charter for a corporation seeking to conduct banking business in Tennessee is accepted for filing or deemed to have been filed with the commissioner, the commissioner shall authorize the filing of the executed charter by endorsing approval on all copies thereof and filing the originally executed charter with the secretary of state, retaining one (1) copy for the department's files and returning one (1) copy to the incorporators within ten (10) business days thereafter, so that the incorporators may take any further steps necessary to duly incorporate the proposed new state bank as a corporate entity. However, the commissioner shall retain the right to require any amendment to the charter or disallow any proposed officer or director of the proposed new bank prior to granting a certificate of authority. Nothing in this subsection (d) shall prevent the commissioner from otherwise rejecting the application or refusing to grant a certificate of authority. (e) It is a Class C misdemeanor, under this chapter and chapter 1 of this title, to accept any stock subscription for shares of capital stock of the proposed bank from any persons other than the incorporators until the incorporators have received the notification from the commissioner that the notice of intention and accompanying documents are approved as to form, or in violation of any order of the commissioner. Any subscription for capital stock of the proposed bank accepted in violation of this subsection (e) shall be enforceable by the commissioner and only to the extent the commissioner determines it to be necessary to protect investors. Acts 1969, ch. 36, § 1 (3.305); 1973, ch. 294, § 6; T.C.A., § 45-202; Acts 1989, ch. 591, § 113; 1996, ch. 768, §§ 6, 7; 2001, ch. 54, § 5; 2006, ch. 660, § 1.
(a) The incorporators shall file with the commissioner a notice of their intention to organize a corporation seeking authority to become a state bank, signed by each of the incorporators. The notice shall state the following and other information that the commissioner may require: (1) The name, residence and occupation of each incorporator, and the amount of stock subscribed and paid for by each; (2) The name and address of an individual within the state to whom notice to all incorporators may be sent; (3) The total capital, the number of shares of each class and series, the par value of the shares of each class and series of the corporation and a copy of the stockholder offering circular and subscription agreement. For purposes of Tennessee law, any securities with different voting, distribution, or liquidation rights or preferences shall be deemed to be securities of different classes; (4) Whether it is intended that the proposed state bank shall have trust powers; (5) The community in which the proposed state bank is to be headquartered; (6) The proposed name of the institution, which, in the commissioner's judgment, is not likely to cause confusion to the affected public. The incorporators shall use the phrase "in organization" after the proposed bank's name, until such time as the certificate of authority has been issued; (7) A statement of the method of financing and amount of organizational expense fund as required in § 45-2-203 ; (8) A copy of the escrow agreement; and (9) The filing fee required by the secretary of state.
(1) The name, residence and occupation of each incorporator, and the amount of stock subscribed and paid for by each;
(2) The name and address of an individual within the state to whom notice to all incorporators may be sent;
(3) The total capital, the number of shares of each class and series, the par value of the shares of each class and series of the corporation and a copy of the stockholder offering circular and subscription agreement. For purposes of Tennessee law, any securities with different voting, distribution, or liquidation rights or preferences shall be deemed to be securities of different classes;
(4) Whether it is intended that the proposed state bank shall have trust powers;
(5) The community in which the proposed state bank is to be headquartered;
(6) The proposed name of the institution, which, in the commissioner's judgment, is not likely to cause confusion to the affected public. The incorporators shall use the phrase "in organization" after the proposed bank's name, until such time as the certificate of authority has been issued;
(7) A statement of the method of financing and amount of organizational expense fund as required in § 45-2-203 ;
(8) A copy of the escrow agreement; and
(9) The filing fee required by the secretary of state.
(b) The incorporators may also file with the commissioner a request for issuance of charter for a corporation seeking to conduct banking business in Tennessee, accompanied by an executed charter. The executed charter filed with the commissioner shall be in the form the commissioner prescribes, containing the following information: (1) The name of the state bank; (2) If the state bank is to exercise trust powers, a statement to that effect; (3) The community in which the main office is to be located; (4) The amount of capital, the number of shares of each class and series, the relative preferences, powers and rights of each class and series, the par value of the shares of each class and series, if any, and the amount of the paid-in surplus; and (5) Any other proper provisions to govern the business and affairs of the state bank that may be desired by the incorporators, including, but not limited to, the initial directors of the proposed state bank.
(1) The name of the state bank;
(2) If the state bank is to exercise trust powers, a statement to that effect;
(3) The community in which the main office is to be located;
(4) The amount of capital, the number of shares of each class and series, the relative preferences, powers and rights of each class and series, the par value of the shares of each class and series, if any, and the amount of the paid-in surplus; and
(5) Any other proper provisions to govern the business and affairs of the state bank that may be desired by the incorporators, including, but not limited to, the initial directors of the proposed state bank.
(c) (1) If the notice of intention, request for issuance of charter or any accompanying documents do not comply with the requirements of this section, the commissioner shall, within ten (10) business days after receipt, either: (A) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents are approved as to form pending the receipt of any additional information requested of the applicant in the notice; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents, have not been accepted, calling attention to the defect or defects in the documents. The incorporators may resubmit the notice of intention, proposed charter or accompanying documents, revised as necessary, to address the defect or defects noted by the commissioner. (2) The commissioner shall have five (5) business days after receipt of the revised notice of intention, request for issuance of charter and accompanying documents to review the notice, request and documents and either: (A) Notify the incorporators that the revised notice of intention, request for issuance of charter and accompanying documents are approved as to form; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents have not been accepted, calling attention to the defect or defects still in the documents. (3) If the revised notice of intention, request for issuance of charter and accompanying documents are not accepted, any subsequent filing by the incorporators for the proposed bank shall be as if it were an initial filing. (4) If the commissioner does not refuse to accept the notice of intention and request for issuance of charter or revised notice of intention and revised request for issuance of charter within the time provided, they shall be deemed to be approved as to form.
(1) If the notice of intention, request for issuance of charter or any accompanying documents do not comply with the requirements of this section, the commissioner shall, within ten (10) business days after receipt, either: (A) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents are approved as to form pending the receipt of any additional information requested of the applicant in the notice; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents, have not been accepted, calling attention to the defect or defects in the documents. The incorporators may resubmit the notice of intention, proposed charter or accompanying documents, revised as necessary, to address the defect or defects noted by the commissioner.
(A) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents are approved as to form pending the receipt of any additional information requested of the applicant in the notice; or
(B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents, have not been accepted, calling attention to the defect or defects in the documents. The incorporators may resubmit the notice of intention, proposed charter or accompanying documents, revised as necessary, to address the defect or defects noted by the commissioner.
(2) The commissioner shall have five (5) business days after receipt of the revised notice of intention, request for issuance of charter and accompanying documents to review the notice, request and documents and either: (A) Notify the incorporators that the revised notice of intention, request for issuance of charter and accompanying documents are approved as to form; or (B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents have not been accepted, calling attention to the defect or defects still in the documents.
(A) Notify the incorporators that the revised notice of intention, request for issuance of charter and accompanying documents are approved as to form; or
(B) Notify the incorporators that the notice of intention, request for issuance of charter and accompanying documents have not been accepted, calling attention to the defect or defects still in the documents.
(3) If the revised notice of intention, request for issuance of charter and accompanying documents are not accepted, any subsequent filing by the incorporators for the proposed bank shall be as if it were an initial filing.
(4) If the commissioner does not refuse to accept the notice of intention and request for issuance of charter or revised notice of intention and revised request for issuance of charter within the time provided, they shall be deemed to be approved as to form.
(d) After the notice of intention and request for issuance of charter for a corporation seeking to conduct banking business in Tennessee is accepted for filing or deemed to have been filed with the commissioner, the commissioner shall authorize the filing of the executed charter by endorsing approval on all copies thereof and filing the originally executed charter with the secretary of state, retaining one (1) copy for the department's files and returning one (1) copy to the incorporators within ten (10) business days thereafter, so that the incorporators may take any further steps necessary to duly incorporate the proposed new state bank as a corporate entity. However, the commissioner shall retain the right to require any amendment to the charter or disallow any proposed officer or director of the proposed new bank prior to granting a certificate of authority. Nothing in this subsection (d) shall prevent the commissioner from otherwise rejecting the application or refusing to grant a certificate of authority.
(e) It is a Class C misdemeanor, under this chapter and chapter 1 of this title, to accept any stock subscription for shares of capital stock of the proposed bank from any persons other than the incorporators until the incorporators have received the notification from the commissioner that the notice of intention and accompanying documents are approved as to form, or in violation of any order of the commissioner. Any subscription for capital stock of the proposed bank accepted in violation of this subsection (e) shall be enforceable by the commissioner and only to the extent the commissioner determines it to be necessary to protect investors.
Acts 1969, ch. 36, § 1 (3.305); 1973, ch. 294, § 6; T.C.A., § 45-202; Acts 1989, ch. 591, § 113; 1996, ch. 768, §§ 6, 7; 2001, ch. 54, § 5; 2006, ch. 660, § 1.
Tenn. Code Ann. § 45-7-121 — TN Code / Title 45 / Chapter 7 / Section 45-7-121
Audited financials
Status: in_force

(a) Each licensee shall, within ninety (90) days after the end of each fiscal year, or within any extended time as the commissioner may prescribe, file with the commissioner: (1) An audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and (2) Any other information as the commissioner may reasonably require. (b) The audited financial statements must be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the commissioner. (c) The audited financial statements must include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the commissioner. If the certificate or opinion is qualified, the commissioner may order the licensee to take any action as the commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-221 .
(a) Each licensee shall, within ninety (90) days after the end of each fiscal year, or within any extended time as the commissioner may prescribe, file with the commissioner: (1) An audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and (2) Any other information as the commissioner may reasonably require.
(1) An audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles; and
(2) Any other information as the commissioner may reasonably require.
(b) The audited financial statements must be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the commissioner.
(c) The audited financial statements must include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the commissioner. If the certificate or opinion is qualified, the commissioner may order the licensee to take any action as the commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-221 .
Tenn. Code Ann. § 45-4-402 — TN Code / Title 45 / Chapter 4 / Section 45-4-402
Shares and deposits of minors
Status: in_force

Shares may be issued in the name of a minor and in trust in a way and manner that the bylaws may provide. Acts 1923, ch. 68, § 16; Shan. Supp., § 2198a23; Code 1932, § 3850; Acts 1937, ch. 264, § 8; C. Supp. 1950, § 3850; T.C.A. (orig. ed.), § 45-1818.
Shares may be issued in the name of a minor and in trust in a way and manner that the bylaws may provide.
Acts 1923, ch. 68, § 16; Shan. Supp., § 2198a23; Code 1932, § 3850; Acts 1937, ch. 264, § 8; C. Supp. 1950, § 3850; T.C.A. (orig. ed.), § 45-1818.
Tenn. Code Ann. § 45-12-106 — TN Code / Title 45 / Chapter 12 / Section 45-12-106
Application requirements
Status: in_force

(a) Each application for a license shall be accompanied by: (1) A filing fee of five hundred dollars ($500), which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof; provided, however, that if a supervision fee is established pursuant to § 45-1-118 , the commissioner shall require applicants under this chapter to, instead, pay the nonrefundable supervision fee in place of the filing fee. The filing fee or supervision fee shall be applicable to each location; (2) An audited financial statement, including, but not limited to, a balance sheet, a statement of income or loss, and a 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 applicant. For a newly created entity, the commissioner may accept only a balance sheet prepared by a certified public accountant or public accounting firm, neither of which is affiliated with the applicant, accompanied by a projected income statement demonstrating that the applicant will have adequate capital after payment of start-up costs; and (3) A surety bond, issued by an insurer regulated under title 56 and not affiliated with the applicant, in the amount of twenty-five thousand dollars ($25,000) for each location. However, in no event shall the aggregate amount of the surety bond required for a single licensee exceed two hundred thousand dollars ($200,000). In lieu of the surety bond, the applicant shall file an irrevocable letter of credit, in the amount of the surety bond, issued by any federally insured bank, savings bank or credit union, none of which is affiliated with the applicant. The surety bond or irrevocable letter of credit shall be in a form satisfactory to the commissioner and shall be payable to the commissioner for the benefit of any person who is injured pursuant to a flex loan plan by the fraud, misrepresentation, breach of contract, financial failure or violation of any provision of this chapter by a licensee. In the case of a surety bond, the aggregate liability of the surety bond shall not exceed the principal sum of the surety bond. In the case of an irrevocable letter of credit, applicants shall obtain letters of credit for terms of not less than three (3) years and renew the letters of credit annually. If the licensee fails to pay a person or the commissioner as required by this chapter, then a person may bring suit against the licensee directly on the surety bond or irrevocable letter of credit in any court of competent jurisdiction, or the commissioner may bring suit in the chancery court of Davidson County on behalf of those persons, in either one (1) or successive actions. The surety bond or irrevocable letter of credit shall be maintained by the licensee for not less than three (3) years following the expiration, revocation, or surrender of the licensee's license. (b) (1) The commissioner is authorized to require an applicant for a license to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require such consent and fingerprints from any individual who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter. Refusal of any person to consent to a criminal history records check or to provide fingerprints pursuant to this subsection (b) constitutes grounds for the commissioner to deny the applicant a license. (2) Any criminal history records check conducted pursuant to this subsection (b) shall be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other fees required by this chapter. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) Each application for a license shall be accompanied by: (1) A filing fee of five hundred dollars ($500), which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof; provided, however, that if a supervision fee is established pursuant to § 45-1-118 , the commissioner shall require applicants under this chapter to, instead, pay the nonrefundable supervision fee in place of the filing fee. The filing fee or supervision fee shall be applicable to each location; (2) An audited financial statement, including, but not limited to, a balance sheet, a statement of income or loss, and a 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 applicant. For a newly created entity, the commissioner may accept only a balance sheet prepared by a certified public accountant or public accounting firm, neither of which is affiliated with the applicant, accompanied by a projected income statement demonstrating that the applicant will have adequate capital after payment of start-up costs; and (3) A surety bond, issued by an insurer regulated under title 56 and not affiliated with the applicant, in the amount of twenty-five thousand dollars ($25,000) for each location. However, in no event shall the aggregate amount of the surety bond required for a single licensee exceed two hundred thousand dollars ($200,000). In lieu of the surety bond, the applicant shall file an irrevocable letter of credit, in the amount of the surety bond, issued by any federally insured bank, savings bank or credit union, none of which is affiliated with the applicant. The surety bond or irrevocable letter of credit shall be in a form satisfactory to the commissioner and shall be payable to the commissioner for the benefit of any person who is injured pursuant to a flex loan plan by the fraud, misrepresentation, breach of contract, financial failure or violation of any provision of this chapter by a licensee. In the case of a surety bond, the aggregate liability of the surety bond shall not exceed the principal sum of the surety bond. In the case of an irrevocable letter of credit, applicants shall obtain letters of credit for terms of not less than three (3) years and renew the letters of credit annually. If the licensee fails to pay a person or the commissioner as required by this chapter, then a person may bring suit against the licensee directly on the surety bond or irrevocable letter of credit in any court of competent jurisdiction, or the commissioner may bring suit in the chancery court of Davidson County on behalf of those persons, in either one (1) or successive actions. The surety bond or irrevocable letter of credit shall be maintained by the licensee for not less than three (3) years following the expiration, revocation, or surrender of the licensee's license.
(1) A filing fee of five hundred dollars ($500), which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof; provided, however, that if a supervision fee is established pursuant to § 45-1-118 , the commissioner shall require applicants under this chapter to, instead, pay the nonrefundable supervision fee in place of the filing fee. The filing fee or supervision fee shall be applicable to each location;
(2) An audited financial statement, including, but not limited to, a balance sheet, a statement of income or loss, and a 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 applicant. For a newly created entity, the commissioner may accept only a balance sheet prepared by a certified public accountant or public accounting firm, neither of which is affiliated with the applicant, accompanied by a projected income statement demonstrating that the applicant will have adequate capital after payment of start-up costs; and
(3) A surety bond, issued by an insurer regulated under title 56 and not affiliated with the applicant, in the amount of twenty-five thousand dollars ($25,000) for each location. However, in no event shall the aggregate amount of the surety bond required for a single licensee exceed two hundred thousand dollars ($200,000). In lieu of the surety bond, the applicant shall file an irrevocable letter of credit, in the amount of the surety bond, issued by any federally insured bank, savings bank or credit union, none of which is affiliated with the applicant. The surety bond or irrevocable letter of credit shall be in a form satisfactory to the commissioner and shall be payable to the commissioner for the benefit of any person who is injured pursuant to a flex loan plan by the fraud, misrepresentation, breach of contract, financial failure or violation of any provision of this chapter by a licensee. In the case of a surety bond, the aggregate liability of the surety bond shall not exceed the principal sum of the surety bond. In the case of an irrevocable letter of credit, applicants shall obtain letters of credit for terms of not less than three (3) years and renew the letters of credit annually. If the licensee fails to pay a person or the commissioner as required by this chapter, then a person may bring suit against the licensee directly on the surety bond or irrevocable letter of credit in any court of competent jurisdiction, or the commissioner may bring suit in the chancery court of Davidson County on behalf of those persons, in either one (1) or successive actions. The surety bond or irrevocable letter of credit shall be maintained by the licensee for not less than three (3) years following the expiration, revocation, or surrender of the licensee's license.
(b) (1) The commissioner is authorized to require an applicant for a license to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require such consent and fingerprints from any individual who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter. Refusal of any person to consent to a criminal history records check or to provide fingerprints pursuant to this subsection (b) constitutes grounds for the commissioner to deny the applicant a license. (2) Any criminal history records check conducted pursuant to this subsection (b) shall be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other fees required by this chapter.
(1) The commissioner is authorized to require an applicant for a license to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require such consent and fingerprints from any individual who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant, as well as from any other individual associated with the applicant as is reasonably necessary to meet the purposes of this chapter. Refusal of any person to consent to a criminal history records check or to provide fingerprints pursuant to this subsection (b) constitutes grounds for the commissioner to deny the applicant a license.
(2) Any criminal history records check conducted pursuant to this subsection (b) shall be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the applicant, in addition to any other fees required by this chapter.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-13-504 — TN Code / Title 45 / Chapter 13 / Section 45-13-504
Nationwide Mortgage Licensing System and Registry information challenge process
Status: in_force

The commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner. Acts 2009, ch. 499, § 8.
The commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-12-108 — TN Code / Title 45 / Chapter 12 / Section 45-12-108
Denial of application - Hearing
Status: in_force

(a) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial. (b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make a written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted. (c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make a written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted.
(c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-11-103 — TN Code / Title 45 / Chapter 11 / Section 45-11-103
Scope
Status: in_force

This chapter shall not be construed to modify, limit or repeal the provisions of chapter 2, part 13 of this title, or chapter 3, part 11 of this title, except as expressly stated in this chapter. Acts 1985, ch. 174, § 2.
This chapter shall not be construed to modify, limit or repeal the provisions of chapter 2, part 13 of this title, or chapter 3, part 11 of this title, except as expressly stated in this chapter.
Acts 1985, ch. 174, § 2.
Tenn. Code Ann. § 45-3-517 — TN Code / Title 45 / Chapter 3 / Section 45-3-517
Lien on accounts
Status: in_force

(a) Any association shall have a lien, without further agreement or pledge, upon all accounts owned by any depositor to whom or on whose behalf the association has made an advance of money by loan or otherwise. (b) (1) Upon the default in the repayment or satisfaction thereof, the association may, after giving ten (10) days' written notice to the depositor, cancel on its books all or any part of the accounts owned by the depositor and apply the value of the accounts in payment on account of the obligation. After the ten-day notice is given, the depositor may withdraw only the funds that are in excess of the amount of the lien. (2) The depositor shall have thirty (30) days after receipt of the notice within which to object in writing to the validity of the lien. If the depositor objects within that period, the association must, within sixty (60) days after the date of receipt by the association of the objection, file a legal action to enforce the lien and shall be entitled to collect the reasonable expense of the action, including attorney fees. (c) An association may by written instrument waive its lien in whole or in part on any account. (d) Any association may accept a pledge of an account or accounts of the association owned by a depositor other than the borrower as additional security for any loan secured by an account or by real estate, or by both. Acts 1978, ch. 708, § 2.17; T.C.A., § 45-1417; Acts 1988, ch. 581, § 1.
(a) Any association shall have a lien, without further agreement or pledge, upon all accounts owned by any depositor to whom or on whose behalf the association has made an advance of money by loan or otherwise.
(b) (1) Upon the default in the repayment or satisfaction thereof, the association may, after giving ten (10) days' written notice to the depositor, cancel on its books all or any part of the accounts owned by the depositor and apply the value of the accounts in payment on account of the obligation. After the ten-day notice is given, the depositor may withdraw only the funds that are in excess of the amount of the lien. (2) The depositor shall have thirty (30) days after receipt of the notice within which to object in writing to the validity of the lien. If the depositor objects within that period, the association must, within sixty (60) days after the date of receipt by the association of the objection, file a legal action to enforce the lien and shall be entitled to collect the reasonable expense of the action, including attorney fees.
(1) Upon the default in the repayment or satisfaction thereof, the association may, after giving ten (10) days' written notice to the depositor, cancel on its books all or any part of the accounts owned by the depositor and apply the value of the accounts in payment on account of the obligation. After the ten-day notice is given, the depositor may withdraw only the funds that are in excess of the amount of the lien.
(2) The depositor shall have thirty (30) days after receipt of the notice within which to object in writing to the validity of the lien. If the depositor objects within that period, the association must, within sixty (60) days after the date of receipt by the association of the objection, file a legal action to enforce the lien and shall be entitled to collect the reasonable expense of the action, including attorney fees.
(c) An association may by written instrument waive its lien in whole or in part on any account.
(d) Any association may accept a pledge of an account or accounts of the association owned by a depositor other than the borrower as additional security for any loan secured by an account or by real estate, or by both.
Acts 1978, ch. 708, § 2.17; T.C.A., § 45-1417; Acts 1988, ch. 581, § 1.
Tenn. Code Ann. § 45-10-105 — TN Code / Title 45 / Chapter 10 / Section 45-10-105
Authorization by customer
Status: in_force

(a) A customer may authorize disclosure of financial records pertaining to the customer by signing and dating a statement authorizing the disclosure; or, if acceptable to the financial institution, a customer may provide authorization orally. The authorization may specify: (1) The name of the person to which disclosure is authorized; (2) The financial records that are authorized to be disclosed; and (3) The period of time during which the authorization is effective. (b) No authorization shall be required by a financial institution as a condition of doing business with the financial institution. Acts 1983, ch. 224, § 5.
(a) A customer may authorize disclosure of financial records pertaining to the customer by signing and dating a statement authorizing the disclosure; or, if acceptable to the financial institution, a customer may provide authorization orally. The authorization may specify: (1) The name of the person to which disclosure is authorized; (2) The financial records that are authorized to be disclosed; and (3) The period of time during which the authorization is effective.
(1) The name of the person to which disclosure is authorized;
(2) The financial records that are authorized to be disclosed; and
(3) The period of time during which the authorization is effective.
(b) No authorization shall be required by a financial institution as a condition of doing business with the financial institution.
Acts 1983, ch. 224, § 5.
Tenn. Code Ann. § 45-6-102 — TN Code / Title 45 / Chapter 6 / Section 45-6-102
Crediting money paid by conveying customer if goods are misappropriated or stolen
Status: in_force

Notwithstanding § 40-24-105 , all moneys paid by a conveying customer pursuant to § 45-6-213(c) , § 40-35-301 , or § 40-35-304 , or pursuant to an order by any court of this state, whether civil or criminal in nature, shall be credited as follows: (1) If the misappropriated or stolen goods are returned to the claimant of the property, the pawnbroker shall first receive payment until the full amount the conveying customer received from the pawnbroker for the property, plus all applicable pawn service charges, and all fees and costs incurred by the pawnbroker in defending a replevin action or civil matter, are paid. Only after the pawnbroker is repaid in full shall payments be credited toward litigation taxes, costs, fines, or any other payment specified by the court; or (2) If the misappropriated or stolen goods are not returned to the claimant of the property, the claimant shall first receive payment in an amount specified by the court. After the claimant receives payment in full, all other payments shall be made in accordance with subdivision (1). Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
Notwithstanding § 40-24-105 , all moneys paid by a conveying customer pursuant to § 45-6-213(c) , § 40-35-301 , or § 40-35-304 , or pursuant to an order by any court of this state, whether civil or criminal in nature, shall be credited as follows:
(1) If the misappropriated or stolen goods are returned to the claimant of the property, the pawnbroker shall first receive payment until the full amount the conveying customer received from the pawnbroker for the property, plus all applicable pawn service charges, and all fees and costs incurred by the pawnbroker in defending a replevin action or civil matter, are paid. Only after the pawnbroker is repaid in full shall payments be credited toward litigation taxes, costs, fines, or any other payment specified by the court; or
(2) If the misappropriated or stolen goods are not returned to the claimant of the property, the claimant shall first receive payment in an amount specified by the court. After the claimant receives payment in full, all other payments shall be made in accordance with subdivision (1).
Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
Tenn. Code Ann. § 45-2-1407 — TN Code / Title 45 / Chapter 2 / Section 45-2-1407
Powers
Status: in_force

(a) An out-of-state state bank that establishes and maintains one (1) or more branches in Tennessee under this part may conduct any activities at the branch or branches that are authorized under the laws of this state for Tennessee state banks. (b) Notwithstanding any other state law to the contrary and in addition to any other activities a state bank may conduct, a Tennessee state bank may conduct any activities at any branch outside Tennessee that are permissible for a bank chartered by the host state where the branch is located, subject to regulation by the commissioner for the purpose of maintaining the state bank's safety and soundness. Acts 1996, ch. 562, § 1.
(a) An out-of-state state bank that establishes and maintains one (1) or more branches in Tennessee under this part may conduct any activities at the branch or branches that are authorized under the laws of this state for Tennessee state banks.
(b) Notwithstanding any other state law to the contrary and in addition to any other activities a state bank may conduct, a Tennessee state bank may conduct any activities at any branch outside Tennessee that are permissible for a bank chartered by the host state where the branch is located, subject to regulation by the commissioner for the purpose of maintaining the state bank's safety and soundness.
Acts 1996, ch. 562, § 1.
Tenn. Code Ann. § 45-17-103 — TN Code / Title 45 / Chapter 17 / Section 45-17-103
License requirement
Status: in_force

(a) No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license. A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state. A separate license shall be required for each location from which the business of deferred presentment services is conducted. (b) Any nonresident person, seeking a license under this chapter, shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. Such nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until approved by the commissioner. Acts 1997 , ch. 255, § 4; 1999, ch. 14, §1; 2011 , ch. 205, § 3.
(a) No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license. A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state. A separate license shall be required for each location from which the business of deferred presentment services is conducted.
(b) Any nonresident person, seeking a license under this chapter, shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. Such nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until approved by the commissioner.
Acts 1997 , ch. 255, § 4; 1999, ch. 14, §1; 2011 , ch. 205, § 3.
Tenn. Code Ann. § 45-13-212 — TN Code / Title 45 / Chapter 13 / Section 45-13-212
Work from remote locations
Status: in_force

(a) As used in this section, "remote location" means a location at which the employees of a licensee may conduct business other than a licensed location, the licensee's principal place of business, or a licensed branch office. (b) Except as provided in subsection (c), this chapter does not prohibit an employee of a licensee from performing licensable activities at the employee's residence or another remote location in accordance with the licensee's written supervisory policies and procedures. (c) A licensee may permit an employee to work at a remote location only under the following conditions: (1) Access to licensee's platforms and customer information are in accordance with the licensee's comprehensive written information security plan; (2) In-person customer interactions do not occur at the employee's residence unless the residence is a licensed location; (3) Physical records are not maintained at the remote location; (4) Customer interactions, data, and conversations about consumers comply with federal and state information security requirements, including 15 U.S.C. § 6802 and the Safeguards Rule established by the federal trade commission ( 16 CFR Part 314 ); (5) The licensee employs appropriate risk-based monitoring and oversight processes and the employee that works from the remote location agrees to comply with the licensee's established processes; (6) The licensee, at least once annually, certifies that the employee engaging in remote activity meets the appropriate standards and safeguards to continue remote activity; and (7) If the employee is a mortgage loan originator, the National Mortgaging Licensing System (NMLS) record of the originator that works from the remote location designates the licensee's principal place of business as the originator's licensed location unless the originator elects to choose a licensed branch office as the originator's licensed location. Added by 2022 Tenn. Acts, ch. 815, s 1, eff. 7/1/2022.
(a) As used in this section, "remote location" means a location at which the employees of a licensee may conduct business other than a licensed location, the licensee's principal place of business, or a licensed branch office.
(b) Except as provided in subsection (c), this chapter does not prohibit an employee of a licensee from performing licensable activities at the employee's residence or another remote location in accordance with the licensee's written supervisory policies and procedures.
(c) A licensee may permit an employee to work at a remote location only under the following conditions: (1) Access to licensee's platforms and customer information are in accordance with the licensee's comprehensive written information security plan; (2) In-person customer interactions do not occur at the employee's residence unless the residence is a licensed location; (3) Physical records are not maintained at the remote location; (4) Customer interactions, data, and conversations about consumers comply with federal and state information security requirements, including 15 U.S.C. § 6802 and the Safeguards Rule established by the federal trade commission ( 16 CFR Part 314 ); (5) The licensee employs appropriate risk-based monitoring and oversight processes and the employee that works from the remote location agrees to comply with the licensee's established processes; (6) The licensee, at least once annually, certifies that the employee engaging in remote activity meets the appropriate standards and safeguards to continue remote activity; and (7) If the employee is a mortgage loan originator, the National Mortgaging Licensing System (NMLS) record of the originator that works from the remote location designates the licensee's principal place of business as the originator's licensed location unless the originator elects to choose a licensed branch office as the originator's licensed location.
(1) Access to licensee's platforms and customer information are in accordance with the licensee's comprehensive written information security plan;
(2) In-person customer interactions do not occur at the employee's residence unless the residence is a licensed location;
(3) Physical records are not maintained at the remote location;
(4) Customer interactions, data, and conversations about consumers comply with federal and state information security requirements, including 15 U.S.C. § 6802 and the Safeguards Rule established by the federal trade commission ( 16 CFR Part 314 );
(5) The licensee employs appropriate risk-based monitoring and oversight processes and the employee that works from the remote location agrees to comply with the licensee's established processes;
(6) The licensee, at least once annually, certifies that the employee engaging in remote activity meets the appropriate standards and safeguards to continue remote activity; and
(7) If the employee is a mortgage loan originator, the National Mortgaging Licensing System (NMLS) record of the originator that works from the remote location designates the licensee's principal place of business as the originator's licensed location unless the originator elects to choose a licensed branch office as the originator's licensed location.
Added by 2022 Tenn. Acts, ch. 815, s 1, eff. 7/1/2022.
Tenn. Code Ann. § 45-13-401 — TN Code / Title 45 / Chapter 13 / Section 45-13-401
Prohibited acts and practices
Status: in_force

It is a violation of this chapter for any person subject to this chapter to: (1) Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) Solicit or enter into a contract with a borrower that provides in substance that the person subject to this chapter may earn a fee or commission through best efforts to obtain a residential mortgage loan even though no loan is actually obtained for the borrower; (3) Solicit, advertise or enter into a contract for specific interest rates, points or other financing terms, unless the terms are actually available at the time of soliciting, advertising or contracting; (4) Conduct any business covered by this chapter without holding a valid license as required under this chapter or assist or aide and abet any person in the conduct of business under this chapter without a valid license as required under this chapter; (5) Fail to comply with this chapter or any rules or regulations promulgated under this chapter; (6) Contract for or collect interest on a residential mortgage loan, or both, at a rate in violation of the maximum effective rate of interest applicable to the contract, as established pursuant to title 47, chapter 14 or 15, as applicable, unless otherwise authorized by law to do so; (7) Fail to comply with any other state or federal law, or rules or regulations promulgated under any state or federal law, applicable to any business authorized or conducted under this chapter, including, but not limited to, the Real Estate Settlement Procedures Act ( 12 U.S.C. § 2601 et seq.), the Truth In Lending Act ( 15 U.S.C. § 1601 et seq.), and the Equal Credit Opportunity Act ( 15 U.S.C. §§ 1691 - 1691f ); (8) Make, in any manner, any false or deceptive statement or representation to a borrower or potential borrower, including, but not limited to, a false or deceptive statement or representation with regard to the rates, points or other financing terms or conditions for a residential mortgage loan, or engage in bait and switch advertising; (9) Make any false statement or material omission in connection with any information reported to or filed with the commissioner or with the Nationwide Mortgage Licensing System and Registry or in connection with any examination or investigation conducted by the commissioner; (10) Fail to accurately account for moneys belonging to a party to a residential mortgage loan transaction; (11) Fail to disburse funds in accordance with a written agreement; (12) Obtain any agreement or instrument in which blanks are left to be filled in after execution; (13) Delay closing of any residential mortgage loan for the purpose of increasing interest, costs, fees or charges payable by the borrower; (14) Intimidate a real estate appraiser or influence an appraiser's report relating to market conditions or determination of value; (15) Refuse to permit the commissioner to make an examination authorized under this chapter; or (16) Assign or attempt to assign any license issued under this chapter. Acts 2009 , ch. 499, § 8.
It is a violation of this chapter for any person subject to this chapter to:
(1) Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person;
(2) Solicit or enter into a contract with a borrower that provides in substance that the person subject to this chapter may earn a fee or commission through best efforts to obtain a residential mortgage loan even though no loan is actually obtained for the borrower;
(3) Solicit, advertise or enter into a contract for specific interest rates, points or other financing terms, unless the terms are actually available at the time of soliciting, advertising or contracting;
(4) Conduct any business covered by this chapter without holding a valid license as required under this chapter or assist or aide and abet any person in the conduct of business under this chapter without a valid license as required under this chapter;
(5) Fail to comply with this chapter or any rules or regulations promulgated under this chapter;
(6) Contract for or collect interest on a residential mortgage loan, or both, at a rate in violation of the maximum effective rate of interest applicable to the contract, as established pursuant to title 47, chapter 14 or 15, as applicable, unless otherwise authorized by law to do so;
(7) Fail to comply with any other state or federal law, or rules or regulations promulgated under any state or federal law, applicable to any business authorized or conducted under this chapter, including, but not limited to, the Real Estate Settlement Procedures Act ( 12 U.S.C. § 2601 et seq.), the Truth In Lending Act ( 15 U.S.C. § 1601 et seq.), and the Equal Credit Opportunity Act ( 15 U.S.C. §§ 1691 - 1691f );
(8) Make, in any manner, any false or deceptive statement or representation to a borrower or potential borrower, including, but not limited to, a false or deceptive statement or representation with regard to the rates, points or other financing terms or conditions for a residential mortgage loan, or engage in bait and switch advertising;
(9) Make any false statement or material omission in connection with any information reported to or filed with the commissioner or with the Nationwide Mortgage Licensing System and Registry or in connection with any examination or investigation conducted by the commissioner;
(10) Fail to accurately account for moneys belonging to a party to a residential mortgage loan transaction;
(11) Fail to disburse funds in accordance with a written agreement;
(12) Obtain any agreement or instrument in which blanks are left to be filled in after execution;
(13) Delay closing of any residential mortgage loan for the purpose of increasing interest, costs, fees or charges payable by the borrower;
(14) Intimidate a real estate appraiser or influence an appraiser's report relating to market conditions or determination of value;
(15) Refuse to permit the commissioner to make an examination authorized under this chapter; or
(16) Assign or attempt to assign any license issued under this chapter.
Acts 2009 , ch. 499, § 8.
Tenn. Code Ann. § 45-3-107 — TN Code / Title 45 / Chapter 3 / Section 45-3-107
Corporate form required - Capital stock and mutual associations authorized
Status: in_force

(a) No person, except a corporation chartered by the state of Tennessee or a federally chartered association, shall engage in the business of a savings and loan association in this state. (b) The charter of an association may provide for the issuance of capital stock or for the organization of the association as a mutual association. Acts 1978, ch. 708, § 1.07; T.C.A., § 45-1307.
(a) No person, except a corporation chartered by the state of Tennessee or a federally chartered association, shall engage in the business of a savings and loan association in this state.
(b) The charter of an association may provide for the issuance of capital stock or for the organization of the association as a mutual association.
Acts 1978, ch. 708, § 1.07; T.C.A., § 45-1307.
Tenn. Code Ann. § 45-10-115 — TN Code / Title 45 / Chapter 10 / Section 45-10-115
Personal attendance of custodian - Form of subpoena
Status: in_force

(a) Where the personal attendance of the custodian is required, the subpoena duces tecum shall contain a clause that reads: "The procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena." (b) Where both the personal attendance of the custodian and the production of the original record are required, the subpoena duces tecum shall contain a clause that reads: "Original records are required, and the procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena." (c) Where the personal attendance of the custodian is required, the immediate custodian or immediate custodians of the records required shall appear, and the custodian or custodians shall be compensated as witnesses, in addition to the reasonable cost of producing the records being taxed as costs of court. Acts 1983, ch. 224, § 15.
(a) Where the personal attendance of the custodian is required, the subpoena duces tecum shall contain a clause that reads: "The procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena."
"The procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena."
(b) Where both the personal attendance of the custodian and the production of the original record are required, the subpoena duces tecum shall contain a clause that reads: "Original records are required, and the procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena."
"Original records are required, and the procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 - 45-10-113 will not be deemed sufficient compliance with this subpoena."
(c) Where the personal attendance of the custodian is required, the immediate custodian or immediate custodians of the records required shall appear, and the custodian or custodians shall be compensated as witnesses, in addition to the reasonable cost of producing the records being taxed as costs of court.
Acts 1983, ch. 224, § 15.
Tenn. Code Ann. § 45-5-605 — TN Code / Title 45 / Chapter 5 / Section 45-5-605
Issuance of thrift certificates
Status: in_force

An industrial bank shall not issue thrift certificates until and unless: (1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation; (2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and (3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it. Acts 1983, ch. 274, § 20.
An industrial bank shall not issue thrift certificates until and unless:
(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;
(2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and
(3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.
Acts 1983, ch. 274, § 20.