Tenn. Code Ann. § 45-3-1314 — TN Code / Title 45 / Chapter 3 / Section 45-3-1314
Injunction
Status: in_force

Whenever a violation of any provision of this chapter by any association or any director, officer, agent, or employee of the association is threatened or impending such that immediate and substantial injury to the association or to its depositors or stockholders will ensue, a court of competent jurisdiction shall, upon suit of the commissioner, issue an injunction restraining the violation. Acts 1978, ch. 708, § 5.18; T.C.A., § 45-1718.
Whenever a violation of any provision of this chapter by any association or any director, officer, agent, or employee of the association is threatened or impending such that immediate and substantial injury to the association or to its depositors or stockholders will ensue, a court of competent jurisdiction shall, upon suit of the commissioner, issue an injunction restraining the violation.
Acts 1978, ch. 708, § 5.18; T.C.A., § 45-1718.
Tenn. Code Ann. § 45-17-112 — TN Code / Title 45 / Chapter 17 / Section 45-17-112
Retention of records - Operating costs - Deferred presentment procedures
Status: in_force

(a) Each licensee shall keep and use in its business any books, accounts and records the commissioner may require to carry into effect this chapter and the administrative regulations issued hereunder. Every licensee shall preserve the books, accounts and records for at least two (2) years. Any licensee, after receiving the prior written approval of the commissioner, may maintain records at a location within or outside this state. (b) A licensee may charge a fee to defray operational costs, including, but not limited to, investigating the checking account and copying required documents, photographing the person signing the check, securing the check and customer records in a safe, fire-proof place, maintaining records as required by this chapter, maintaining required capital and liquidity, processing, documenting and closing the transaction, and for other expenses and losses. The fee authorized by this subsection (b) shall not exceed fifteen percent (15%) of the face amount of the check. The fee, when made and collected, shall not be deemed interest for any purpose of law. (c) Before a licensee shall present for payment or deposit a check accepted by the licensee, the check shall be endorsed with the actual name under which the licensee is doing business. (d) Any agreement for deferred presentment of a check must be in writing and signed by the maker of the check. The maker of a check shall have the right to redeem the check from the licensee before the agreed date of deposit upon payment to the licensee of the amount of the check. A licensee shall not defer presentment of any personal check for more than thirty-one (31) calendar days after the date the check is tendered to the licensee. (e) Within five (5) business days after being advised by the payer financial institution that a check or draft has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the district attorney general for the district in which the check was received or the customer resides. If a check or draft is returned to the licensee by the payer financial institution for any of these reasons, the licensee shall not release the check, draft or money order without the consent of the district attorney general or other investigating law enforcement authority. (f) A licensee shall comply with all provisions of state and federal law regarding cash transactions and cash transaction reporting. (g) A licensee shall provide each prospective customer, before consummation of the deferred presentment agreement, a written explanation, in clear, understandable language, of the fees to be charged by the licensee, and the date on which the check will be deposited or presented by the licensee. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure. The department of financial institutions shall promulgate rules requiring each licensee to issue a standardized consumer notification and disclosure form in compliance with federal truth-in-lending laws prior to entering into any deferred presentment transaction. The required style, content and method of executing the form shall be specifically prescribed by the rules and shall be designed to ensure that the consumer, prior to entering into a deferred presentment transaction, receives and acknowledges an accurate and complete notification and disclosure of the itemized and total amounts of all fees and other costs that will or potentially could be imposed as a result of the agreement. Enactment of this subsection (g) shall not create any inference that a particular method of disclosure was required prior to October 1, 1997. (h) A licensee shall issue a receipt to each person for whom a licensee defers deposit of a check. The receipt shall include the information described in subsection (g). (i) If a check is returned to the licensee from a payer financial institution due to insufficient funds, closed account, or a stop-payment order, the licensee shall have the right to all civil means available and allowed by law to collect the check, including the right to collect court costs incurred in bringing the civil action as authorized in § 47-29-101(a)(4), (b) and (c) . However, no licensee shall have the authority to assess a handling charge against the maker or drawer authorized by § 47-29-102 or the right to collect attorney's fees relating to the check. No other provisions of title 47, chapter 29, are applicable to a person licensed under this chapter. No individual who issues a personal check to a licensee under this chapter shall be convicted under § 39-14-121 . (j) No licensee may alter or delete the date on any check accepted by the licensee. No licensee may accept an undated check or a check dated on a date other than the date on which the licensee accepts the check. (k) No licensee shall engage in unfair or deceptive acts, practices or advertising in the conduct of the licensed business. (l) Consistent with the nature of deferred presentment transactions, no licensee shall require a customer to provide security for the transaction or require the customer to provide a guaranty from another person. (m) Each licensee must pay the full amount of any check cashed in cash or by check issued by the licensee, less only the fees permitted under this chapter. Payment by a licensee by means of a check shall not cause the licensee to be subject to chapter 7 of this title. (n) Each licensee shall display its license in a conspicuous location in its place of business and shall post a notice in a conspicuous location in its place of business containing a description of the charges imposed by the licensee. (o) No licensee or any person related to the licensee by common ownership or control may have outstanding more than two (2) checks from any one (1) customer at any one (1) time, with the aggregate face value of all outstanding checks from any one (1) customer not to exceed five hundred dollars ($500). (p) Each licensee shall inquire of any person seeking deferred presentment services regarding the person's outstanding checks from other licensees. If the customer represents in writing that the customer has no more than two (2) checks outstanding to any licensee or licensees and that the aggregate face value of all outstanding checks issued by the customer for deferred presentment does not equal or exceed five hundred dollars ($500), a licensee may accept for deferred presentment a check in an amount that, when combined with the customer's other outstanding checks held for deferred presentment, does not exceed five hundred dollars ($500), so long as the check for deferred presentment complies with subsection (o). If the customer represents in writing that the customer has three (3) or more checks outstanding to any licensee or licensees, or if the aggregate face value of all outstanding checks issued by the customer for deferred presentment equals or exceeds five hundred dollars ($500), a licensee shall not accept another check for deferred presentment from that customer until the customer represents to the licensee in writing that the customer qualifies to issue a new check for deferred presentment in accordance with the preceding sentence. Each licensee may rely on a written representation of a customer regarding the existence of any outstanding checks for deferred presentment held by any licensee other than the licensee receiving the representation. (q) A licensee shall not renew or otherwise consolidate a deferred presentment transaction with the proceeds of another deferred presentment transaction made by the same licensee. A transaction entered into in violation of this subsection (q) is void and unenforceable in law or equity. (r) A licensee shall not use any device or agreement, including agreements with affiliated licensees, with the intent to obtain greater charges than otherwise would be authorized by this chapter. (s) (1) No deferred presentment services agreement, subject to this chapter shall: (A) Provide that the law of a jurisdiction other than Tennessee applies; (B) Provide that the customer consents to the jurisdiction of another state or foreign country; (C) Fix venue; or (D) Waive any provision of this chapter. (2) Any such provision contained in any deferred presentment services agreement subject to this chapter shall be void and not enforceable as a matter of public policy. Acts 1997 , ch. 255, § 13; 1999, ch. 14, § 1; 2001, ch. 5, §1; 2011 , ch. 205, §§ 6-10.
(a) Each licensee shall keep and use in its business any books, accounts and records the commissioner may require to carry into effect this chapter and the administrative regulations issued hereunder. Every licensee shall preserve the books, accounts and records for at least two (2) years. Any licensee, after receiving the prior written approval of the commissioner, may maintain records at a location within or outside this state.
(b) A licensee may charge a fee to defray operational costs, including, but not limited to, investigating the checking account and copying required documents, photographing the person signing the check, securing the check and customer records in a safe, fire-proof place, maintaining records as required by this chapter, maintaining required capital and liquidity, processing, documenting and closing the transaction, and for other expenses and losses. The fee authorized by this subsection (b) shall not exceed fifteen percent (15%) of the face amount of the check. The fee, when made and collected, shall not be deemed interest for any purpose of law.
(c) Before a licensee shall present for payment or deposit a check accepted by the licensee, the check shall be endorsed with the actual name under which the licensee is doing business.
(d) Any agreement for deferred presentment of a check must be in writing and signed by the maker of the check. The maker of a check shall have the right to redeem the check from the licensee before the agreed date of deposit upon payment to the licensee of the amount of the check. A licensee shall not defer presentment of any personal check for more than thirty-one (31) calendar days after the date the check is tendered to the licensee.
(e) Within five (5) business days after being advised by the payer financial institution that a check or draft has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the district attorney general for the district in which the check was received or the customer resides. If a check or draft is returned to the licensee by the payer financial institution for any of these reasons, the licensee shall not release the check, draft or money order without the consent of the district attorney general or other investigating law enforcement authority.
(f) A licensee shall comply with all provisions of state and federal law regarding cash transactions and cash transaction reporting.
(g) A licensee shall provide each prospective customer, before consummation of the deferred presentment agreement, a written explanation, in clear, understandable language, of the fees to be charged by the licensee, and the date on which the check will be deposited or presented by the licensee. The commissioner may promulgate rules establishing additional requirements in order to assure complete and accurate disclosure. The department of financial institutions shall promulgate rules requiring each licensee to issue a standardized consumer notification and disclosure form in compliance with federal truth-in-lending laws prior to entering into any deferred presentment transaction. The required style, content and method of executing the form shall be specifically prescribed by the rules and shall be designed to ensure that the consumer, prior to entering into a deferred presentment transaction, receives and acknowledges an accurate and complete notification and disclosure of the itemized and total amounts of all fees and other costs that will or potentially could be imposed as a result of the agreement. Enactment of this subsection (g) shall not create any inference that a particular method of disclosure was required prior to October 1, 1997.
(h) A licensee shall issue a receipt to each person for whom a licensee defers deposit of a check. The receipt shall include the information described in subsection (g).
(i) If a check is returned to the licensee from a payer financial institution due to insufficient funds, closed account, or a stop-payment order, the licensee shall have the right to all civil means available and allowed by law to collect the check, including the right to collect court costs incurred in bringing the civil action as authorized in § 47-29-101(a)(4), (b) and (c) . However, no licensee shall have the authority to assess a handling charge against the maker or drawer authorized by § 47-29-102 or the right to collect attorney's fees relating to the check. No other provisions of title 47, chapter 29, are applicable to a person licensed under this chapter. No individual who issues a personal check to a licensee under this chapter shall be convicted under § 39-14-121 .
(j) No licensee may alter or delete the date on any check accepted by the licensee. No licensee may accept an undated check or a check dated on a date other than the date on which the licensee accepts the check.
(k) No licensee shall engage in unfair or deceptive acts, practices or advertising in the conduct of the licensed business.
(l) Consistent with the nature of deferred presentment transactions, no licensee shall require a customer to provide security for the transaction or require the customer to provide a guaranty from another person.
(m) Each licensee must pay the full amount of any check cashed in cash or by check issued by the licensee, less only the fees permitted under this chapter. Payment by a licensee by means of a check shall not cause the licensee to be subject to chapter 7 of this title.
(n) Each licensee shall display its license in a conspicuous location in its place of business and shall post a notice in a conspicuous location in its place of business containing a description of the charges imposed by the licensee.
(o) No licensee or any person related to the licensee by common ownership or control may have outstanding more than two (2) checks from any one (1) customer at any one (1) time, with the aggregate face value of all outstanding checks from any one (1) customer not to exceed five hundred dollars ($500).
(p) Each licensee shall inquire of any person seeking deferred presentment services regarding the person's outstanding checks from other licensees. If the customer represents in writing that the customer has no more than two (2) checks outstanding to any licensee or licensees and that the aggregate face value of all outstanding checks issued by the customer for deferred presentment does not equal or exceed five hundred dollars ($500), a licensee may accept for deferred presentment a check in an amount that, when combined with the customer's other outstanding checks held for deferred presentment, does not exceed five hundred dollars ($500), so long as the check for deferred presentment complies with subsection (o). If the customer represents in writing that the customer has three (3) or more checks outstanding to any licensee or licensees, or if the aggregate face value of all outstanding checks issued by the customer for deferred presentment equals or exceeds five hundred dollars ($500), a licensee shall not accept another check for deferred presentment from that customer until the customer represents to the licensee in writing that the customer qualifies to issue a new check for deferred presentment in accordance with the preceding sentence. Each licensee may rely on a written representation of a customer regarding the existence of any outstanding checks for deferred presentment held by any licensee other than the licensee receiving the representation.
(q) A licensee shall not renew or otherwise consolidate a deferred presentment transaction with the proceeds of another deferred presentment transaction made by the same licensee. A transaction entered into in violation of this subsection (q) is void and unenforceable in law or equity.
(r) A licensee shall not use any device or agreement, including agreements with affiliated licensees, with the intent to obtain greater charges than otherwise would be authorized by this chapter.
(s) (1) No deferred presentment services agreement, subject to this chapter shall: (A) Provide that the law of a jurisdiction other than Tennessee applies; (B) Provide that the customer consents to the jurisdiction of another state or foreign country; (C) Fix venue; or (D) Waive any provision of this chapter. (2) Any such provision contained in any deferred presentment services agreement subject to this chapter shall be void and not enforceable as a matter of public policy.
(1) No deferred presentment services agreement, subject to this chapter shall: (A) Provide that the law of a jurisdiction other than Tennessee applies; (B) Provide that the customer consents to the jurisdiction of another state or foreign country; (C) Fix venue; or (D) Waive any provision of this chapter.
(A) Provide that the law of a jurisdiction other than Tennessee applies;
(B) Provide that the customer consents to the jurisdiction of another state or foreign country;
(C) Fix venue; or
(D) Waive any provision of this chapter.
(2) Any such provision contained in any deferred presentment services agreement subject to this chapter shall be void and not enforceable as a matter of public policy.
Acts 1997 , ch. 255, § 13; 1999, ch. 14, § 1; 2001, ch. 5, §1; 2011 , ch. 205, §§ 6-10.
Tenn. Code Ann. § 45-5-506 — TN Code / Title 45 / Chapter 5 / Section 45-5-506
Bar from industry
Status: in_force

(a) If the crime or civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of management, control, employment or providing services for any registrant or other person subject to the commissioner's jurisdiction, if the commissioner finds that the: (1) Censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter, a rule or regulation, or an order of the commissioner; or (2) Person has been: (A) Convicted of or pled guilty to or nolo contendere to any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency. (b) Persons suspended or barred under this section are prohibited from participating in any business activity of a registrant and from engaging in any business activity on the premises where a registrant is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a registrant. (c) This section shall apply to any violation, conviction, plea, or judgment after July 1, 2001. Acts 2001, ch. 165, § 9; 2004, ch. 747, § 15.
(a) If the crime or civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of management, control, employment or providing services for any registrant or other person subject to the commissioner's jurisdiction, if the commissioner finds that the: (1) Censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter, a rule or regulation, or an order of the commissioner; or (2) Person has been: (A) Convicted of or pled guilty to or nolo contendere to any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency.
(1) Censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter, a rule or regulation, or an order of the commissioner; or
(2) Person has been: (A) Convicted of or pled guilty to or nolo contendere to any crime; or (B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency.
(A) Convicted of or pled guilty to or nolo contendere to any crime; or
(B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency.
(b) Persons suspended or barred under this section are prohibited from participating in any business activity of a registrant and from engaging in any business activity on the premises where a registrant is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a registrant.
(c) This section shall apply to any violation, conviction, plea, or judgment after July 1, 2001.
Acts 2001, ch. 165, § 9; 2004, ch. 747, § 15.
Tenn. Code Ann. § 45-2-620 — TN Code / Title 45 / Chapter 2 / Section 45-2-620
Acceptance of deposits or placement in federally insured institutions - Deposits by state or other governmental entities
Status: in_force

(a) A state or national bank or savings institution or savings bank may accept funds for deposit or placement in federally insured institutions, within or without the state; provided, that the bank has entered into a deposit agreement or deposit placement agreement with the depositor. (b) The depository may also enter into a custodial agreement with the customer to maintain any certificate of deposit or other evidences of the deposits so received or placed. Depositors for these purposes shall include the state or any governmental entity. Acts 2005, ch. 432, § 3.
(a) A state or national bank or savings institution or savings bank may accept funds for deposit or placement in federally insured institutions, within or without the state; provided, that the bank has entered into a deposit agreement or deposit placement agreement with the depositor.
(b) The depository may also enter into a custodial agreement with the customer to maintain any certificate of deposit or other evidences of the deposits so received or placed. Depositors for these purposes shall include the state or any governmental entity.
Acts 2005, ch. 432, § 3.
Tenn. Code Ann. § 45-6-101 — TN Code / Title 45 / Chapter 6 / Section 45-6-101
Short title
Status: in_force

This part shall be known and may be cited as the "Pawnbroker Restitution Act". Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
This part shall be known and may be cited as the "Pawnbroker Restitution Act".
Added by 2016 Tenn. Acts, ch. 862,s 1, eff. 7/1/2016.
Tenn. Code Ann. § 45-2-2101 — TN Code / Title 45 / Chapter 2 / Section 45-2-2101
Parts of chapter applicable to trust companies
Status: in_force

(a) Parts 1, 2, 3, 4, 5, 7, 8, and 19 of this chapter do not apply to trust companies, except for §§ 45-2-104 , 45-2-105 , 45-2-208 , 45-2-211 , 45-2-215(b) , 45-2-217 , 45-2-218 , 45-2-219 , 45-2-220 , 45-2-402(d) and (e) , 45-2-404 and 45-2-405 , and as otherwise provided in this part or as determined by the commissioner. (b) Part 14 of this chapter does not apply to trust companies, except for §§ 45-2-1408 - 45-2-1411; and, in regards to § 45-2-1409 , for a state trust company, the "application for an interstate merger transaction with the responsible federal bank supervisory agency," means the merger application that is filed with the responsible state agency. (c) All provisions referenced in this section are in addition to those other statutes in this chapter that are not applicable to trust companies, as determined by the commissioner under § 45-1-124 . Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
(a) Parts 1, 2, 3, 4, 5, 7, 8, and 19 of this chapter do not apply to trust companies, except for §§ 45-2-104 , 45-2-105 , 45-2-208 , 45-2-211 , 45-2-215(b) , 45-2-217 , 45-2-218 , 45-2-219 , 45-2-220 , 45-2-402(d) and (e) , 45-2-404 and 45-2-405 , and as otherwise provided in this part or as determined by the commissioner.
(b) Part 14 of this chapter does not apply to trust companies, except for §§ 45-2-1408 - 45-2-1411; and, in regards to § 45-2-1409 , for a state trust company, the "application for an interstate merger transaction with the responsible federal bank supervisory agency," means the merger application that is filed with the responsible state agency.
(c) All provisions referenced in this section are in addition to those other statutes in this chapter that are not applicable to trust companies, as determined by the commissioner under § 45-1-124 .
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
Tenn. Code Ann. § 45-4-607 — TN Code / Title 45 / Chapter 4 / Section 45-4-607
Repayment on any business day
Status: in_force

A borrower may repay the whole or any part of the loan on any day on which the office of the corporation is open for the transaction of business. Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
A borrower may repay the whole or any part of the loan on any day on which the office of the corporation is open for the transaction of business.
Acts 1923, ch. 68, § 19; Shan. Supp., § 2198a26; Code 1932, § 3853; Acts 1937, ch. 264, § 9; C. Supp. 1950, § 3853; Acts 1963, ch. 30, § 5; 1970, ch. 409, § 3; 1975, ch. 225, § 1; 1978, ch. 552, § 4; 1979, ch. 86, § 8; T.C.A. (orig. ed.), § 45-1821.
Tenn. Code Ann. § 45-8-221 — TN Code / Title 45 / Chapter 8 / Section 45-8-221
Privileged and confidential information - Disclosures
Status: in_force

(a) The information that is obtained by the commissioner, or any financial institutions examiner, in making an examination into the affairs of the BIDCO, shall be for the purpose of ascertaining the true condition of the affairs of the BIDCO, shall be privileged and confidential, shall not be subject to subpoena, and shall not be disclosed by the party making the examination to any person, except that the examiner shall report the condition of the affairs of the BIDCO to the commissioner, and except that the commissioner is authorized to make the following disclosures from reports of examinations and any information related to the examination of the BIDCO: (1) Within the department in the course of official duties; (2) To the United States department of justice, federal bureau of investigation, Tennessee bureau of investigation or state district attorneys general in the case of any criminal violation discovered during the course of an examination; (3) In any administrative proceeding or court action initiated by the commissioner or the department or to which the commissioner is an actual party; (4) To the directors of a BIDCO; (5) To the comptroller of the treasury or the comptroller's designee for the purpose of an audit of the department; provided, that neither this section nor § 10-7-508 shall allow the comptroller or the comptroller's designee a right of access to the names of debtors or other persons listed in the report of an examination of a BIDCO; (6) To the state treasurer, commissioner of finance and administration, and commissioner of economic and community development when disclosure is in the best interest of the state; and (7) To other states' financial institutions' regulatory agencies that have authority to regulate BIDCOs in their states. (b) Disclosures made under subsection (a) shall be made under safeguards designed to prevent further dissemination of confidential information. If any agency or department that has received confidential information under subsection (a) receives a valid subpoena to produce documents of the department of financial institutions, or desires to use the documents in litigation including, but not limited to, discovery proceedings, in which it is involved, the agency or department shall notify the department for permission to produce the documents. The commissioner has the discretion to authorize the requesting agency or department to use the documents under a protective order approved by the commissioner and designed to prevent the unnecessary further dissemination of the documents. (c) (1) A BIDCO may reproduce all, or any part of, a report of examination and send or deliver the reproduction to a holding company of which it is a subsidiary. (2) As used in this section, "subsidiary" means: (A) Any company twenty-five percent (25%) or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by the holding company, or is held by it with power to vote; (B) Any company the election of a majority of whose directors is controlled in any manner by the holding company; or (C) Any company with respect to the management or policies of which the holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the commissioner, after notice and opportunity for hearing. (d) Notwithstanding any provision of this section to the contrary, the commissioner may, in the commissioner's discretion and in the interest of justice, and when under a validly issued subpoena, waive the privilege created herein and produce examination reports of BIDCOs and other related documents under a protection order entered by a court or administrative tribunal of competent jurisdiction where the order is designed to protect the confidential nature of the information so disclosed from public dissemination. Amended by 2013 Tenn. Acts, ch. 211,s 7, eff. 7/1/2013. Acts 1989, ch. 124, § 21.
(a) The information that is obtained by the commissioner, or any financial institutions examiner, in making an examination into the affairs of the BIDCO, shall be for the purpose of ascertaining the true condition of the affairs of the BIDCO, shall be privileged and confidential, shall not be subject to subpoena, and shall not be disclosed by the party making the examination to any person, except that the examiner shall report the condition of the affairs of the BIDCO to the commissioner, and except that the commissioner is authorized to make the following disclosures from reports of examinations and any information related to the examination of the BIDCO: (1) Within the department in the course of official duties; (2) To the United States department of justice, federal bureau of investigation, Tennessee bureau of investigation or state district attorneys general in the case of any criminal violation discovered during the course of an examination; (3) In any administrative proceeding or court action initiated by the commissioner or the department or to which the commissioner is an actual party; (4) To the directors of a BIDCO; (5) To the comptroller of the treasury or the comptroller's designee for the purpose of an audit of the department; provided, that neither this section nor § 10-7-508 shall allow the comptroller or the comptroller's designee a right of access to the names of debtors or other persons listed in the report of an examination of a BIDCO; (6) To the state treasurer, commissioner of finance and administration, and commissioner of economic and community development when disclosure is in the best interest of the state; and (7) To other states' financial institutions' regulatory agencies that have authority to regulate BIDCOs in their states.
(1) Within the department in the course of official duties;
(2) To the United States department of justice, federal bureau of investigation, Tennessee bureau of investigation or state district attorneys general in the case of any criminal violation discovered during the course of an examination;
(3) In any administrative proceeding or court action initiated by the commissioner or the department or to which the commissioner is an actual party;
(4) To the directors of a BIDCO;
(5) To the comptroller of the treasury or the comptroller's designee for the purpose of an audit of the department; provided, that neither this section nor § 10-7-508 shall allow the comptroller or the comptroller's designee a right of access to the names of debtors or other persons listed in the report of an examination of a BIDCO;
(6) To the state treasurer, commissioner of finance and administration, and commissioner of economic and community development when disclosure is in the best interest of the state; and
(7) To other states' financial institutions' regulatory agencies that have authority to regulate BIDCOs in their states.
(b) Disclosures made under subsection (a) shall be made under safeguards designed to prevent further dissemination of confidential information. If any agency or department that has received confidential information under subsection (a) receives a valid subpoena to produce documents of the department of financial institutions, or desires to use the documents in litigation including, but not limited to, discovery proceedings, in which it is involved, the agency or department shall notify the department for permission to produce the documents. The commissioner has the discretion to authorize the requesting agency or department to use the documents under a protective order approved by the commissioner and designed to prevent the unnecessary further dissemination of the documents.
(c) (1) A BIDCO may reproduce all, or any part of, a report of examination and send or deliver the reproduction to a holding company of which it is a subsidiary. (2) As used in this section, "subsidiary" means: (A) Any company twenty-five percent (25%) or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by the holding company, or is held by it with power to vote; (B) Any company the election of a majority of whose directors is controlled in any manner by the holding company; or (C) Any company with respect to the management or policies of which the holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the commissioner, after notice and opportunity for hearing.
(1) A BIDCO may reproduce all, or any part of, a report of examination and send or deliver the reproduction to a holding company of which it is a subsidiary.
(2) As used in this section, "subsidiary" means: (A) Any company twenty-five percent (25%) or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by the holding company, or is held by it with power to vote; (B) Any company the election of a majority of whose directors is controlled in any manner by the holding company; or (C) Any company with respect to the management or policies of which the holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the commissioner, after notice and opportunity for hearing.
(A) Any company twenty-five percent (25%) or more of whose voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by the holding company, or is held by it with power to vote;
(B) Any company the election of a majority of whose directors is controlled in any manner by the holding company; or
(C) Any company with respect to the management or policies of which the holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the commissioner, after notice and opportunity for hearing.
(d) Notwithstanding any provision of this section to the contrary, the commissioner may, in the commissioner's discretion and in the interest of justice, and when under a validly issued subpoena, waive the privilege created herein and produce examination reports of BIDCOs and other related documents under a protection order entered by a court or administrative tribunal of competent jurisdiction where the order is designed to protect the confidential nature of the information so disclosed from public dissemination.
Amended by 2013 Tenn. Acts, ch. 211,s 7, eff. 7/1/2013.
Acts 1989, ch. 124, § 21.
Tenn. Code Ann. § 45-5-208 — TN Code / Title 45 / Chapter 5 / Section 45-5-208
Multi-state automated licensing system
Status: in_force

(a) In addition to any other powers imposed upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be registered through a multi-state automated licensing system. Pursuant to this authority, the commissioner may: (1) Promulgate any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements 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 registration under this chapter and renewals of such registrations 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 registrations to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established elsewhere in this chapter. The commissioner shall provide reasonable notice of any transition deadlines to registrants; and (6) Take such further actions as are reasonably necessary to give effect to this section. (b) Nothing in this section authorizes the commissioner to require a person who is not subject to this chapter to submit information to, or participate in, a multi-state automated licensing system. (c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to register persons under this chapter and to enforce this chapter. Nothing in this section reduces or derogates that authority and discretion. (d) Applicants for and holders of registrations issued under this chapter must pay all costs associated with submitting an application or transitioning a registration to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any registration issued by the commissioner on a multi-state automated licensing system. Added by 2017 Tenn. Acts, ch. 122,s 4, eff. 7/1/2017.
(a) In addition to any other powers imposed upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be registered through a multi-state automated licensing system. Pursuant to this authority, the commissioner may: (1) Promulgate any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements 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 registration under this chapter and renewals of such registrations 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 registrations to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established elsewhere in this chapter. The commissioner shall provide reasonable notice of any transition deadlines to registrants; and (6) Take such further actions as are reasonably necessary to give effect to this section.
(1) Promulgate any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system;
(2) Establish relationships or enter into agreements 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 registration under this chapter and renewals of such registrations 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 registrations to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established elsewhere in this chapter. The commissioner shall provide reasonable notice of any transition deadlines to registrants; and
(6) Take such further actions as are reasonably necessary to give effect to this section.
(b) Nothing in this section authorizes the commissioner to require a person who is not subject to this chapter to submit information to, or participate in, a multi-state automated licensing system.
(c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to register persons under this chapter and to enforce this chapter. Nothing in this section reduces or derogates that authority and discretion.
(d) Applicants for and holders of registrations issued under this chapter must pay all costs associated with submitting an application or transitioning a registration to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any registration issued by the commissioner on a multi-state automated licensing system.
Added by 2017 Tenn. Acts, ch. 122,s 4, eff. 7/1/2017.
Tenn. Code Ann. § 45-3-507 — TN Code / Title 45 / Chapter 3 / Section 45-3-507
Accounts of minors
Status: in_force

(a) Any association may accept deposit accounts from any minor as the sole and absolute owner of the account, and receive payments on the accounts by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of the minor. (b) Any payment or delivery of rights to any minor, or a receipt of acquittance signed by a minor who holds an account, shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt of acquittance signed by a minor who holds an account shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt, acquittance, pledge, or other action required by the association to be taken by a minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity. (c) The parent or guardian of the minor shall not, in the person's capacity as parent or guardian, have the power to attach or in any manner to transfer any account issued to or in the name of the minor; provided, that in the event of the death of the minor, the receipt or acquittance of either parent or guardian of the minor shall be a valid and sufficient discharge of the association for any sum or sums not exceeding in the aggregate one thousand dollars ($1,000), unless the minor has given written notice not to accept the signature of the parent or guardian. Acts 1978, ch. 708, § 2.07; T.C.A, § 45-1407.
(a) Any association may accept deposit accounts from any minor as the sole and absolute owner of the account, and receive payments on the accounts by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of the minor.
(b) Any payment or delivery of rights to any minor, or a receipt of acquittance signed by a minor who holds an account, shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt of acquittance signed by a minor who holds an account shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt, acquittance, pledge, or other action required by the association to be taken by a minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity.
(c) The parent or guardian of the minor shall not, in the person's capacity as parent or guardian, have the power to attach or in any manner to transfer any account issued to or in the name of the minor; provided, that in the event of the death of the minor, the receipt or acquittance of either parent or guardian of the minor shall be a valid and sufficient discharge of the association for any sum or sums not exceeding in the aggregate one thousand dollars ($1,000), unless the minor has given written notice not to accept the signature of the parent or guardian.
Acts 1978, ch. 708, § 2.07; T.C.A, § 45-1407.
Tenn. Code Ann. § 45-2-616 — TN Code / Title 45 / Chapter 2 / Section 45-2-616
Preservation of bank records
Status: in_force

(a) Every bank shall retain its business records for the periods that are or may be prescribed by or in accordance with the terms of this section. (b) Each bank shall retain for a period of seven (7) years the minute books of meetings of its stockholders and directors, capital stock ledger and capital stock certificates ledger or stubs, general ledger, daily statements of condition, general journal, investment ledger, and copies of bank examination reports. (c) All other bank records shall be retained for the periods that the commissioner shall, in accordance with the terms of this section, prescribe. (d) The commissioner shall, from time to time, issue regulations classifying all records kept by state banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing the regulations, the commissioner shall consider: (1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable; (2) State and federal statutes of limitation applicable to the actions or proceedings; (3) The availability of information contained in bank records from other sources; and (4) Other matters that the commissioner deems pertinent, in order that the commissioner's regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available. (e) Any bank may dispose of any record that has been retained for the period prescribed by or in accordance with the terms of this section for retention of records of its class, and shall thereafter be under no duty to produce the records in any action or proceeding. (f) (1) Any bank may cause any or all records at any time in its custody to be reproduced and/or preserved by itself, or by any other person who agrees in writing to submit its operations to the examination of the commissioner, to the extent that the operations directly affect the recordkeeping, by any: (A) Microphotographic process; (B) Electronic and/or mechanical data storage technique; or (C) Any other means approved by the commissioner. (2) A record reproduced and/or preserved by a process, technique or means approved under subdivision (f)(1) shall have the same force and effect as the original record and be admitted into evidence equally with the original. (g) To the extent that they are not in contravention of any law of the United States, this section applies to all banks doing business in this state. Amended by 2020 Tenn. Acts, ch. 605, s 5, eff. 3/20/2020. Acts 1969, ch. 36, § 1 (3.251); 1973, ch. 294, § 6; T.C.A., § 45-445.
(a) Every bank shall retain its business records for the periods that are or may be prescribed by or in accordance with the terms of this section.
(b) Each bank shall retain for a period of seven (7) years the minute books of meetings of its stockholders and directors, capital stock ledger and capital stock certificates ledger or stubs, general ledger, daily statements of condition, general journal, investment ledger, and copies of bank examination reports.
(c) All other bank records shall be retained for the periods that the commissioner shall, in accordance with the terms of this section, prescribe.
(d) The commissioner shall, from time to time, issue regulations classifying all records kept by state banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing the regulations, the commissioner shall consider: (1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable; (2) State and federal statutes of limitation applicable to the actions or proceedings; (3) The availability of information contained in bank records from other sources; and (4) Other matters that the commissioner deems pertinent, in order that the commissioner's regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
(1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable;
(2) State and federal statutes of limitation applicable to the actions or proceedings;
(3) The availability of information contained in bank records from other sources; and
(4) Other matters that the commissioner deems pertinent, in order that the commissioner's regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
(e) Any bank may dispose of any record that has been retained for the period prescribed by or in accordance with the terms of this section for retention of records of its class, and shall thereafter be under no duty to produce the records in any action or proceeding.
(f) (1) Any bank may cause any or all records at any time in its custody to be reproduced and/or preserved by itself, or by any other person who agrees in writing to submit its operations to the examination of the commissioner, to the extent that the operations directly affect the recordkeeping, by any: (A) Microphotographic process; (B) Electronic and/or mechanical data storage technique; or (C) Any other means approved by the commissioner. (2) A record reproduced and/or preserved by a process, technique or means approved under subdivision (f)(1) shall have the same force and effect as the original record and be admitted into evidence equally with the original.
(1) Any bank may cause any or all records at any time in its custody to be reproduced and/or preserved by itself, or by any other person who agrees in writing to submit its operations to the examination of the commissioner, to the extent that the operations directly affect the recordkeeping, by any: (A) Microphotographic process; (B) Electronic and/or mechanical data storage technique; or (C) Any other means approved by the commissioner.
(A) Microphotographic process;
(B) Electronic and/or mechanical data storage technique; or
(C) Any other means approved by the commissioner.
(2) A record reproduced and/or preserved by a process, technique or means approved under subdivision (f)(1) shall have the same force and effect as the original record and be admitted into evidence equally with the original.
(g) To the extent that they are not in contravention of any law of the United States, this section applies to all banks doing business in this state.
Amended by 2020 Tenn. Acts, ch. 605, s 5, eff. 3/20/2020.
Acts 1969, ch. 36, § 1 (3.251); 1973, ch. 294, § 6; T.C.A., § 45-445.
Tenn. Code Ann. § 45-7-113 — TN Code / Title 45 / Chapter 7 / Section 45-7-113
Application for license
Status: in_force

(a) Applicants for a license under this chapter shall apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable: (1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business; (2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application; (3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state; (4) A list of the applicant's proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission; (5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state; (6) Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee; (7) A sample form of contract for authorized delegates, as applicable; (8) A sample form of payment instrument or stored value, as applicable; (9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and (10) Any other information the commissioner or NMLS reasonably requires with respect to the applicant. (b) If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant shall also provide: (1) The date of the applicant's incorporation or formation and state or country of incorporation or formation; (2) If applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed; (3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded; (4) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the ten-year period next preceding the submission of the application of each key individual and person in control of the applicant; (5) A list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the ten-year period preceding the submission of the application; (6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period next preceding the submission of the application or, if determined to be acceptable to the commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner; (7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter; (8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under 15 U.S.C. § 78m ; (9) If the applicant is a wholly owned subsidiary of: (A) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under 15 U.S.C. § 78m ; or (B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the parent corporation's non-United States regulator; (10) The name and address of the applicant's registered agent in this state; and (11) Any other information the commissioner reasonably requires with respect to the applicant. (c) A nonrefundable supervision fee as provided in § 45-1-118(i) must accompany an application for a license under this section. (d) The commissioner may waive one (1) or more requirements of subsections (a) and (b), or permit an applicant to submit other information in lieu of the required information. Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-213 .
(a) Applicants for a license under this chapter shall apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable: (1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business; (2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application; (3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state; (4) A list of the applicant's proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission; (5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state; (6) Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee; (7) A sample form of contract for authorized delegates, as applicable; (8) A sample form of payment instrument or stored value, as applicable; (9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and (10) Any other information the commissioner or NMLS reasonably requires with respect to the applicant.
(1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business;
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application;
(3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state;
(4) A list of the applicant's proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission;
(5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state;
(6) Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee;
(7) A sample form of contract for authorized delegates, as applicable;
(8) A sample form of payment instrument or stored value, as applicable;
(9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and
(10) Any other information the commissioner or NMLS reasonably requires with respect to the applicant.
(b) If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant shall also provide: (1) The date of the applicant's incorporation or formation and state or country of incorporation or formation; (2) If applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed; (3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded; (4) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the ten-year period next preceding the submission of the application of each key individual and person in control of the applicant; (5) A list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the ten-year period preceding the submission of the application; (6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period next preceding the submission of the application or, if determined to be acceptable to the commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner; (7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter; (8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under 15 U.S.C. § 78m ; (9) If the applicant is a wholly owned subsidiary of: (A) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under 15 U.S.C. § 78m ; or (B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the parent corporation's non-United States regulator; (10) The name and address of the applicant's registered agent in this state; and (11) Any other information the commissioner reasonably requires with respect to the applicant.
(1) The date of the applicant's incorporation or formation and state or country of incorporation or formation;
(2) If applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed;
(3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded;
(4) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the ten-year period next preceding the submission of the application of each key individual and person in control of the applicant;
(5) A list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the ten-year period preceding the submission of the application;
(6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period next preceding the submission of the application or, if determined to be acceptable to the commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner;
(7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter;
(8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under 15 U.S.C. § 78m ;
(9) If the applicant is a wholly owned subsidiary of: (A) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under 15 U.S.C. § 78m ; or (B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the parent corporation's non-United States regulator;
(A) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under 15 U.S.C. § 78m ; or
(B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the parent corporation's non-United States regulator;
(10) The name and address of the applicant's registered agent in this state; and
(11) Any other information the commissioner reasonably requires with respect to the applicant.
(c) A nonrefundable supervision fee as provided in § 45-1-118(i) must accompany an application for a license under this section.
(d) The commissioner may waive one (1) or more requirements of subsections (a) and (b), or permit an applicant to submit other information in lieu of the required information.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-213 .
Tenn. Code Ann. § 45-18-106 — TN Code / Title 45 / Chapter 18 / Section 45-18-106
Application for license
Status: in_force

Each application for a license under this chapter shall be made in writing under oath, and in a form prescribed by the commissioner. Acts 1997, ch. 309, § 6.
Each application for a license under this chapter shall be made in writing under oath, and in a form prescribed by the commissioner.
Acts 1997, ch. 309, § 6.
Tenn. Code Ann. § 45-3-521 — TN Code / Title 45 / Chapter 3 / Section 45-3-521
Statute of limitations on accounts
Status: in_force

(a) All claims shall be barred in this state on any inactive account; provided, that at least sixty (60) days before the claim becomes barred, the association shall mail by registered or certified mail a notice of the imminent barring of all claims to the depositor at the depositor's last known address. (b) (1) For the purposes of this section, "inactive account" means an account with respect to which there has been an absence for at least seven (7) years of: (A) Additions to the account other than creditings of interest; (B) Withdrawals from the account; and (C) Written communication from the depositor. (2) In the case of an account that provides for a specified contractual time, the seven (7) years shall commence on the maturity date of the account. Acts 1978, ch. 708, § 2.21; T.C.A., § 45-1421.
(a) All claims shall be barred in this state on any inactive account; provided, that at least sixty (60) days before the claim becomes barred, the association shall mail by registered or certified mail a notice of the imminent barring of all claims to the depositor at the depositor's last known address.
(b) (1) For the purposes of this section, "inactive account" means an account with respect to which there has been an absence for at least seven (7) years of: (A) Additions to the account other than creditings of interest; (B) Withdrawals from the account; and (C) Written communication from the depositor. (2) In the case of an account that provides for a specified contractual time, the seven (7) years shall commence on the maturity date of the account.
(1) For the purposes of this section, "inactive account" means an account with respect to which there has been an absence for at least seven (7) years of: (A) Additions to the account other than creditings of interest; (B) Withdrawals from the account; and (C) Written communication from the depositor.
(A) Additions to the account other than creditings of interest;
(B) Withdrawals from the account; and
(C) Written communication from the depositor.
(2) In the case of an account that provides for a specified contractual time, the seven (7) years shall commence on the maturity date of the account.
Acts 1978, ch. 708, § 2.21; T.C.A., § 45-1421.
Tenn. Code Ann. § 45-6-201 — TN Code / Title 45 / Chapter 6 / Section 45-6-201
Short title
Status: in_force

This part shall be known and may be cited as the "Tennessee Pawnbrokers Act of 1988." Acts 1988, ch. 724, § 1.
This part shall be known and may be cited as the "Tennessee Pawnbrokers Act of 1988."
Acts 1988, ch. 724, § 1.
Tenn. Code Ann. § 45-4-405 — TN Code / Title 45 / Chapter 4 / Section 45-4-405
Decedent shareholders or depositors
Status: in_force

(a) Notwithstanding § 30-2-317 , where no executor or administrator of a deceased shareholder or depositor has qualified and given notice of the qualifications of the executor or administrator to the credit union, it may, in its discretion and at any time after thirty (30) days from the death of the shareholder or depositor, pay out of all accounts or contents of safe deposit boxes maintained with it by the shareholder in an individual capacity all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate: (1) To the executor named in any will known to the credit union; or (2) In the absence of knowledge of a purported will naming a surviving executor to: (A) A creditor for expenses of the funeral; (B) A creditor for the expenses of the last illness; (C) The surviving spouse; and (D) The next of kin; and (3) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(2). (b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of shares or deposits in credit unions, shall be a good and sufficient acquittance for the payment or transfer and shall constitute a valid defense in favor of the credit unions against the demands or claims of all parties. (c) No credit union shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section. Amended by 2017 Tenn. Acts, ch. 190,s 1, eff. 4/27/2017. Acts 1986, ch. 558, § 3; 1988, ch. 926, § 10; 1995, ch. 177, § 14; 1997, ch. 426, § 22.
(a) Notwithstanding § 30-2-317 , where no executor or administrator of a deceased shareholder or depositor has qualified and given notice of the qualifications of the executor or administrator to the credit union, it may, in its discretion and at any time after thirty (30) days from the death of the shareholder or depositor, pay out of all accounts or contents of safe deposit boxes maintained with it by the shareholder in an individual capacity all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate: (1) To the executor named in any will known to the credit union; or (2) In the absence of knowledge of a purported will naming a surviving executor to: (A) A creditor for expenses of the funeral; (B) A creditor for the expenses of the last illness; (C) The surviving spouse; and (D) The next of kin; and (3) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(2).
(1) To the executor named in any will known to the credit union; or
(2) In the absence of knowledge of a purported will naming a surviving executor to: (A) A creditor for expenses of the funeral; (B) A creditor for the expenses of the last illness; (C) The surviving spouse; and (D) The next of kin; and
(A) A creditor for expenses of the funeral;
(B) A creditor for the expenses of the last illness;
(C) The surviving spouse; and
(D) The next of kin; and
(3) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(2).
(b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of shares or deposits in credit unions, shall be a good and sufficient acquittance for the payment or transfer and shall constitute a valid defense in favor of the credit unions against the demands or claims of all parties.
(c) No credit union shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2017 Tenn. Acts, ch. 190,s 1, eff. 4/27/2017.
Acts 1986, ch. 558, § 3; 1988, ch. 926, § 10; 1995, ch. 177, § 14; 1997, ch. 426, § 22.
Tenn. Code Ann. § 45-12-125 — TN Code / Title 45 / Chapter 12 / Section 45-12-125
Disclosure and sharing of information and material provided to multi-state automated licensing system
Status: in_force

(a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with consumer credit oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ; (2) For purposes of subdivision (a)(1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies as established by rule or order of the commissioner; (3) Information or material that is subject to a privilege or confidential under subdivision (a)(1) shall not be subject to: (A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or (B) Subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person; (4) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and (5) This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public. (b) Notwithstanding any other provision in this chapter, the commissioner shall not use a multi-state automated licensing system for sharing any federal bureau of investigation criminal history background information, unless authorized to do so by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. §§ 5101 - 5116 ), as amended, or other federal law. Amended by 2015 Tenn. Acts, ch. 438, s 3, eff. 5/18/2015. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
(a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with consumer credit oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ; (2) For purposes of subdivision (a)(1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies as established by rule or order of the commissioner; (3) Information or material that is subject to a privilege or confidential under subdivision (a)(1) shall not be subject to: (A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or (B) Subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person; (4) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and (5) This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public.
(1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with consumer credit oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ;
(2) For purposes of subdivision (a)(1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies as established by rule or order of the commissioner;
(3) Information or material that is subject to a privilege or confidential under subdivision (a)(1) shall not be subject to: (A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or (B) Subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(A) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or
(B) Subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(4) This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and
(5) This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public.
(b) Notwithstanding any other provision in this chapter, the commissioner shall not use a multi-state automated licensing system for sharing any federal bureau of investigation criminal history background information, unless authorized to do so by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. §§ 5101 - 5116 ), as amended, or other federal law.
Amended by 2015 Tenn. Acts, ch. 438, s 3, eff. 5/18/2015.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-1-207 — TN Code / Title 45 / Chapter 1 / Section 45-1-207
Commissioner's rulemaking authority
Status: in_force

The commissioner is granted the power to enact reasonable substantive and procedural rules to carry out the purposes of this part. Acts 1981, ch. 25, § 7; T.C.A., § 45-1-307 .
The commissioner is granted the power to enact reasonable substantive and procedural rules to carry out the purposes of this part.
Acts 1981, ch. 25, § 7; T.C.A., § 45-1-307 .
Tenn. Code Ann. § 45-5-302 — TN Code / Title 45 / Chapter 5 / Section 45-5-302
General limitations on registrants
Status: in_force

No registrant under this chapter has the power to: (1) Receive deposits of money subject to check, payable on demand, or payable unconditionally at a fixed time; or to use the word "bank" or "banking," "trust company" or other term commonly used to describe a banking corporation in its name; or to accept trusts or act as administrator, executor, testamentary or judicial trustee in any form; (2) Make any loan for an original principal sum of three hundred dollars ($300) or less for a term in excess of twenty-four (24) months, or make any loan for an original principal sum of more than three hundred dollars ($300) but less than one thousand dollars ($1,000) for a term in excess of thirty-six (36) months, but the term of any other loan shall be as the parties may contract, but not for a term in excess of one hundred eighty-one (181) months with respect to any loan subject to the limitations provided in this chapter as to interest and loan charges; (3) Make any loan to one (1) person, firm or corporation for more than ten percent (10%) of the amount of the stated capital and surplus of the registrant, except that this limitation shall not apply to loans made pursuant to § 45-5-301(7) ; nor shall this limitation apply to a registrant that does not issue, sell and have outstanding investment or thrift certificates; (4) Require the purchase of its investment or thrift certificates by a borrower simultaneously with a loan transaction; (5) Deposit any of its funds with any other corporation unless the corporation has been designated as the depository by a vote of the majority of the directors, exclusive of any director who is an officer, director or trustee of the depository so designated, present at a meeting duly called at which a quorum is in attendance; provided, that this subdivision (5) shall not apply to proprietorships or partnerships; (6) Move an office until five (5) days' notice of the registrant's intention to move has been given to the commissioner, who shall endorse the new address on the certificate of registration; (7) Take an instrument in which blanks are left to be filled in after the loan is made; (8) Accept or procure willfully and knowingly a false financial statement from a borrower; (9) Use any unreasonable collection tactics, which include, but are not limited to, any conduct by the registrant or any employee or agent of the registrant that: (A) Causes the borrower or any member of the borrower's family to suffer bodily injury or physical harm; (B) Constitutes a willful or intentional trespass by force of the borrower's home or the borrower's personal property therein, without process of law; (C) Holds up the borrower to public ridicule or unreasonably degrades the borrower in the presence of the borrower's neighbors or business associates; (D) Uses, distributes, employs or mails any document, paper or instrument purporting to be a summons, warrant, notice or other process, or copy thereof, issued by a court or other public authority; or (E) Although otherwise lawful, occurs at an unreasonable hour of the night. Attempts to make collections by means of personal visits, telephone calls and the like shall be deemed to occur at an unreasonable hour of the night if they occur between the hours of ten o'clock p.m. (10:00 p.m.) and five o'clock a.m. (5:00 a.m.); (10) Publish or distribute or cause to be published or distributed any false or misleading advertising; or (11) Use multiple agreements, including those with affiliated lenders, with the intent to obtain a higher effective rate of interest or greater charges than would otherwise be authorized by this chapter. Acts 1979, ch. 204, § 13; T.C.A., § 45-2013; Acts 1983, ch. 274, § 16; 1986, ch. 576, § 1; 1991, ch. 87, § 2.
No registrant under this chapter has the power to:
(1) Receive deposits of money subject to check, payable on demand, or payable unconditionally at a fixed time; or to use the word "bank" or "banking," "trust company" or other term commonly used to describe a banking corporation in its name; or to accept trusts or act as administrator, executor, testamentary or judicial trustee in any form;
(2) Make any loan for an original principal sum of three hundred dollars ($300) or less for a term in excess of twenty-four (24) months, or make any loan for an original principal sum of more than three hundred dollars ($300) but less than one thousand dollars ($1,000) for a term in excess of thirty-six (36) months, but the term of any other loan shall be as the parties may contract, but not for a term in excess of one hundred eighty-one (181) months with respect to any loan subject to the limitations provided in this chapter as to interest and loan charges;
(3) Make any loan to one (1) person, firm or corporation for more than ten percent (10%) of the amount of the stated capital and surplus of the registrant, except that this limitation shall not apply to loans made pursuant to § 45-5-301(7) ; nor shall this limitation apply to a registrant that does not issue, sell and have outstanding investment or thrift certificates;
(4) Require the purchase of its investment or thrift certificates by a borrower simultaneously with a loan transaction;
(5) Deposit any of its funds with any other corporation unless the corporation has been designated as the depository by a vote of the majority of the directors, exclusive of any director who is an officer, director or trustee of the depository so designated, present at a meeting duly called at which a quorum is in attendance; provided, that this subdivision (5) shall not apply to proprietorships or partnerships;
(6) Move an office until five (5) days' notice of the registrant's intention to move has been given to the commissioner, who shall endorse the new address on the certificate of registration;
(7) Take an instrument in which blanks are left to be filled in after the loan is made;
(8) Accept or procure willfully and knowingly a false financial statement from a borrower;
(9) Use any unreasonable collection tactics, which include, but are not limited to, any conduct by the registrant or any employee or agent of the registrant that: (A) Causes the borrower or any member of the borrower's family to suffer bodily injury or physical harm; (B) Constitutes a willful or intentional trespass by force of the borrower's home or the borrower's personal property therein, without process of law; (C) Holds up the borrower to public ridicule or unreasonably degrades the borrower in the presence of the borrower's neighbors or business associates; (D) Uses, distributes, employs or mails any document, paper or instrument purporting to be a summons, warrant, notice or other process, or copy thereof, issued by a court or other public authority; or (E) Although otherwise lawful, occurs at an unreasonable hour of the night. Attempts to make collections by means of personal visits, telephone calls and the like shall be deemed to occur at an unreasonable hour of the night if they occur between the hours of ten o'clock p.m. (10:00 p.m.) and five o'clock a.m. (5:00 a.m.);
(A) Causes the borrower or any member of the borrower's family to suffer bodily injury or physical harm;
(B) Constitutes a willful or intentional trespass by force of the borrower's home or the borrower's personal property therein, without process of law;
(C) Holds up the borrower to public ridicule or unreasonably degrades the borrower in the presence of the borrower's neighbors or business associates;
(D) Uses, distributes, employs or mails any document, paper or instrument purporting to be a summons, warrant, notice or other process, or copy thereof, issued by a court or other public authority; or
(E) Although otherwise lawful, occurs at an unreasonable hour of the night. Attempts to make collections by means of personal visits, telephone calls and the like shall be deemed to occur at an unreasonable hour of the night if they occur between the hours of ten o'clock p.m. (10:00 p.m.) and five o'clock a.m. (5:00 a.m.);
(10) Publish or distribute or cause to be published or distributed any false or misleading advertising; or
(11) Use multiple agreements, including those with affiliated lenders, with the intent to obtain a higher effective rate of interest or greater charges than would otherwise be authorized by this chapter.
Acts 1979, ch. 204, § 13; T.C.A., § 45-2013; Acts 1983, ch. 274, § 16; 1986, ch. 576, § 1; 1991, ch. 87, § 2.
Tenn. Code Ann. § 45-2-1301 — TN Code / Title 45 / Chapter 2 / Section 45-2-1301
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Bank" means a state or a national bank; (2) "Continuing bank" means a merging bank the charter of which becomes the charter of the resulting bank; (3) "Converting bank" means a bank converting from a state to a national bank, or the reverse; (4) "Merger" includes consolidation; (5) "Merging bank" means a party to a merger; (6) "National bank" means a national banking association located in this state; (7) "Resulting bank" means the bank resulting from a merger or conversion; and (8) "State bank" means a bank chartered by this state. Acts 1969, ch. 36, § 1 (3.401); T.C.A., § 45-601.
As used in this part, unless the context otherwise requires:
(1) "Bank" means a state or a national bank;
(2) "Continuing bank" means a merging bank the charter of which becomes the charter of the resulting bank;
(3) "Converting bank" means a bank converting from a state to a national bank, or the reverse;
(4) "Merger" includes consolidation;
(5) "Merging bank" means a party to a merger;
(6) "National bank" means a national banking association located in this state;
(7) "Resulting bank" means the bank resulting from a merger or conversion; and
(8) "State bank" means a bank chartered by this state.
Acts 1969, ch. 36, § 1 (3.401); T.C.A., § 45-601.
Tenn. Code Ann. § 45-2-1604 — TN Code / Title 45 / Chapter 2 / Section 45-2-1604
Reports by banks
Status: in_force

(a) All banks shall make to the commissioner, on the call of the commissioner for the reports, at least two (2) reports during each year according to the form, including electronic transmission, that may be prescribed by the commissioner. The report must be verified by the oath or affirmation of the executive officers or agents thereof, and in the case of a corporation, by the president or cashier or secretary, and must be attested by the signature of at least three (3) directors of the corporation. The commissioner shall make one (1) of the calls in the first one-half (½) of the year and another in the latter one-half (½) of the year. (b) Each report shall exhibit in detail and under appropriate heads the resources and liabilities of each bank at the close of business on any past day specified by the commissioner. The day for reports shall be uniform throughout the state, and shall be transmitted by the bank to the commissioner within the period the commissioner prescribes, but in no instance less than five (5) days after receipt of a request or requisition thereof from the commissioner. Instead of the report required under this subsection (b), the commissioner may accept a copy of a call report required by federal regulatory agencies or deems the filing of the report, electronic or otherwise, as required by federal regulatory agencies to constitute compliance with this section. (c) The commissioner may call for a special report from any particular bank whenever, in the commissioner's judgment, the same is necessary or deemed necessary for the protection of the public or for a full and complete knowledge of the condition of the bank by the commissioner. Special reports called for shall be made in all particulars as required in subsections (a) and (b); provided, that a bank is not required to publish a copy of a special report in a newspaper. Acts 1969, ch. 36, § 1 (2.204); 1973, ch. 294, § 6; 1977, ch. 56, § 1; T.C.A., § 45-704; Acts 1996, ch. 768, § 26; 2001, ch. 54, § 30; 2004, ch. 455, § 1.
(a) All banks shall make to the commissioner, on the call of the commissioner for the reports, at least two (2) reports during each year according to the form, including electronic transmission, that may be prescribed by the commissioner. The report must be verified by the oath or affirmation of the executive officers or agents thereof, and in the case of a corporation, by the president or cashier or secretary, and must be attested by the signature of at least three (3) directors of the corporation. The commissioner shall make one (1) of the calls in the first one-half (½) of the year and another in the latter one-half (½) of the year.
(b) Each report shall exhibit in detail and under appropriate heads the resources and liabilities of each bank at the close of business on any past day specified by the commissioner. The day for reports shall be uniform throughout the state, and shall be transmitted by the bank to the commissioner within the period the commissioner prescribes, but in no instance less than five (5) days after receipt of a request or requisition thereof from the commissioner. Instead of the report required under this subsection (b), the commissioner may accept a copy of a call report required by federal regulatory agencies or deems the filing of the report, electronic or otherwise, as required by federal regulatory agencies to constitute compliance with this section.
(c) The commissioner may call for a special report from any particular bank whenever, in the commissioner's judgment, the same is necessary or deemed necessary for the protection of the public or for a full and complete knowledge of the condition of the bank by the commissioner. Special reports called for shall be made in all particulars as required in subsections (a) and (b); provided, that a bank is not required to publish a copy of a special report in a newspaper.
Acts 1969, ch. 36, § 1 (2.204); 1973, ch. 294, § 6; 1977, ch. 56, § 1; T.C.A., § 45-704; Acts 1996, ch. 768, § 26; 2001, ch. 54, § 30; 2004, ch. 455, § 1.
Tenn. Code Ann. § 45-3-115 — TN Code / Title 45 / Chapter 3 / Section 45-3-115
Change of office or name
Status: in_force

No association shall, without the prior approval of the commissioner: (1) Establish any branch or satellite office other than the home office stated in its charter; (2) Move any home, branch, or satellite office of the association from its immediate vicinity; or (3) Change the name of any association. Acts 1978, ch. 708, § 1.24; T.C.A., § 45-1324.
No association shall, without the prior approval of the commissioner:
(1) Establish any branch or satellite office other than the home office stated in its charter;
(2) Move any home, branch, or satellite office of the association from its immediate vicinity; or
(3) Change the name of any association.
Acts 1978, ch. 708, § 1.24; T.C.A., § 45-1324.
Tenn. Code Ann. § 45-15-104 — TN Code / Title 45 / Chapter 15 / Section 45-15-104
Authority of licensed title pledge lenders
Status: in_force

(a) A title pledge lender licensed pursuant to this chapter has the power to make loans of money on pledges of personal property certificates of title or on pledges of titled personal property in accordance with this chapter. (b) Title pledge lenders licensed pursuant to this chapter shall not have the powers enumerated in this chapter without first complying with the law regulating title pledge agreements and property pledge agreements, but title pledge lenders exercising any of the powers in compliance with this chapter's provisions shall not be deemed in violation of § 47-14-112 or § 47-14-117 . No action shall be brought by a pledgor against a title pledge lender in connection with a title pledge agreement or property pledge agreement more than one (1) year after the date of the alleged occurrence of any violation of this chapter. Acts 1995, ch. 186, § 13; 2000, ch. 846, § 28; 2005, ch. 440, § 3.
(a) A title pledge lender licensed pursuant to this chapter has the power to make loans of money on pledges of personal property certificates of title or on pledges of titled personal property in accordance with this chapter.
(b) Title pledge lenders licensed pursuant to this chapter shall not have the powers enumerated in this chapter without first complying with the law regulating title pledge agreements and property pledge agreements, but title pledge lenders exercising any of the powers in compliance with this chapter's provisions shall not be deemed in violation of § 47-14-112 or § 47-14-117 . No action shall be brought by a pledgor against a title pledge lender in connection with a title pledge agreement or property pledge agreement more than one (1) year after the date of the alleged occurrence of any violation of this chapter.
Acts 1995, ch. 186, § 13; 2000, ch. 846, § 28; 2005, ch. 440, § 3.
Tenn. Code Ann. § 45-2-1803 — TN Code / Title 45 / Chapter 2 / Section 45-2-1803
Regulations - Adoption - Office of subsidiaries
Status: in_force

(a) The commissioner of financial institutions shall adopt regulations, for the protection of depositors, that state banks, or any class of state banks determined by the commissioner to be appropriate, are required to apply to and receive approval of the commissioner before engaging in one (1) or more of the activities permitted in § 45-2-1802 , and may be required to conduct certain of the activities, other than those activities that may be conducted directly by a national bank, only through a subsidiary. (b) Any offices of the subsidiary shall not be considered branches of the bank for purposes of § 45-2-614 . (c) In addition, the commissioner of commerce and insurance may adopt regulations, if the commissioner determines that the action is necessary for the protection of investors and in the public interest, to require the underwriting, market making or dealing in securities (other than securities which may be underwritten or dealt in by national banks or in which national banks may make a market) activities of state banks be conducted through a subsidiary. Acts 1989, ch. 168, § 1.
(a) The commissioner of financial institutions shall adopt regulations, for the protection of depositors, that state banks, or any class of state banks determined by the commissioner to be appropriate, are required to apply to and receive approval of the commissioner before engaging in one (1) or more of the activities permitted in § 45-2-1802 , and may be required to conduct certain of the activities, other than those activities that may be conducted directly by a national bank, only through a subsidiary.
(b) Any offices of the subsidiary shall not be considered branches of the bank for purposes of § 45-2-614 .
(c) In addition, the commissioner of commerce and insurance may adopt regulations, if the commissioner determines that the action is necessary for the protection of investors and in the public interest, to require the underwriting, market making or dealing in securities (other than securities which may be underwritten or dealt in by national banks or in which national banks may make a market) activities of state banks be conducted through a subsidiary.
Acts 1989, ch. 168, § 1.
Tenn. Code Ann. § 45-12-121 — TN Code / Title 45 / Chapter 12 / Section 45-12-121
Events requiring notification by licensee to commissioner
Status: in_force

Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state: (1) The filing for bankruptcy or reorganization by the licensee; (2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority; (3) The denial of the opportunity to engage in the business of making loans by any state or governmental authority; (4) Any felony indictment of the licensee or any of its directors, officers or principals; (5) Any felony conviction of the licensee or any of its directors, officers or principals; and (6) Other events that the commissioner may determine and identify by rule. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
(3) The denial of the opportunity to engage in the business of making loans by any state or governmental authority;
(4) Any felony indictment of the licensee or any of its directors, officers or principals;
(5) Any felony conviction of the licensee or any of its directors, officers or principals; and
(6) Other events that the commissioner may determine and identify by rule.
Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tenn. Code Ann. § 45-18-122 — TN Code / Title 45 / Chapter 18 / Section 45-18-122
Licensing through multi-state automated licensing system
Status: in_force

(a) In addition to any other powers imposed 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 any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements 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 licenses to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established in this chapter. 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 authorizes the commissioner to require a person who is not subject to this chapter to submit information to, or participate in, a multi-state automated licensing system. (c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter. Nothing in this section reduces or derogates that authority and discretion. (d) Applicants for and holders of licenses issued under this chapter must pay all costs associated with submitting an application or transitioning a license to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system. Added by 2017 Tenn. Acts, ch. 122,s 11, eff. 7/1/2017.
(a) In addition to any other powers imposed 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 any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system; (2) Establish relationships or enter into agreements 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 licenses to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established in this chapter. 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 any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system;
(2) Establish relationships or enter into agreements 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 licenses to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established in this chapter. 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 authorizes the commissioner to require a person who is not subject to this chapter to submit information to, or participate in, a multi-state automated licensing system.
(c) Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter. Nothing in this section reduces or derogates that authority and discretion.
(d) Applicants for and holders of licenses issued under this chapter must pay all costs associated with submitting an application or transitioning a license to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system.
Added by 2017 Tenn. Acts, ch. 122,s 11, eff. 7/1/2017.
Tenn. Code Ann. § 45-2-1305 — TN Code / Title 45 / Chapter 2 / Section 45-2-1305
Approval by stockholders of merging state banks
Status: in_force

(a) To be effective, a merger that is to result in a state bank must be approved by the stockholders of each merging state bank by a majority vote of the outstanding voting stock of each class eligible to vote for the merger; provided, that a greater vote may be required by the charter. The vote shall be held at a meeting called to consider the action. The vote shall constitute the adoption of the charter and bylaws of the continuing state bank, including the amendments in the merger agreement, as the charter and bylaws of the resulting bank. (b) Notice of the meeting of the stockholders must be given by mail at least fifteen (15) days before the date of the meeting to each stockholder of record of each merging bank at the stockholder's address on the books of the stockholder's bank, who has not waived notice in writing. The notice shall state that a dissenting stockholder will be entitled to payment of the value of the stockholder's shares only if written notice of intent to demand payment is delivered to the bank before the vote is taken, and the stockholder does not vote the shares in favor of the plan. Amended by 2020 Tenn. Acts, ch. 605, s 1, eff. 3/20/2020. Acts 1969, ch. 36, § 1 (3.405); T.C.A., § 45-605; Acts 1984, ch. 571, § 1; 1993, ch. 95, § 1; 1994, ch. 551, §§ 13, 14.
(a) To be effective, a merger that is to result in a state bank must be approved by the stockholders of each merging state bank by a majority vote of the outstanding voting stock of each class eligible to vote for the merger; provided, that a greater vote may be required by the charter. The vote shall be held at a meeting called to consider the action. The vote shall constitute the adoption of the charter and bylaws of the continuing state bank, including the amendments in the merger agreement, as the charter and bylaws of the resulting bank.
(b) Notice of the meeting of the stockholders must be given by mail at least fifteen (15) days before the date of the meeting to each stockholder of record of each merging bank at the stockholder's address on the books of the stockholder's bank, who has not waived notice in writing. The notice shall state that a dissenting stockholder will be entitled to payment of the value of the stockholder's shares only if written notice of intent to demand payment is delivered to the bank before the vote is taken, and the stockholder does not vote the shares in favor of the plan.
Amended by 2020 Tenn. Acts, ch. 605, s 1, eff. 3/20/2020.
Acts 1969, ch. 36, § 1 (3.405); T.C.A., § 45-605; Acts 1984, ch. 571, § 1; 1993, ch. 95, § 1; 1994, ch. 551, §§ 13, 14.
Tenn. Code Ann. § 45-3-816 — TN Code / Title 45 / Chapter 3 / Section 45-3-816
Additional supervisory powers
Status: in_force

In addition to other powers conferred upon the commissioner by this chapter, the commissioner has the power to require associations subject to the commissioner's supervision to: (1) Charge Off Assets. Charge off the whole or part of an asset that at the time of its acquisition could not lawfully have been acquired and that could not lawfully be retained at the time of the commissioner's action; provided, that the commissioner's action is within two (2) years of the aforementioned acquisition; (2) Recordation. Record liens and security in property; (3) Financial Statement. Obtain a financial statement from each borrower before making any loan to the extent that the association can do so; (4) Title Search, etc. Search, or obtain insurance as to, the title to real estate taken as security, or both; and (5) Other Insurance. Maintain adequate insurance against other risks that the commissioner determines to be necessary and appropriate for the protection of depositors, other creditors, and stockholders. Acts 1978, ch. 708, § 3.16; T.C.A., § 45-1523.
In addition to other powers conferred upon the commissioner by this chapter, the commissioner has the power to require associations subject to the commissioner's supervision to:
(1) Charge Off Assets. Charge off the whole or part of an asset that at the time of its acquisition could not lawfully have been acquired and that could not lawfully be retained at the time of the commissioner's action; provided, that the commissioner's action is within two (2) years of the aforementioned acquisition;
(2) Recordation. Record liens and security in property;
(3) Financial Statement. Obtain a financial statement from each borrower before making any loan to the extent that the association can do so;
(4) Title Search, etc. Search, or obtain insurance as to, the title to real estate taken as security, or both; and
(5) Other Insurance. Maintain adequate insurance against other risks that the commissioner determines to be necessary and appropriate for the protection of depositors, other creditors, and stockholders.
Acts 1978, ch. 708, § 3.16; T.C.A., § 45-1523.
Tenn. Code Ann. § 45-13-406 — TN Code / Title 45 / Chapter 13 / Section 45-13-406
Consent orders
Status: in_force

(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that this chapter or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated this chapter or any rule, regulation or order promulgated or issued under this chapter. (b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order. (c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter by issuing a temporary emergency order without providing the opportunity for a prior hearing. In such cases, the commissioner shall promptly afford a subsequent hearing upon an application to rescind the emergency order that is filed with the commissioner within twenty (20) days after receipt of the notice of the commissioner's emergency action. If no such appeal is timely filed, the temporary emergency order of the commissioner shall become final. Acts 2009, ch. 499, § 8.
(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that this chapter or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated this chapter or any rule, regulation or order promulgated or issued under this chapter.
(b) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter by issuing a temporary emergency order without providing the opportunity for a prior hearing. In such cases, the commissioner shall promptly afford a subsequent hearing upon an application to rescind the emergency order that is filed with the commissioner within twenty (20) days after receipt of the notice of the commissioner's emergency action. If no such appeal is timely filed, the temporary emergency order of the commissioner shall become final.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-3-1107 — TN Code / Title 45 / Chapter 3 / Section 45-3-1107
Conversion from state to federal association
Status: in_force

Any association subject to this chapter may become a federal association pursuant to the laws and regulations of the United States and in accordance with the following procedure: (1) Approval by Board of Directors. The board of directors of the state association shall approve a plan of conversion by resolutions adopted by majority vote of the existing members of the board; (2) Approval by Commissioner. The plan of conversion shall not be submitted to the stockholders or members until approved in writing by the commissioner. The commissioner shall approve or disapprove the plan subject to the same requirements and in the same manner as is provided by § 45-3-1105 and any rules or regulations of the commissioner; (3) Submission to Stockholders or Members. In the event the commissioner does approve the plan of conversion, the plan shall be submitted to an annual or special meeting of the stockholders or members. The plan of conversion shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A certified report of the proceedings of the meeting shall be filed promptly with the commissioner; and (4) Further Action. Within three (3) months after the date of the meeting, the association shall take further action, in the manner prescribed and authorized by the laws and regulations of the United States, that makes it a federal association. Three (3) copies of the charter issued by the federal home loan bank or three (3) copies of a certificate showing the organization of the association as a federal association certified by the secretary or an assistant secretary of the federal home loan bank board shall be filed with the commissioner. A failure to file the documents with the commissioner shall not affect the validity of the conversion. Upon the grant to any association of a charter by the federal home loan bank board, the association shall no longer be subject to the supervision and control of the commissioner as provided by this chapter. Acts 1978, ch. 708, § 4.15; T.C.A., § 45-1615.
Any association subject to this chapter may become a federal association pursuant to the laws and regulations of the United States and in accordance with the following procedure:
(1) Approval by Board of Directors. The board of directors of the state association shall approve a plan of conversion by resolutions adopted by majority vote of the existing members of the board;
(2) Approval by Commissioner. The plan of conversion shall not be submitted to the stockholders or members until approved in writing by the commissioner. The commissioner shall approve or disapprove the plan subject to the same requirements and in the same manner as is provided by § 45-3-1105 and any rules or regulations of the commissioner;
(3) Submission to Stockholders or Members. In the event the commissioner does approve the plan of conversion, the plan shall be submitted to an annual or special meeting of the stockholders or members. The plan of conversion shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A certified report of the proceedings of the meeting shall be filed promptly with the commissioner; and
(4) Further Action. Within three (3) months after the date of the meeting, the association shall take further action, in the manner prescribed and authorized by the laws and regulations of the United States, that makes it a federal association. Three (3) copies of the charter issued by the federal home loan bank or three (3) copies of a certificate showing the organization of the association as a federal association certified by the secretary or an assistant secretary of the federal home loan bank board shall be filed with the commissioner. A failure to file the documents with the commissioner shall not affect the validity of the conversion. Upon the grant to any association of a charter by the federal home loan bank board, the association shall no longer be subject to the supervision and control of the commissioner as provided by this chapter.
Acts 1978, ch. 708, § 4.15; T.C.A., § 45-1615.
Tenn. Code Ann. § 45-3-118 — TN Code / Title 45 / Chapter 3 / Section 45-3-118
References to "building and loan association."
Status: in_force

Any and all references in any provision of the laws of this state to the term "building and loan association" are deemed to refer to the term "savings and loan association." Acts 1978, ch. 708, § 5.25; T.C.A., § 45-1725.
Any and all references in any provision of the laws of this state to the term "building and loan association" are deemed to refer to the term "savings and loan association."
Acts 1978, ch. 708, § 5.25; T.C.A., § 45-1725.
Tenn. Code Ann. § 45-8-225 — TN Code / Title 45 / Chapter 8 / Section 45-8-225
Report of accomplishments
Status: in_force

The commissioner shall publish annually and provide to the governor and to each member of the general assembly a report that summarizes the department's accomplishments under this part in promoting economic development in this state. At the minimum, the information shall include aggregate statistics on each of the following: (1) The number and dollar amount of provisions of financing assistance made by licensees to business firms; (2) The number and dollar amount of provisions of financing assistance made by licensees to business firms classified in broad categories of industry such as divisions of the standard industrial classification manual; (3) The number and dollar amount of provisions of financing assistance made by licensees to minority owned business firms and to female owned business firms; and (4) Estimates of the number of jobs created or retained. Acts 1989, ch. 124, § 26.
The commissioner shall publish annually and provide to the governor and to each member of the general assembly a report that summarizes the department's accomplishments under this part in promoting economic development in this state. At the minimum, the information shall include aggregate statistics on each of the following:
(1) The number and dollar amount of provisions of financing assistance made by licensees to business firms;
(2) The number and dollar amount of provisions of financing assistance made by licensees to business firms classified in broad categories of industry such as divisions of the standard industrial classification manual;
(3) The number and dollar amount of provisions of financing assistance made by licensees to minority owned business firms and to female owned business firms; and
(4) Estimates of the number of jobs created or retained.
Acts 1989, ch. 124, § 26.
Tenn. Code Ann. § 45-4-1103 — TN Code / Title 45 / Chapter 4 / Section 45-4-1103
Powers
Status: in_force

The corporation may: (1) Enter into contracts of any nature including contracts for reinsurance; (2) Sue and be sued; (3) Adopt, use and display a corporate seal; (4) Advance funds in accordance with agreed terms and conditions to aid member credit unions to operate and to meet liquidity requirements; (5) Upon the written direction of the commissioner, or of the appropriate supervisory authority of any credit union that becomes a member under § 45-4-1107(c) or (d) , assume control of the property and business of any member credit union and operate the credit union in accordance with any recommendations the commissioner or other authority may offer; (6) Assist in the merger, consolidation or liquidation of credit unions; (7) Receive money or other property from its member credit unions, or any corporation, association or person; (8) Invest its funds in: (A) Bonds, notes or securities of the federal government or its agencies; (B) Investments authorized under § 35-3-120 ; (C) Any investment that is lawful for federal credit unions chartered under title 12 of the United States Code; (D) Obligations of a territory of the United States, a province of the Dominion of Canada, a subdivision or instrumentality of a state or territory of the United States, an authority organized under state law, an interstate compact or by substantially identical legislation adopted by two (2) or more states; provided, that the obligations are general obligation bonds and are given "Investment Grade" ratings by Moodys Investors Service, Inc. or by Standard and Poor's Corporation and are bank eligible investments as defined by the comptroller of the currency; (E) Obligations of a corporation chartered by the United States or a state of the United States, doing business in the United States; provided, that the investments do not exceed more than ten percent (10%) of the funds invested by the corporation; (F) Any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the purposes for which the agency or association is organized are designed to service, aid or otherwise assist credit unions; and (G) Other investments, other than investments in credit unions or central credit unions that are members of the corporation, that are deemed prudent by the directors, but these other investments shall not exceed twenty percent (20%) of the funds of the corporation; (9) Borrow money from any source, upon the terms and conditions that the directors determine, for the purpose of this section; (10) Purchase in its own name, hold and convey property of any nature; (11) Receive by assignment or purchase, from its member credit unions, any property of any nature owned by those member credit unions; (12) Sell, assign, mortgage, encumber or transfer property of any nature; and (13) Adopt and amend bylaws and rules and regulations for carrying out the purposes of this section. Acts 1974, ch. 577, § 3; T.C.A., § 45-1837; Acts 1983, ch. 93, § 4; 1984, ch. 715, § 3.
The corporation may:
(1) Enter into contracts of any nature including contracts for reinsurance;
(2) Sue and be sued;
(3) Adopt, use and display a corporate seal;
(4) Advance funds in accordance with agreed terms and conditions to aid member credit unions to operate and to meet liquidity requirements;
(5) Upon the written direction of the commissioner, or of the appropriate supervisory authority of any credit union that becomes a member under § 45-4-1107(c) or (d) , assume control of the property and business of any member credit union and operate the credit union in accordance with any recommendations the commissioner or other authority may offer;
(6) Assist in the merger, consolidation or liquidation of credit unions;
(7) Receive money or other property from its member credit unions, or any corporation, association or person;
(8) Invest its funds in: (A) Bonds, notes or securities of the federal government or its agencies; (B) Investments authorized under § 35-3-120 ; (C) Any investment that is lawful for federal credit unions chartered under title 12 of the United States Code; (D) Obligations of a territory of the United States, a province of the Dominion of Canada, a subdivision or instrumentality of a state or territory of the United States, an authority organized under state law, an interstate compact or by substantially identical legislation adopted by two (2) or more states; provided, that the obligations are general obligation bonds and are given "Investment Grade" ratings by Moodys Investors Service, Inc. or by Standard and Poor's Corporation and are bank eligible investments as defined by the comptroller of the currency; (E) Obligations of a corporation chartered by the United States or a state of the United States, doing business in the United States; provided, that the investments do not exceed more than ten percent (10%) of the funds invested by the corporation; (F) Any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the purposes for which the agency or association is organized are designed to service, aid or otherwise assist credit unions; and (G) Other investments, other than investments in credit unions or central credit unions that are members of the corporation, that are deemed prudent by the directors, but these other investments shall not exceed twenty percent (20%) of the funds of the corporation;
(A) Bonds, notes or securities of the federal government or its agencies;
(B) Investments authorized under § 35-3-120 ;
(C) Any investment that is lawful for federal credit unions chartered under title 12 of the United States Code;
(D) Obligations of a territory of the United States, a province of the Dominion of Canada, a subdivision or instrumentality of a state or territory of the United States, an authority organized under state law, an interstate compact or by substantially identical legislation adopted by two (2) or more states; provided, that the obligations are general obligation bonds and are given "Investment Grade" ratings by Moodys Investors Service, Inc. or by Standard and Poor's Corporation and are bank eligible investments as defined by the comptroller of the currency;
(E) Obligations of a corporation chartered by the United States or a state of the United States, doing business in the United States; provided, that the investments do not exceed more than ten percent (10%) of the funds invested by the corporation;
(F) Any agency or association organized either as a stock company, mutual association, or membership corporation; provided, that the purposes for which the agency or association is organized are designed to service, aid or otherwise assist credit unions; and
(G) Other investments, other than investments in credit unions or central credit unions that are members of the corporation, that are deemed prudent by the directors, but these other investments shall not exceed twenty percent (20%) of the funds of the corporation;
(9) Borrow money from any source, upon the terms and conditions that the directors determine, for the purpose of this section;
(10) Purchase in its own name, hold and convey property of any nature;
(11) Receive by assignment or purchase, from its member credit unions, any property of any nature owned by those member credit unions;
(12) Sell, assign, mortgage, encumber or transfer property of any nature; and
(13) Adopt and amend bylaws and rules and regulations for carrying out the purposes of this section.
Acts 1974, ch. 577, § 3; T.C.A., § 45-1837; Acts 1983, ch. 93, § 4; 1984, ch. 715, § 3.
Tenn. Code Ann. § 45-7-101 — TN Code / Title 45 / Chapter 7 / Section 45-7-101
Short title
Status: in_force

This chapter is known and may be cited as the "Money Transmission Modernization Act." Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-201 .
This chapter is known and may be cited as the "Money Transmission Modernization Act."
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., § 45-7-201 .
Tenn. Code Ann. § 45-2-1010 — TN Code / Title 45 / Chapter 2 / Section 45-2-1010
Fiduciary activities of state trust institution
Status: in_force

(a) A state trust institution may act as a fiduciary in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country. (b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent the activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the state trust institution; provided, that the commissioner may waive the prohibition if the commissioner determines that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions. (c) A state trust institution may: (1) Perform any act as a fiduciary at each trust office established under this title and at an authorized branch; and (2) Exercise any incidental power that is reasonably necessary to enable it to fully exercise commonly accepted fiduciary powers conferred in this chapter and chapter 1 of this title. (d) A state trust institution may exercise any other power authorized by this chapter and chapter 1 of this title, or any power authorized to federally chartered trust institutions whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner's regulation for safety and soundness. A state trust institution may exercise any power authorized to trust institutions chartered by another state whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner's regulation for safety and soundness. Acts 1984, ch. 691, § 6; 1999 ch. 112, § 10.
(a) A state trust institution may act as a fiduciary in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country.
(b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent the activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the state trust institution; provided, that the commissioner may waive the prohibition if the commissioner determines that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions.
(c) A state trust institution may: (1) Perform any act as a fiduciary at each trust office established under this title and at an authorized branch; and (2) Exercise any incidental power that is reasonably necessary to enable it to fully exercise commonly accepted fiduciary powers conferred in this chapter and chapter 1 of this title.
(1) Perform any act as a fiduciary at each trust office established under this title and at an authorized branch; and
(2) Exercise any incidental power that is reasonably necessary to enable it to fully exercise commonly accepted fiduciary powers conferred in this chapter and chapter 1 of this title.
(d) A state trust institution may exercise any other power authorized by this chapter and chapter 1 of this title, or any power authorized to federally chartered trust institutions whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner's regulation for safety and soundness. A state trust institution may exercise any power authorized to trust institutions chartered by another state whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner's regulation for safety and soundness.
Acts 1984, ch. 691, § 6; 1999 ch. 112, § 10.
Tenn. Code Ann. § 45-3-503 — TN Code / Title 45 / Chapter 3 / Section 45-3-503
Nature of deposit accounts
Status: in_force

(a) Ownership. Deposit accounts may be opened by any person and held solely and absolutely in the person's own right, or jointly by, or in trust or other fiduciary capacity for, any person or persons, including, but not limited to, an adult or minor individual, male, female, single or married, partnership, association, fiduciary, corporation, political subdivision or any governmental, public or quasi-public entity specifically referred to in § 9-1-107 . (b) Transfer of Accounts. Deposit accounts shall be represented only by the account of each depositor on the books of the association, and the accounts or any interest in the accounts shall be transferable only on the books of the association upon proper application by the transferor or transferee and upon acceptance by the association of the transferee as a depositor upon terms approved by the board of directors. The association may treat the holder of record of a deposit account as the owner of the account for all purposes without being affected by any notice to the contrary unless the association has acknowledged, in writing, notice of a pledge or other transfer of the deposit account. (c) Deposit Account Contract. Subject to the prior approval by the commissioner of the form of each type of deposit account contract, each depositor shall execute a deposit account contract setting forth any special terms and provisions applicable to the deposit account and the ownership of the account and the conditions upon which withdrawals may be made. The contracts shall be held by the association as part of its records pertaining to the account, and a copy of the contract shall be furnished to the depositor. (d) Evidence of Ownership. An association shall issue evidence of accounts that the commissioner may authorize. (e) Inducements. For the opening or increasing of any deposit account, no association shall, directly or indirectly, give, sell, dispose of, or otherwise advertise or permit the giving, selling, or disposition of, for any one (1) opening or increase, anything having a cost or value in excess of amounts permitted with respect to federal associations by applicable federal law and regulation, but inducement shall be allowed to the extent permitted to federal associations under the applicable federal law and regulation. Acts 1978, ch. 708, § 2.03; T.C.A., § 45-1403.
(a) Ownership. Deposit accounts may be opened by any person and held solely and absolutely in the person's own right, or jointly by, or in trust or other fiduciary capacity for, any person or persons, including, but not limited to, an adult or minor individual, male, female, single or married, partnership, association, fiduciary, corporation, political subdivision or any governmental, public or quasi-public entity specifically referred to in § 9-1-107 .
(b) Transfer of Accounts. Deposit accounts shall be represented only by the account of each depositor on the books of the association, and the accounts or any interest in the accounts shall be transferable only on the books of the association upon proper application by the transferor or transferee and upon acceptance by the association of the transferee as a depositor upon terms approved by the board of directors. The association may treat the holder of record of a deposit account as the owner of the account for all purposes without being affected by any notice to the contrary unless the association has acknowledged, in writing, notice of a pledge or other transfer of the deposit account.
(c) Deposit Account Contract. Subject to the prior approval by the commissioner of the form of each type of deposit account contract, each depositor shall execute a deposit account contract setting forth any special terms and provisions applicable to the deposit account and the ownership of the account and the conditions upon which withdrawals may be made. The contracts shall be held by the association as part of its records pertaining to the account, and a copy of the contract shall be furnished to the depositor.
(d) Evidence of Ownership. An association shall issue evidence of accounts that the commissioner may authorize.
(e) Inducements. For the opening or increasing of any deposit account, no association shall, directly or indirectly, give, sell, dispose of, or otherwise advertise or permit the giving, selling, or disposition of, for any one (1) opening or increase, anything having a cost or value in excess of amounts permitted with respect to federal associations by applicable federal law and regulation, but inducement shall be allowed to the extent permitted to federal associations under the applicable federal law and regulation.
Acts 1978, ch. 708, § 2.03; T.C.A., § 45-1403.
Tenn. Code Ann. § 45-6-221 — TN Code / Title 45 / Chapter 6 / Section 45-6-221
Electronic information transfer
Status: in_force

(a) Each licensed pawnbroker shall have a computer system in operation, if so requested by the appropriate law enforcement agency, that is capable of electronically transferring information, and shall electronically transfer the information in text file format on pledged goods to the appropriate law enforcement agency where the pawnshop is located. A pawnbroker who is electronically transferring information on pledged goods to the appropriate law enforcement agency, as of July 1, 2012, shall be deemed in compliance with the requirements set forth in this section. (b) In the event the pawnbroker transfers pawn transactions electronically, the pawnbroker is not required to also deliver to the appropriate law enforcement official the original or copies of the pawnbroker transaction forms. The appropriate law enforcement official may, for the purposes of a criminal investigation, request that the pawnbroker produce an original of a transaction form that has been electronically transferred. The pawnbroker shall deliver this form to the appropriate law enforcement official within twenty-four (24) hours or the next business day following the request. Acts 1994, ch. 935, § 2; 1997, ch. 409, § 5; 2012, ch. 778, § 1.
(a) Each licensed pawnbroker shall have a computer system in operation, if so requested by the appropriate law enforcement agency, that is capable of electronically transferring information, and shall electronically transfer the information in text file format on pledged goods to the appropriate law enforcement agency where the pawnshop is located. A pawnbroker who is electronically transferring information on pledged goods to the appropriate law enforcement agency, as of July 1, 2012, shall be deemed in compliance with the requirements set forth in this section.
(b) In the event the pawnbroker transfers pawn transactions electronically, the pawnbroker is not required to also deliver to the appropriate law enforcement official the original or copies of the pawnbroker transaction forms. The appropriate law enforcement official may, for the purposes of a criminal investigation, request that the pawnbroker produce an original of a transaction form that has been electronically transferred. The pawnbroker shall deliver this form to the appropriate law enforcement official within twenty-four (24) hours or the next business day following the request.
Acts 1994, ch. 935, § 2; 1997, ch. 409, § 5; 2012, ch. 778, § 1.
Tenn. Code Ann. § 45-2-1108 — TN Code / Title 45 / Chapter 2 / Section 45-2-1108
Same power to make loans as national banks
Status: in_force

Notwithstanding any provision to the contrary in this chapter and chapter 1 of this title or elsewhere, state banks have the power to make loans upon the same terms and at the maximum effective interest rates as loans are authorized and credit extended by national banks in this state. This power includes, but is not limited to, the right to take, receive, reserve and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidence of debt, interest at a maximum effective interest rate of one percent (1%) in excess of the discount rate on ninety-day commercial paper in effect at the federal reserve bank in the federal reserve district where the state bank is located. Acts 1969, ch. 36, § 1 (3.241); 1979, ch. 209, § 1; T.C.A., § 45-435.
Notwithstanding any provision to the contrary in this chapter and chapter 1 of this title or elsewhere, state banks have the power to make loans upon the same terms and at the maximum effective interest rates as loans are authorized and credit extended by national banks in this state. This power includes, but is not limited to, the right to take, receive, reserve and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidence of debt, interest at a maximum effective interest rate of one percent (1%) in excess of the discount rate on ninety-day commercial paper in effect at the federal reserve bank in the federal reserve district where the state bank is located.
Acts 1969, ch. 36, § 1 (3.241); 1979, ch. 209, § 1; T.C.A., § 45-435.
Tenn. Code Ann. § 45-2-602 — TN Code / Title 45 / Chapter 2 / Section 45-2-602
Subsidiary corporations
Status: in_force

(a) (1) Any bank may exercise any of its powers through the medium of a subsidiary corporation or corporations. Any and all rights conferred upon banks shall be fully applicable to the subsidiary corporations of banks. Banks shall not be permitted, however, through the use of subsidiary corporations to circumvent the restrictions imposed by § 45-2-614 . Whenever the commissioner deems it necessary, the commissioner may examine any corporation that is a subsidiary corporation of a state bank. (2) A bank may organize, participate in or own an ownership interest in a limited liability company, or limited liability partnership, under this section and this title. (b) (1) For the purposes of this section, a minority stock ownership interest in a credit insurance company whose capital meets or exceeds the requirements of § 56-2-114 , or in an insurance holding company system as defined in § 56-11-101 , whose principal business is conducted through one (1) or more credit insurance companies whose capital meets or exceeds the requirements of § 56-2-114 , shall be deemed to be a subsidiary; provided, that the original cost of the stock ownership interest does not exceed five percent (5%) of the capital and surplus of the bank; and provided further, that no one (1) bank shall own more than five percent (5%) of the stock in the credit insurance company or insurance holding company system. (2) The existence and operation of any subsidiary corporation formed prior to June 9, 1981, shall not be impaired by subdivision (b)(1). Acts 1969, ch. 36, § 1 (3.102); 1973, ch. 294, § 6; T.C.A., § 45-402; Acts 1981, ch. 253, §§ 1, 2; 1996, ch. 768, § 17.
(a) (1) Any bank may exercise any of its powers through the medium of a subsidiary corporation or corporations. Any and all rights conferred upon banks shall be fully applicable to the subsidiary corporations of banks. Banks shall not be permitted, however, through the use of subsidiary corporations to circumvent the restrictions imposed by § 45-2-614 . Whenever the commissioner deems it necessary, the commissioner may examine any corporation that is a subsidiary corporation of a state bank. (2) A bank may organize, participate in or own an ownership interest in a limited liability company, or limited liability partnership, under this section and this title.
(1) Any bank may exercise any of its powers through the medium of a subsidiary corporation or corporations. Any and all rights conferred upon banks shall be fully applicable to the subsidiary corporations of banks. Banks shall not be permitted, however, through the use of subsidiary corporations to circumvent the restrictions imposed by § 45-2-614 . Whenever the commissioner deems it necessary, the commissioner may examine any corporation that is a subsidiary corporation of a state bank.
(2) A bank may organize, participate in or own an ownership interest in a limited liability company, or limited liability partnership, under this section and this title.
(b) (1) For the purposes of this section, a minority stock ownership interest in a credit insurance company whose capital meets or exceeds the requirements of § 56-2-114 , or in an insurance holding company system as defined in § 56-11-101 , whose principal business is conducted through one (1) or more credit insurance companies whose capital meets or exceeds the requirements of § 56-2-114 , shall be deemed to be a subsidiary; provided, that the original cost of the stock ownership interest does not exceed five percent (5%) of the capital and surplus of the bank; and provided further, that no one (1) bank shall own more than five percent (5%) of the stock in the credit insurance company or insurance holding company system. (2) The existence and operation of any subsidiary corporation formed prior to June 9, 1981, shall not be impaired by subdivision (b)(1).
(1) For the purposes of this section, a minority stock ownership interest in a credit insurance company whose capital meets or exceeds the requirements of § 56-2-114 , or in an insurance holding company system as defined in § 56-11-101 , whose principal business is conducted through one (1) or more credit insurance companies whose capital meets or exceeds the requirements of § 56-2-114 , shall be deemed to be a subsidiary; provided, that the original cost of the stock ownership interest does not exceed five percent (5%) of the capital and surplus of the bank; and provided further, that no one (1) bank shall own more than five percent (5%) of the stock in the credit insurance company or insurance holding company system.
(2) The existence and operation of any subsidiary corporation formed prior to June 9, 1981, shall not be impaired by subdivision (b)(1).
Acts 1969, ch. 36, § 1 (3.102); 1973, ch. 294, § 6; T.C.A., § 45-402; Acts 1981, ch. 253, §§ 1, 2; 1996, ch. 768, § 17.
Tenn. Code Ann. § 45-2-1201 — TN Code / Title 45 / Chapter 2 / Section 45-2-1201
[Repealed] Short title
Status: repealed

This part shall be known and may be cited as the "Elderly and Vulnerable Adult Financial Exploitation Prevention Act." 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.
This part shall be known and may be cited as the "Elderly and Vulnerable Adult Financial Exploitation Prevention Act."
Repealed by 2017 Tenn. Acts, ch. 264, s 7, eff. 6/30/2022.
Added by 2017 Tenn. Acts, ch. 264, s 1, eff. 7/1/2017.
Tenn. Code Ann. § 45-3-513 — TN Code / Title 45 / Chapter 3 / Section 45-3-513
Accounts of deceased nonresidents
Status: in_force

(a) When an account is held in any association by a person residing in another state or country, in the event of the death of the depositor, the account, together with additions to the account, or any part of the account, shall be exempt from any taxation otherwise imposed by this state and may be paid to the administrator or executor appointed in the state or country where the holder resided at the time of death; provided, that the administrator or executor has furnished the association with: (1) Authenticated copies of the letters of the administrator or executor and of the order of the court that issued the letters to the person authorizing the person to collect, receive, and remove the personal estate; and (2) An affidavit by the administrator or executor that, to the administrator's or executor's knowledge, no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. (b) Upon payment or delivery to the representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator and is not required to see to the application or disposition of the property. (c) No action at law or in equity shall be maintained against the association for payment made in accordance with this section. Acts 1978, ch. 708, § 2.13; T.C.A., § 45-1413.
(a) When an account is held in any association by a person residing in another state or country, in the event of the death of the depositor, the account, together with additions to the account, or any part of the account, shall be exempt from any taxation otherwise imposed by this state and may be paid to the administrator or executor appointed in the state or country where the holder resided at the time of death; provided, that the administrator or executor has furnished the association with: (1) Authenticated copies of the letters of the administrator or executor and of the order of the court that issued the letters to the person authorizing the person to collect, receive, and remove the personal estate; and (2) An affidavit by the administrator or executor that, to the administrator's or executor's knowledge, no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state.
(1) Authenticated copies of the letters of the administrator or executor and of the order of the court that issued the letters to the person authorizing the person to collect, receive, and remove the personal estate; and
(2) An affidavit by the administrator or executor that, to the administrator's or executor's knowledge, no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state.
(b) Upon payment or delivery to the representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator and is not required to see to the application or disposition of the property.
(c) No action at law or in equity shall be maintained against the association for payment made in accordance with this section.
Acts 1978, ch. 708, § 2.13; T.C.A., § 45-1413.
Tenn. Code Ann. § 45-18-117 — TN Code / Title 45 / Chapter 18 / Section 45-18-117
Civil penalties
Status: in_force

If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule adopted under this chapter, the commissioner may, in addition to all other powers conferred in this chapter: (1) Order the person to cease and desist violating the chapter or its rules and require the refund of any fees collected by the person in violation of this chapter; and (2) Order the person to pay to the commissioner a civil penalty in an amount specified by the commissioner, not to exceed one thousand dollars ($1,000) for each violation or, in the case of a continuing violation, one thousand dollars ($1,000) for each day that the violation continues. Acts 1997, ch. 309, § 17.
If, after notice and an opportunity for a hearing, the commissioner finds that a person has violated this chapter or a rule adopted under this chapter, the commissioner may, in addition to all other powers conferred in this chapter:
(1) Order the person to cease and desist violating the chapter or its rules and require the refund of any fees collected by the person in violation of this chapter; and
(2) Order the person to pay to the commissioner a civil penalty in an amount specified by the commissioner, not to exceed one thousand dollars ($1,000) for each violation or, in the case of a continuing violation, one thousand dollars ($1,000) for each day that the violation continues.
Acts 1997, ch. 309, § 17.
Tenn. Code Ann. § 45-10-110 — TN Code / Title 45 / Chapter 10 / Section 45-10-110
Compliance with subpoena duces tecum
Status: in_force

Except as hereinafter provided, when a subpoena duces tecum is served upon a custodian of records of any financial institution in an action or proceeding in which the financial institution is not a party, and the subpoena requires the production of all or any part of the records of the financial institution relating to any customer of the financial institution, it shall be sufficient compliance with the subpoena if the custodian within fourteen (14) days after being served with a subpoena duces tecum, files with the court clerk or the issuer, either by personal delivery or certified or registered mail, a true and correct copy, which may be a copy reproduced on film or other reproducing material by microfilming, photographing, photostating or other approximate process, or a facsimile, exemplification or copy of the reproduction or copy of all records specifically described in the subpoena. Acts 1983, ch. 224, § 10.
Except as hereinafter provided, when a subpoena duces tecum is served upon a custodian of records of any financial institution in an action or proceeding in which the financial institution is not a party, and the subpoena requires the production of all or any part of the records of the financial institution relating to any customer of the financial institution, it shall be sufficient compliance with the subpoena if the custodian within fourteen (14) days after being served with a subpoena duces tecum, files with the court clerk or the issuer, either by personal delivery or certified or registered mail, a true and correct copy, which may be a copy reproduced on film or other reproducing material by microfilming, photographing, photostating or other approximate process, or a facsimile, exemplification or copy of the reproduction or copy of all records specifically described in the subpoena.
Acts 1983, ch. 224, § 10.
Tenn. Code Ann. § 45-5-404 — TN Code / Title 45 / Chapter 5 / Section 45-5-404
Remedies of borrowers - Defenses - Limitations of actions
Status: in_force

The remedies of borrowers, the limitations on actions of borrowers, the defenses available to borrowers and to registrants, and the procedures applicable in the actions with respect to interest and loan charges under this chapter shall be those as prescribed by the general statute pertaining to interest and other charges by lenders or creditors. Acts 1979, ch. 204, § 21; T.C.A., § 45-2021.
The remedies of borrowers, the limitations on actions of borrowers, the defenses available to borrowers and to registrants, and the procedures applicable in the actions with respect to interest and loan charges under this chapter shall be those as prescribed by the general statute pertaining to interest and other charges by lenders or creditors.
Acts 1979, ch. 204, § 21; T.C.A., § 45-2021.
Tenn. Code Ann. § 45-13-209 — TN Code / Title 45 / Chapter 13 / Section 45-13-209
Statement of account
Status: in_force

Upon written request from the mortgagor, the holder of a residential mortgage loan shall deliver to the mortgagor, within fourteen (14) days from receipt of the written request, a statement of the mortgagor's account showing the date and amount of all payments credited to the account within the previous twelve-month period and the total unpaid balance. Not more than two (2) statements shall be required in any twelve-month period. If the holder of a residential mortgage loan forwards to the mortgagor an annual payment and escrow analysis, or other such analysis, the submission of the analysis to the mortgagor shall constitute a statement of the mortgagor's account. Acts 2009, ch. 499, § 8.
Upon written request from the mortgagor, the holder of a residential mortgage loan shall deliver to the mortgagor, within fourteen (14) days from receipt of the written request, a statement of the mortgagor's account showing the date and amount of all payments credited to the account within the previous twelve-month period and the total unpaid balance. Not more than two (2) statements shall be required in any twelve-month period. If the holder of a residential mortgage loan forwards to the mortgagor an annual payment and escrow analysis, or other such analysis, the submission of the analysis to the mortgagor shall constitute a statement of the mortgagor's account.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-20-109 — TN Code / Title 45 / Chapter 20 / Section 45-20-109
Commissioner's powers - Rules and regulations - Examinations and investigations - Injunctions
Status: in_force

(a) The commissioner is granted the power to interpret this chapter and to enact reasonable substantive and procedural rules as are necessary and proper for the administration, enforcement and interpretation of this chapter. (b) (1) For the purpose of discovering violations of this chapter or securing information lawfully required under this chapter, the commissioner may conduct examinations and investigations of the business and the books, accounts, records and files used in the business of each person subject to the regulatory jurisdiction of the commissioner, or of each person that the commissioner reasonably suspects to be subject to the regulatory jurisdiction of the commissioner. For purposes of defraying the examination and investigation expenses incurred by the commissioner in the enforcement of this chapter, the commissioner shall recover the actual costs for the examination and investigation from the person. (2) The commissioner has the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths and examine any person under oath in connection with the enforcement of this chapter. (3) If, after notice and opportunity for a hearing, the commissioner determines that a person has violated this chapter, or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions: (A) Order the person to cease and desist violating this chapter or any administrative rules issued pursuant to this chapter; (B) Order a person to make restitution for actual damages to borrowers; (C) Impose a civil penalty of up to ten thousand dollars ($10,000) for each violation; (D) Suspend, revoke, or refuse to renew any license or registration issued by the commissioner; (E) Censure, suspend or bar an individual responsible for a violation of this chapter, or any administrative rule issued pursuant to this chapter, from any position of management, control, employment or other capacity related to activities regulated by the commissioner; (F) Pending completion of an investigation or any formal proceeding instituted pursuant to this chapter, if the commissioner finds that the interests of the public require immediate action to prevent undue harm to borrowers, enter an emergency order to be effective immediately and until entry of a final order. The emergency order may include: a temporary suspension of the lender's authority to make high-cost home loans under this chapter, a temporary cease and desist order, a temporary prohibition against a lender transacting high-cost home loan business in this state, or another order relating to high-cost home loans that the commissioner may deem necessary to prevent undue harm to borrowers pending completion of an investigation or formal proceeding. In cases requiring immediate action, the commissioner shall promptly afford a subsequent hearing upon application to rescind the action taken; or (G) Impose other conditions that the commissioner deems appropriate. (c) In the event a person does not comply with an order or subpoena for documents or testimony issued pursuant to this chapter, the commissioner may petition a chancery court having jurisdiction to seek injunctive relief to compel compliance with the order. The power is conferred and the duty is imposed upon the several chancery courts, in all proper cases, to award injunctive relief; provided, that the order issued by the commissioner shall not be reviewable in a proceeding initiated under this subsection (c). (d) The commissioner may bring an action in the chancery court of Davidson County to enjoin any act or practice in or from this state that constitutes a violation of this chapter, or any administrative rule issued pursuant to this chapter. The court may not require the commissioner to post a bond in bringing the action. Upon a proper showing by the commissioner, the court shall grant a permanent or temporary injunction, restraining order, writ of mandamus, disgorgement, or other proper equitable relief, including the recovery by the commissioner of costs and attorney's fees. (e) This section shall not limit the authority of the attorney general and reporter from instituting or maintaining any action within the scope of the attorney general and reporter's authority with respect to practices prohibited under this chapter. Acts 2006, ch. 801, § 9.
(a) The commissioner is granted the power to interpret this chapter and to enact reasonable substantive and procedural rules as are necessary and proper for the administration, enforcement and interpretation of this chapter.
(b) (1) For the purpose of discovering violations of this chapter or securing information lawfully required under this chapter, the commissioner may conduct examinations and investigations of the business and the books, accounts, records and files used in the business of each person subject to the regulatory jurisdiction of the commissioner, or of each person that the commissioner reasonably suspects to be subject to the regulatory jurisdiction of the commissioner. For purposes of defraying the examination and investigation expenses incurred by the commissioner in the enforcement of this chapter, the commissioner shall recover the actual costs for the examination and investigation from the person. (2) The commissioner has the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths and examine any person under oath in connection with the enforcement of this chapter. (3) If, after notice and opportunity for a hearing, the commissioner determines that a person has violated this chapter, or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions: (A) Order the person to cease and desist violating this chapter or any administrative rules issued pursuant to this chapter; (B) Order a person to make restitution for actual damages to borrowers; (C) Impose a civil penalty of up to ten thousand dollars ($10,000) for each violation; (D) Suspend, revoke, or refuse to renew any license or registration issued by the commissioner; (E) Censure, suspend or bar an individual responsible for a violation of this chapter, or any administrative rule issued pursuant to this chapter, from any position of management, control, employment or other capacity related to activities regulated by the commissioner; (F) Pending completion of an investigation or any formal proceeding instituted pursuant to this chapter, if the commissioner finds that the interests of the public require immediate action to prevent undue harm to borrowers, enter an emergency order to be effective immediately and until entry of a final order. The emergency order may include: a temporary suspension of the lender's authority to make high-cost home loans under this chapter, a temporary cease and desist order, a temporary prohibition against a lender transacting high-cost home loan business in this state, or another order relating to high-cost home loans that the commissioner may deem necessary to prevent undue harm to borrowers pending completion of an investigation or formal proceeding. In cases requiring immediate action, the commissioner shall promptly afford a subsequent hearing upon application to rescind the action taken; or (G) Impose other conditions that the commissioner deems appropriate.
(1) For the purpose of discovering violations of this chapter or securing information lawfully required under this chapter, the commissioner may conduct examinations and investigations of the business and the books, accounts, records and files used in the business of each person subject to the regulatory jurisdiction of the commissioner, or of each person that the commissioner reasonably suspects to be subject to the regulatory jurisdiction of the commissioner. For purposes of defraying the examination and investigation expenses incurred by the commissioner in the enforcement of this chapter, the commissioner shall recover the actual costs for the examination and investigation from the person.
(2) The commissioner has the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths and examine any person under oath in connection with the enforcement of this chapter.
(3) If, after notice and opportunity for a hearing, the commissioner determines that a person has violated this chapter, or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions: (A) Order the person to cease and desist violating this chapter or any administrative rules issued pursuant to this chapter; (B) Order a person to make restitution for actual damages to borrowers; (C) Impose a civil penalty of up to ten thousand dollars ($10,000) for each violation; (D) Suspend, revoke, or refuse to renew any license or registration issued by the commissioner; (E) Censure, suspend or bar an individual responsible for a violation of this chapter, or any administrative rule issued pursuant to this chapter, from any position of management, control, employment or other capacity related to activities regulated by the commissioner; (F) Pending completion of an investigation or any formal proceeding instituted pursuant to this chapter, if the commissioner finds that the interests of the public require immediate action to prevent undue harm to borrowers, enter an emergency order to be effective immediately and until entry of a final order. The emergency order may include: a temporary suspension of the lender's authority to make high-cost home loans under this chapter, a temporary cease and desist order, a temporary prohibition against a lender transacting high-cost home loan business in this state, or another order relating to high-cost home loans that the commissioner may deem necessary to prevent undue harm to borrowers pending completion of an investigation or formal proceeding. In cases requiring immediate action, the commissioner shall promptly afford a subsequent hearing upon application to rescind the action taken; or (G) Impose other conditions that the commissioner deems appropriate.
(A) Order the person to cease and desist violating this chapter or any administrative rules issued pursuant to this chapter;
(B) Order a person to make restitution for actual damages to borrowers;
(C) Impose a civil penalty of up to ten thousand dollars ($10,000) for each violation;
(D) Suspend, revoke, or refuse to renew any license or registration issued by the commissioner;
(E) Censure, suspend or bar an individual responsible for a violation of this chapter, or any administrative rule issued pursuant to this chapter, from any position of management, control, employment or other capacity related to activities regulated by the commissioner;
(F) Pending completion of an investigation or any formal proceeding instituted pursuant to this chapter, if the commissioner finds that the interests of the public require immediate action to prevent undue harm to borrowers, enter an emergency order to be effective immediately and until entry of a final order. The emergency order may include: a temporary suspension of the lender's authority to make high-cost home loans under this chapter, a temporary cease and desist order, a temporary prohibition against a lender transacting high-cost home loan business in this state, or another order relating to high-cost home loans that the commissioner may deem necessary to prevent undue harm to borrowers pending completion of an investigation or formal proceeding. In cases requiring immediate action, the commissioner shall promptly afford a subsequent hearing upon application to rescind the action taken; or
(G) Impose other conditions that the commissioner deems appropriate.
(c) In the event a person does not comply with an order or subpoena for documents or testimony issued pursuant to this chapter, the commissioner may petition a chancery court having jurisdiction to seek injunctive relief to compel compliance with the order. The power is conferred and the duty is imposed upon the several chancery courts, in all proper cases, to award injunctive relief; provided, that the order issued by the commissioner shall not be reviewable in a proceeding initiated under this subsection (c).
(d) The commissioner may bring an action in the chancery court of Davidson County to enjoin any act or practice in or from this state that constitutes a violation of this chapter, or any administrative rule issued pursuant to this chapter. The court may not require the commissioner to post a bond in bringing the action. Upon a proper showing by the commissioner, the court shall grant a permanent or temporary injunction, restraining order, writ of mandamus, disgorgement, or other proper equitable relief, including the recovery by the commissioner of costs and attorney's fees.
(e) This section shall not limit the authority of the attorney general and reporter from instituting or maintaining any action within the scope of the attorney general and reporter's authority with respect to practices prohibited under this chapter.
Acts 2006, ch. 801, § 9.
Tenn. Code Ann. § 45-11-106 — TN Code / Title 45 / Chapter 11 / Section 45-11-106
Approval by stockholders of converting financial institution
Status: in_force

(a) To be effective, a plan of conversion for a stock-owned financial institution must be approved by the stockholders of the converting financial institution by a majority vote of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting financial institution. (b) To be effective, a plan of conversion for a mutually-owned financial institution must be approved by a majority vote of those members of the institution qualified to vote in person or by mail ballot at a meeting called to consider such action; provided, however, that a plan of conversion by a credit union shall be approved in accordance with the membership approval process for a federally insured credit union, to the extent such membership approval process is applicable. (c) Prior to mailing, notice of the meeting of shareholders or members and the proxy statement or mail ballot form shall be submitted to the commissioner for approval. The commissioner may require changes in the disclosures and the proxy or mail ballot provided to the stockholders or members to assure full and adequate disclosure prior to those documents being mailed to stockholders or members. (d) Notice of the meeting and other disclosures shall be mailed to each stockholder or member thirty (30) days prior to the date of the meeting called to consider the conversion. Acts 1985, ch. 174, §2; 2008 , ch. 968, § 5.
(a) To be effective, a plan of conversion for a stock-owned financial institution must be approved by the stockholders of the converting financial institution by a majority vote of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the resulting financial institution.
(b) To be effective, a plan of conversion for a mutually-owned financial institution must be approved by a majority vote of those members of the institution qualified to vote in person or by mail ballot at a meeting called to consider such action; provided, however, that a plan of conversion by a credit union shall be approved in accordance with the membership approval process for a federally insured credit union, to the extent such membership approval process is applicable.
(c) Prior to mailing, notice of the meeting of shareholders or members and the proxy statement or mail ballot form shall be submitted to the commissioner for approval. The commissioner may require changes in the disclosures and the proxy or mail ballot provided to the stockholders or members to assure full and adequate disclosure prior to those documents being mailed to stockholders or members.
(d) Notice of the meeting and other disclosures shall be mailed to each stockholder or member thirty (30) days prior to the date of the meeting called to consider the conversion.
Acts 1985, ch. 174, §2; 2008 , ch. 968, § 5.
Tenn. Code Ann. § 45-3-1303 — TN Code / Title 45 / Chapter 3 / Section 45-3-1303
Unlawful concealment of transactions
Status: in_force

(a) It is unlawful for a director, officer, agent, or employee of an association, directly or indirectly, to conceal or endeavor to conceal any transaction of the association from any officer, director, agent, or employee of the association or from the commissioner, any examiner, or other employee of the department to whom it should properly be disclosed. (b) A violation of this section is a Class C misdemeanor. Acts 1978, ch. 708, § 5.07; T.C.A., § 45-1707; Acts 1989, ch. 591, § 113.
(a) It is unlawful for a director, officer, agent, or employee of an association, directly or indirectly, to conceal or endeavor to conceal any transaction of the association from any officer, director, agent, or employee of the association or from the commissioner, any examiner, or other employee of the department to whom it should properly be disclosed.
(b) A violation of this section is a Class C misdemeanor.
Acts 1978, ch. 708, § 5.07; T.C.A., § 45-1707; Acts 1989, ch. 591, § 113.
Tenn. Code Ann. § 45-3-1001 — TN Code / Title 45 / Chapter 3 / Section 45-3-1001
Organization fees
Status: in_force

Each application for authority to organize an association under this chapter shall be accompanied by an application fee of one thousand five hundred dollars ($1,500), and a fee of five hundred dollars ($500) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation. Acts 1978, ch. 708, § 5.19; T.C.A., § 45-1719.
Each application for authority to organize an association under this chapter shall be accompanied by an application fee of one thousand five hundred dollars ($1,500), and a fee of five hundred dollars ($500) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation.
Acts 1978, ch. 708, § 5.19; T.C.A., § 45-1719.
Tenn. Code Ann. § 45-4-1108 — TN Code / Title 45 / Chapter 4 / Section 45-4-1108
Capital contribution - Additions - Special assessments - Dividends
Status: in_force

(a) In order to provide a capital fund for carrying out the purposes of the corporation pursuant to § 45-4-1102 , the corporation shall bill and collect from all credit unions accepted for membership an initial capital contribution not to exceed one percent (1%) of all insured shares, accounts, and certificates of the credit union with the approval of the commissioner. The corporation shall annually declare and collect additions to the capital account as the corporation may deem appropriate, except to the extent that refunds have been paid under subsection (b). (b) The capital contribution of each member credit union shall be refunded to each member credit union when the unencumbered funds of the corporation exceed two percent (2%) of the aggregate total of all shares, accounts and certificates of member credit unions by an amount equal to the aggregate capital contributions of all members, as determined by the annual report of the commissioner or the annual report of the supervisory agency of the credit unions in each state in which credit unions have become members of the corporation under § 45-4-1107(c) . A portion of the capital contribution of each member credit union may, with the prior approval of the commissioner, be refunded to each member credit union, though the unencumbered funds of the corporation do not exceed two percent (2%) of the aggregate total of all shares, accounts and certificates of member credit unions by an amount equal to the aggregate capital contributions of all members as determined by the method specified in this section, if the board of directors of the corporation deems a partial refund to be in the best interest of the corporation. These refunds shall be paid to the then existing member credit unions in proportion to their capital contribution. (c) At the option of the board of directors of the corporation, the corporation may exclude from its calculations of the capital contribution required by subsections (a) and (b), the share holdings and deposits of shareholders and depositors of member credit unions that either are not protected or guaranteed by the corporation or that are in excess of the primary amount of loss to be protected or guaranteed by the corporation pursuant to § 45-4-1102(1) . (d) In the event of potential impairment of the corporation's capital fund, a special assessment to the capital fund may be levied by the corporation with the approval of the commissioner or, in addition or as an alternative to a special assessment, the corporation may issue debt instruments the board of directors of the corporation deems appropriate with the approval of the commissioner. (e) The corporation may also, subject to the prior approval of the commissioner, declare a dividend from net earnings annually. The dividend shall be paid on the amount of paid-in membership capital as defined in subsection (a). When capital contributions have not been fully paid during the entire preceding dividend period, a proportional part of the dividend may be paid. (f) In case of the liquidation of this corporation, the funds shall be paid to the then existing member credit unions in proportion to contributions to the capital fund including any special assessments paid. Acts 1974, ch. 577, § 8; 1978, ch. 553, §§ 2, 3; T.C.A., § 45-1842; Acts 1982, ch. 603, §§ 1, 2; 1983, ch. 93, § 5; 1984, ch. 715, § 4; 1985, ch. 18, § 1.
(a) In order to provide a capital fund for carrying out the purposes of the corporation pursuant to § 45-4-1102 , the corporation shall bill and collect from all credit unions accepted for membership an initial capital contribution not to exceed one percent (1%) of all insured shares, accounts, and certificates of the credit union with the approval of the commissioner. The corporation shall annually declare and collect additions to the capital account as the corporation may deem appropriate, except to the extent that refunds have been paid under subsection (b).
(b) The capital contribution of each member credit union shall be refunded to each member credit union when the unencumbered funds of the corporation exceed two percent (2%) of the aggregate total of all shares, accounts and certificates of member credit unions by an amount equal to the aggregate capital contributions of all members, as determined by the annual report of the commissioner or the annual report of the supervisory agency of the credit unions in each state in which credit unions have become members of the corporation under § 45-4-1107(c) . A portion of the capital contribution of each member credit union may, with the prior approval of the commissioner, be refunded to each member credit union, though the unencumbered funds of the corporation do not exceed two percent (2%) of the aggregate total of all shares, accounts and certificates of member credit unions by an amount equal to the aggregate capital contributions of all members as determined by the method specified in this section, if the board of directors of the corporation deems a partial refund to be in the best interest of the corporation. These refunds shall be paid to the then existing member credit unions in proportion to their capital contribution.
(c) At the option of the board of directors of the corporation, the corporation may exclude from its calculations of the capital contribution required by subsections (a) and (b), the share holdings and deposits of shareholders and depositors of member credit unions that either are not protected or guaranteed by the corporation or that are in excess of the primary amount of loss to be protected or guaranteed by the corporation pursuant to § 45-4-1102(1) .
(d) In the event of potential impairment of the corporation's capital fund, a special assessment to the capital fund may be levied by the corporation with the approval of the commissioner or, in addition or as an alternative to a special assessment, the corporation may issue debt instruments the board of directors of the corporation deems appropriate with the approval of the commissioner.
(e) The corporation may also, subject to the prior approval of the commissioner, declare a dividend from net earnings annually. The dividend shall be paid on the amount of paid-in membership capital as defined in subsection (a). When capital contributions have not been fully paid during the entire preceding dividend period, a proportional part of the dividend may be paid.
(f) In case of the liquidation of this corporation, the funds shall be paid to the then existing member credit unions in proportion to contributions to the capital fund including any special assessments paid.
Acts 1974, ch. 577, § 8; 1978, ch. 553, §§ 2, 3; T.C.A., § 45-1842; Acts 1982, ch. 603, §§ 1, 2; 1983, ch. 93, § 5; 1984, ch. 715, § 4; 1985, ch. 18, § 1.
Tenn. Code Ann. § 45-4-1114 — TN Code / Title 45 / Chapter 4 / Section 45-4-1114
Exemption from taxation
Status: in_force

The corporation is declared to be performing a public function on behalf of those citizens of the state whose shares and deposits, with respect to which the corporation is organized, are to be protected and to be a public instrumentality of the state of Tennessee for those purposes. Accordingly, the corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom, and all notes, bonds, debentures and other obligations issued by it, and the income therefrom shall be exempt from all taxation in the state of Tennessee. Also, for 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 public instrumentality or a political subdivision of the state of Tennessee. Acts 1974, ch. 577, § 14; T.C.A., § 45-1848.
The corporation is declared to be performing a public function on behalf of those citizens of the state whose shares and deposits, with respect to which the corporation is organized, are to be protected and to be a public instrumentality of the state of Tennessee for those purposes. Accordingly, the corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom, and all notes, bonds, debentures and other obligations issued by it, and the income therefrom shall be exempt from all taxation in the state of Tennessee. Also, for 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 public instrumentality or a political subdivision of the state of Tennessee.
Acts 1974, ch. 577, § 14; T.C.A., § 45-1848.