Tenn. Code Ann. § 45-1-118 — TN Code / Title 45 / Chapter 1 / Section 45-1-118
Charter application costs - Annual banking fee - Assessments - Recovering the costs of examination and supervision
Status: in_force

(a) Each state bank shall pay to the department the cost, as determined by the commissioner, of investigating an application by the bank for a charter as a new bank or for a branch bank. (b) (1) The commissioner shall determine an annual budget for the department. (2) The amount of the budget attributable to the regulation and examination of state banks shall thereafter be divided among the state banks by the commissioner. (c) (1) The assessment against each state bank, which shall be known as the banking fee, must be allocated in proportion to the total assets beneficially owned by each state bank. (2) (A) The amount of the department's annual budget attributable to the regulation and examination of public trust companies must be allocated and assessed among all public trust companies in proportion to each public trust company's total assets under the public trust company's administration; provided, that in determining the allocation: (i) Safekeeping and custody agency assets, where the public trust company is neither acting as trustee nor responsible for managing the asset selection for account assets, must be weighted at fifty percent (50%) of their total amount and all other assets must be weighted at one hundred percent (100%) of their total amount; and (ii) The minimum amount assessed to any public trust company must be ten thousand dollars ($10,000). (B) A company that is a public trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the public trust company's assessment must not be prorated for any reason. Unless public trust companies receive a different notification from the department, the department shall send each public trust company, or its successor, notice of the public trust company's assessment in December of the fiscal year in which the fee is being collected. Each public trust company's assessment will be calculated based on assets under the public trust company's administration as reported in the public trust company's report of financial condition as of June 30 of the prior fiscal year. If, for any reason, a company that was a public trust company on July 1 does not file a June 30 report of financial condition, then the commissioner must determine the public trust company's assets under administration for purposes of making the assessment from other sources of information. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used solely by the department for administration expenses. (3) (A) The amount of the department's annual budget attributable to the regulation and examination of private trust companies must be allocated and assessed among all private trust companies such that each private trust company is assessed an equal amount. (B) A company that is a private trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the private trust company's assessment must not be prorated for any reason. Unless private trust companies receive different notification by the department, the department shall send each private trust company, or its successor, notice of the private trust company's assessment in December of the fiscal year in which the fee is being collected. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used for the administration of the department and for the department's sole use. (d) (1) Assessments shall be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner shall be used for the administration of the department and for the department's sole use. (2) Any funds collected by the department but unexpended at the end of a fiscal year shall not revert or in any way be transferred to the general fund but shall be rebated to the state banks, within one hundred eighty (180) days, or shall be credited against the banking fee owed by the state banks for the current fiscal year. (e) If any state bank fails to make payment within thirty (30) days after notice from the commissioner of the amount of its assessment, the commissioner may issue an execution against its property for an amount equal to one hundred fifty percent (150%) of the delinquent payment. (f) (1) The department may recover the costs of examination and supervision of a financial institution, subsidiary, or service corporation for supervision or examination that are in addition to the costs associated with the level of supervision ordinarily required for a financial institution in sound financial condition and that are in excess of the normal regulatory fees paid by the institution. The department may also recover the costs of any review of any affiliate of a financial institution determined by the department to have contributed to an unsafe or unsound practice at a financial institution, subsidiary, or service corporation. (2) The commissioner may issue orders and promulgate rules and regulations pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing and defining costs associated with complying with this subsection (f) and for the purpose of enforcing the recovery of the costs. (g) (1) The commissioner, in cooperation with the department of human resources, shall on an annual basis conduct a review of the salaries of employees in the department. The review shall include a comparative analysis of salaries of the departmental employees, employees in similar state positions in bank regulatory agencies of other states, employees in federal regulatory agencies, similar employees in other Tennessee state departments, and employees in similar positions in the private sector. Based on the review or other factors including, but not limited to, staff turnover, qualifications, or availability of qualified employees, the commissioner shall make recommendations for changes in classifications, salary improvements, or both. (2) The commissioner shall establish, maintain, and review on a periodic basis a method for assessing the staffing needs for the department. The method shall include, but not be limited to, assessment of the statutory requirements of the department, the number and type of institutions regulated within each regulatory category, and the size of the assets under the departmental supervision in each category. (h) The commissioner, in the commissioner's discretion, may, by regulation, establish the criteria and circumstances by which a credit toward the annual banking fee may be given to a Tennessee state-chartered bank for the annual banking fee assessment, if any, assessed against an out-of-state branch of the Tennessee state-chartered bank by the host state banking supervisory agency. (i) (1) Persons regulated and supervised by the department's compliance division shall be assessed an annual supervision fee as described in this subsection (i). (2) Pursuant to subdivision (b)(1), the commissioner shall determine an annual budget for the department. The commissioner shall determine the amount of the budget attributable to the regulation and examination of the persons regulated by the compliance division. (3) Mortgage loan originators, as defined in §§ 45-5-102 and 45-13-105 , as applicable, shall not be assessed the annual supervision fee, but mortgage loan originators shall continue to pay the licensing, renewal and any other fees required in chapters 5 and 13 of this title. The total number of mortgage loan originators licensed with the department at the end of the previous fiscal year shall be multiplied by the annual renewal fee for mortgage loan originators, and the product shall be deducted from the compliance division's budget. The remaining amount of the compliance division's budget shall be allocated as described in subdivision (i)(4). (4) (A) The commissioner shall periodically determine the per diem costs of conducting a routine examination of persons regulated and supervised by the compliance division. (B) After deducting the amounts referenced in subdivision (i)(3), the remaining budget shall be assessed as a supervision fee among all licensed and registered locations based on the relative complexities of examining and regulating each industry. (C) Payment of the supervision fee calculated in this subsection (i) shall be a condition of licensure or registration renewal. The supervision fee shall be nonrefundable and no abatement of the supervision fee shall be made if the license or registration is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued. (D) The supervision fee includes annual licensing and registration fees and the costs for a routine examination or investigation of a licensee or registrant regulated by the compliance division. (5) In addition to the supervision fee, a licensee or registrant shall pay the actual expenses incurred for out-of-state examinations and inspections of books, records, and papers maintained out-of-state. (6) In addition to the supervision fee, the commissioner may impose a special assessment upon a licensee or registrant for the purpose of recovering costs in excess of those costs normally incurred for conducting a routine examination. (7) A person who applies for a new license or registration shall pay, as a condition of licensure or registration, the same supervision fee for each licensed or registered location as a person holding the same license or registration type has paid as a supervision fee during that fiscal year. If the supervision fee for a fiscal year has not yet been determined, the person applying for a new license or registration shall pay, as a condition of licensure or registration, the supervision fee required to obtain the license or registration type in the previous fiscal year, except as designated in subdivision (i)(8). (8) A person submitting an application to the compliance division for a new license or registration from July 1, 2015 through September 30, 2015, shall pay a supervision fee of five hundred dollars ($500). Thereafter, the supervision fee shall be an amount determined by the commissioner pursuant to subdivision (i)(4). (9) All funds collected by the department's compliance division shall be used for the administration of that division. Amended by 2024 Tenn. Acts, ch. 556,s 2, eff. 7/1/2024. Amended by 2014 Tenn. Acts, ch. 736, s 1, eff. 7/1/2015. Acts 1969, ch. 36, § 1 (2.110); 1973, ch. 294, § 16; T.C.A., § 45-117; Acts 1988, ch. 655, § 1; 1992, ch. 628, § 1; 1993, ch. 233, § 1; 1995, ch. 451, §§ 1, 2; 1996, ch. 562, § 4; 1999, ch. 112, § 2.
(a) Each state bank shall pay to the department the cost, as determined by the commissioner, of investigating an application by the bank for a charter as a new bank or for a branch bank.
(b) (1) The commissioner shall determine an annual budget for the department. (2) The amount of the budget attributable to the regulation and examination of state banks shall thereafter be divided among the state banks by the commissioner.
(1) The commissioner shall determine an annual budget for the department.
(2) The amount of the budget attributable to the regulation and examination of state banks shall thereafter be divided among the state banks by the commissioner.
(c) (1) The assessment against each state bank, which shall be known as the banking fee, must be allocated in proportion to the total assets beneficially owned by each state bank. (2) (A) The amount of the department's annual budget attributable to the regulation and examination of public trust companies must be allocated and assessed among all public trust companies in proportion to each public trust company's total assets under the public trust company's administration; provided, that in determining the allocation: (i) Safekeeping and custody agency assets, where the public trust company is neither acting as trustee nor responsible for managing the asset selection for account assets, must be weighted at fifty percent (50%) of their total amount and all other assets must be weighted at one hundred percent (100%) of their total amount; and (ii) The minimum amount assessed to any public trust company must be ten thousand dollars ($10,000). (B) A company that is a public trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the public trust company's assessment must not be prorated for any reason. Unless public trust companies receive a different notification from the department, the department shall send each public trust company, or its successor, notice of the public trust company's assessment in December of the fiscal year in which the fee is being collected. Each public trust company's assessment will be calculated based on assets under the public trust company's administration as reported in the public trust company's report of financial condition as of June 30 of the prior fiscal year. If, for any reason, a company that was a public trust company on July 1 does not file a June 30 report of financial condition, then the commissioner must determine the public trust company's assets under administration for purposes of making the assessment from other sources of information. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used solely by the department for administration expenses. (3) (A) The amount of the department's annual budget attributable to the regulation and examination of private trust companies must be allocated and assessed among all private trust companies such that each private trust company is assessed an equal amount. (B) A company that is a private trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the private trust company's assessment must not be prorated for any reason. Unless private trust companies receive different notification by the department, the department shall send each private trust company, or its successor, notice of the private trust company's assessment in December of the fiscal year in which the fee is being collected. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used for the administration of the department and for the department's sole use.
(1) The assessment against each state bank, which shall be known as the banking fee, must be allocated in proportion to the total assets beneficially owned by each state bank.
(2) (A) The amount of the department's annual budget attributable to the regulation and examination of public trust companies must be allocated and assessed among all public trust companies in proportion to each public trust company's total assets under the public trust company's administration; provided, that in determining the allocation: (i) Safekeeping and custody agency assets, where the public trust company is neither acting as trustee nor responsible for managing the asset selection for account assets, must be weighted at fifty percent (50%) of their total amount and all other assets must be weighted at one hundred percent (100%) of their total amount; and (ii) The minimum amount assessed to any public trust company must be ten thousand dollars ($10,000). (B) A company that is a public trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the public trust company's assessment must not be prorated for any reason. Unless public trust companies receive a different notification from the department, the department shall send each public trust company, or its successor, notice of the public trust company's assessment in December of the fiscal year in which the fee is being collected. Each public trust company's assessment will be calculated based on assets under the public trust company's administration as reported in the public trust company's report of financial condition as of June 30 of the prior fiscal year. If, for any reason, a company that was a public trust company on July 1 does not file a June 30 report of financial condition, then the commissioner must determine the public trust company's assets under administration for purposes of making the assessment from other sources of information. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used solely by the department for administration expenses.
(A) The amount of the department's annual budget attributable to the regulation and examination of public trust companies must be allocated and assessed among all public trust companies in proportion to each public trust company's total assets under the public trust company's administration; provided, that in determining the allocation: (i) Safekeeping and custody agency assets, where the public trust company is neither acting as trustee nor responsible for managing the asset selection for account assets, must be weighted at fifty percent (50%) of their total amount and all other assets must be weighted at one hundred percent (100%) of their total amount; and (ii) The minimum amount assessed to any public trust company must be ten thousand dollars ($10,000).
(i) Safekeeping and custody agency assets, where the public trust company is neither acting as trustee nor responsible for managing the asset selection for account assets, must be weighted at fifty percent (50%) of their total amount and all other assets must be weighted at one hundred percent (100%) of their total amount; and
(ii) The minimum amount assessed to any public trust company must be ten thousand dollars ($10,000).
(B) A company that is a public trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the public trust company's assessment must not be prorated for any reason. Unless public trust companies receive a different notification from the department, the department shall send each public trust company, or its successor, notice of the public trust company's assessment in December of the fiscal year in which the fee is being collected. Each public trust company's assessment will be calculated based on assets under the public trust company's administration as reported in the public trust company's report of financial condition as of June 30 of the prior fiscal year. If, for any reason, a company that was a public trust company on July 1 does not file a June 30 report of financial condition, then the commissioner must determine the public trust company's assets under administration for purposes of making the assessment from other sources of information. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used solely by the department for administration expenses.
(3) (A) The amount of the department's annual budget attributable to the regulation and examination of private trust companies must be allocated and assessed among all private trust companies such that each private trust company is assessed an equal amount. (B) A company that is a private trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the private trust company's assessment must not be prorated for any reason. Unless private trust companies receive different notification by the department, the department shall send each private trust company, or its successor, notice of the private trust company's assessment in December of the fiscal year in which the fee is being collected. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used for the administration of the department and for the department's sole use.
(A) The amount of the department's annual budget attributable to the regulation and examination of private trust companies must be allocated and assessed among all private trust companies such that each private trust company is assessed an equal amount.
(B) A company that is a private trust company on the first day of a fiscal year shall pay the full assessment for that fiscal year, and the private trust company's assessment must not be prorated for any reason. Unless private trust companies receive different notification by the department, the department shall send each private trust company, or its successor, notice of the private trust company's assessment in December of the fiscal year in which the fee is being collected. The assessment must be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner must be used for the administration of the department and for the department's sole use.
(d) (1) Assessments shall be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner shall be used for the administration of the department and for the department's sole use. (2) Any funds collected by the department but unexpended at the end of a fiscal year shall not revert or in any way be transferred to the general fund but shall be rebated to the state banks, within one hundred eighty (180) days, or shall be credited against the banking fee owed by the state banks for the current fiscal year.
(1) Assessments shall be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner shall be used for the administration of the department and for the department's sole use.
(2) Any funds collected by the department but unexpended at the end of a fiscal year shall not revert or in any way be transferred to the general fund but shall be rebated to the state banks, within one hundred eighty (180) days, or shall be credited against the banking fee owed by the state banks for the current fiscal year.
(e) If any state bank fails to make payment within thirty (30) days after notice from the commissioner of the amount of its assessment, the commissioner may issue an execution against its property for an amount equal to one hundred fifty percent (150%) of the delinquent payment.
(f) (1) The department may recover the costs of examination and supervision of a financial institution, subsidiary, or service corporation for supervision or examination that are in addition to the costs associated with the level of supervision ordinarily required for a financial institution in sound financial condition and that are in excess of the normal regulatory fees paid by the institution. The department may also recover the costs of any review of any affiliate of a financial institution determined by the department to have contributed to an unsafe or unsound practice at a financial institution, subsidiary, or service corporation. (2) The commissioner may issue orders and promulgate rules and regulations pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing and defining costs associated with complying with this subsection (f) and for the purpose of enforcing the recovery of the costs.
(1) The department may recover the costs of examination and supervision of a financial institution, subsidiary, or service corporation for supervision or examination that are in addition to the costs associated with the level of supervision ordinarily required for a financial institution in sound financial condition and that are in excess of the normal regulatory fees paid by the institution. The department may also recover the costs of any review of any affiliate of a financial institution determined by the department to have contributed to an unsafe or unsound practice at a financial institution, subsidiary, or service corporation.
(2) The commissioner may issue orders and promulgate rules and regulations pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing and defining costs associated with complying with this subsection (f) and for the purpose of enforcing the recovery of the costs.
(g) (1) The commissioner, in cooperation with the department of human resources, shall on an annual basis conduct a review of the salaries of employees in the department. The review shall include a comparative analysis of salaries of the departmental employees, employees in similar state positions in bank regulatory agencies of other states, employees in federal regulatory agencies, similar employees in other Tennessee state departments, and employees in similar positions in the private sector. Based on the review or other factors including, but not limited to, staff turnover, qualifications, or availability of qualified employees, the commissioner shall make recommendations for changes in classifications, salary improvements, or both. (2) The commissioner shall establish, maintain, and review on a periodic basis a method for assessing the staffing needs for the department. The method shall include, but not be limited to, assessment of the statutory requirements of the department, the number and type of institutions regulated within each regulatory category, and the size of the assets under the departmental supervision in each category.
(1) The commissioner, in cooperation with the department of human resources, shall on an annual basis conduct a review of the salaries of employees in the department. The review shall include a comparative analysis of salaries of the departmental employees, employees in similar state positions in bank regulatory agencies of other states, employees in federal regulatory agencies, similar employees in other Tennessee state departments, and employees in similar positions in the private sector. Based on the review or other factors including, but not limited to, staff turnover, qualifications, or availability of qualified employees, the commissioner shall make recommendations for changes in classifications, salary improvements, or both.
(2) The commissioner shall establish, maintain, and review on a periodic basis a method for assessing the staffing needs for the department. The method shall include, but not be limited to, assessment of the statutory requirements of the department, the number and type of institutions regulated within each regulatory category, and the size of the assets under the departmental supervision in each category.
(h) The commissioner, in the commissioner's discretion, may, by regulation, establish the criteria and circumstances by which a credit toward the annual banking fee may be given to a Tennessee state-chartered bank for the annual banking fee assessment, if any, assessed against an out-of-state branch of the Tennessee state-chartered bank by the host state banking supervisory agency.
(i) (1) Persons regulated and supervised by the department's compliance division shall be assessed an annual supervision fee as described in this subsection (i). (2) Pursuant to subdivision (b)(1), the commissioner shall determine an annual budget for the department. The commissioner shall determine the amount of the budget attributable to the regulation and examination of the persons regulated by the compliance division. (3) Mortgage loan originators, as defined in §§ 45-5-102 and 45-13-105 , as applicable, shall not be assessed the annual supervision fee, but mortgage loan originators shall continue to pay the licensing, renewal and any other fees required in chapters 5 and 13 of this title. The total number of mortgage loan originators licensed with the department at the end of the previous fiscal year shall be multiplied by the annual renewal fee for mortgage loan originators, and the product shall be deducted from the compliance division's budget. The remaining amount of the compliance division's budget shall be allocated as described in subdivision (i)(4). (4) (A) The commissioner shall periodically determine the per diem costs of conducting a routine examination of persons regulated and supervised by the compliance division. (B) After deducting the amounts referenced in subdivision (i)(3), the remaining budget shall be assessed as a supervision fee among all licensed and registered locations based on the relative complexities of examining and regulating each industry. (C) Payment of the supervision fee calculated in this subsection (i) shall be a condition of licensure or registration renewal. The supervision fee shall be nonrefundable and no abatement of the supervision fee shall be made if the license or registration is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued. (D) The supervision fee includes annual licensing and registration fees and the costs for a routine examination or investigation of a licensee or registrant regulated by the compliance division. (5) In addition to the supervision fee, a licensee or registrant shall pay the actual expenses incurred for out-of-state examinations and inspections of books, records, and papers maintained out-of-state. (6) In addition to the supervision fee, the commissioner may impose a special assessment upon a licensee or registrant for the purpose of recovering costs in excess of those costs normally incurred for conducting a routine examination. (7) A person who applies for a new license or registration shall pay, as a condition of licensure or registration, the same supervision fee for each licensed or registered location as a person holding the same license or registration type has paid as a supervision fee during that fiscal year. If the supervision fee for a fiscal year has not yet been determined, the person applying for a new license or registration shall pay, as a condition of licensure or registration, the supervision fee required to obtain the license or registration type in the previous fiscal year, except as designated in subdivision (i)(8). (8) A person submitting an application to the compliance division for a new license or registration from July 1, 2015 through September 30, 2015, shall pay a supervision fee of five hundred dollars ($500). Thereafter, the supervision fee shall be an amount determined by the commissioner pursuant to subdivision (i)(4). (9) All funds collected by the department's compliance division shall be used for the administration of that division.
(1) Persons regulated and supervised by the department's compliance division shall be assessed an annual supervision fee as described in this subsection (i).
(2) Pursuant to subdivision (b)(1), the commissioner shall determine an annual budget for the department. The commissioner shall determine the amount of the budget attributable to the regulation and examination of the persons regulated by the compliance division.
(3) Mortgage loan originators, as defined in §§ 45-5-102 and 45-13-105 , as applicable, shall not be assessed the annual supervision fee, but mortgage loan originators shall continue to pay the licensing, renewal and any other fees required in chapters 5 and 13 of this title. The total number of mortgage loan originators licensed with the department at the end of the previous fiscal year shall be multiplied by the annual renewal fee for mortgage loan originators, and the product shall be deducted from the compliance division's budget. The remaining amount of the compliance division's budget shall be allocated as described in subdivision (i)(4).
(4) (A) The commissioner shall periodically determine the per diem costs of conducting a routine examination of persons regulated and supervised by the compliance division. (B) After deducting the amounts referenced in subdivision (i)(3), the remaining budget shall be assessed as a supervision fee among all licensed and registered locations based on the relative complexities of examining and regulating each industry. (C) Payment of the supervision fee calculated in this subsection (i) shall be a condition of licensure or registration renewal. The supervision fee shall be nonrefundable and no abatement of the supervision fee shall be made if the license or registration is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued. (D) The supervision fee includes annual licensing and registration fees and the costs for a routine examination or investigation of a licensee or registrant regulated by the compliance division.
(A) The commissioner shall periodically determine the per diem costs of conducting a routine examination of persons regulated and supervised by the compliance division.
(B) After deducting the amounts referenced in subdivision (i)(3), the remaining budget shall be assessed as a supervision fee among all licensed and registered locations based on the relative complexities of examining and regulating each industry.
(C) Payment of the supervision fee calculated in this subsection (i) shall be a condition of licensure or registration renewal. The supervision fee shall be nonrefundable and no abatement of the supervision fee shall be made if the license or registration is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued.
(D) The supervision fee includes annual licensing and registration fees and the costs for a routine examination or investigation of a licensee or registrant regulated by the compliance division.
(5) In addition to the supervision fee, a licensee or registrant shall pay the actual expenses incurred for out-of-state examinations and inspections of books, records, and papers maintained out-of-state.
(6) In addition to the supervision fee, the commissioner may impose a special assessment upon a licensee or registrant for the purpose of recovering costs in excess of those costs normally incurred for conducting a routine examination.
(7) A person who applies for a new license or registration shall pay, as a condition of licensure or registration, the same supervision fee for each licensed or registered location as a person holding the same license or registration type has paid as a supervision fee during that fiscal year. If the supervision fee for a fiscal year has not yet been determined, the person applying for a new license or registration shall pay, as a condition of licensure or registration, the supervision fee required to obtain the license or registration type in the previous fiscal year, except as designated in subdivision (i)(8).
(8) A person submitting an application to the compliance division for a new license or registration from July 1, 2015 through September 30, 2015, shall pay a supervision fee of five hundred dollars ($500). Thereafter, the supervision fee shall be an amount determined by the commissioner pursuant to subdivision (i)(4).
(9) All funds collected by the department's compliance division shall be used for the administration of that division.
Amended by 2024 Tenn. Acts, ch. 556,s 2, eff. 7/1/2024.
Amended by 2014 Tenn. Acts, ch. 736, s 1, eff. 7/1/2015.
Acts 1969, ch. 36, § 1 (2.110); 1973, ch. 294, § 16; T.C.A., § 45-117; Acts 1988, ch. 655, § 1; 1992, ch. 628, § 1; 1993, ch. 233, § 1; 1995, ch. 451, §§ 1, 2; 1996, ch. 562, § 4; 1999, ch. 112, § 2.
Tenn. Code Ann. § 45-2-712 — TN Code / Title 45 / Chapter 2 / Section 45-2-712
Acknowledgement or affidavit - Guarantee
Status: in_force

(a) A bank shall require any persons seeking to cash checks payable to a decedent as provided in § 45-2-711 to deliver to the bank an affidavit, given under the penalty of perjury, in a form acceptable to the bank that, at the minimum, contains the following: (1) The name of the decedent; (2) The decedent's date of death; (3) The amount and payor of any checks, if the funds are from checks or electronic payments; (4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and (5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law. (b) A bank may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in § 45-2-708 , to deliver to the bank an affidavit, given under penalty of perjury in a form acceptable to the bank as provided in subsection (a). (c) A bank may require any person who obtains funds from a deposit account pursuant to § 45-2-708 or to negotiate checks pursuant to § 45-2-711 to provide an indemnity and guarantee to the bank in the amount of the funds obtained. Acts 2014, ch. 597, § 2.
(a) A bank shall require any persons seeking to cash checks payable to a decedent as provided in § 45-2-711 to deliver to the bank an affidavit, given under the penalty of perjury, in a form acceptable to the bank that, at the minimum, contains the following: (1) The name of the decedent; (2) The decedent's date of death; (3) The amount and payor of any checks, if the funds are from checks or electronic payments; (4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and (5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(1) The name of the decedent;
(2) The decedent's date of death;
(3) The amount and payor of any checks, if the funds are from checks or electronic payments;
(4) The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and
(5) If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall: (A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and (B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(A) Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and
(B) Affirmatively state that: (i) There are no unpaid creditors of the decedent; (ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and (iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(i) There are no unpaid creditors of the decedent;
(ii) There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and
(iii) The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(b) A bank may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in § 45-2-708 , to deliver to the bank an affidavit, given under penalty of perjury in a form acceptable to the bank as provided in subsection (a).
(c) A bank may require any person who obtains funds from a deposit account pursuant to § 45-2-708 or to negotiate checks pursuant to § 45-2-711 to provide an indemnity and guarantee to the bank in the amount of the funds obtained.
Acts 2014, ch. 597, § 2.
Tenn. Code Ann. § 45-5-602 — TN Code / Title 45 / Chapter 5 / Section 45-5-602
Liquidation, dissolution, and reorganization of industrial banks
Status: in_force

Chapter 2, part 15 of this title, pertaining to the liquidation, dissolution and reorganization of state banks, is fully applicable to industrial banks and industrial investment companies. Acts 1983, ch. 274, § 20.
Chapter 2, part 15 of this title, pertaining to the liquidation, dissolution and reorganization of state banks, is fully applicable to industrial banks and industrial investment companies.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-15-123 — TN Code / Title 45 / Chapter 15 / Section 45-15-123
Privacy or confidentiality of shared information
Status: in_force

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, continue to apply to the information or material after it 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 title pledge lending oversight authority without the loss of privilege or confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ; (2) For purposes of subdivision (1), the commissioner may enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies, as established by rule, regulation, or order of the commissioner; (3) Information or material that is subject to a privilege or confidentiality protection under subdivision (1) is not subject to: (A) Disclosure under any federal or state law governing disclosure to the public of information held by an officer or agency of the federal government or the respective state; or (B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless the person to whom such information or material pertains, in this person's discretion, waives any applicable privilege held by a multi-state automated licensing system, in whole or in part; (4) This section supersedes any inconsistent provisions of title 10, chapter 7, part 5, pertaining to the records open to public inspection; and (5) This section does not apply 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. Added by 2017 Tenn. Acts, ch. 122,s 8, eff. 7/1/2017.
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, continue to apply to the information or material after it 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 title pledge lending oversight authority without the loss of privilege or confidentiality protections provided by federal or state law, including the protection available under § 45-1-120 ;
(2) For purposes of subdivision (1), the commissioner may enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies, as established by rule, regulation, or order of the commissioner;
(3) Information or material that is subject to a privilege or confidentiality protection under subdivision (1) is not subject to: (A) Disclosure under any federal or state law governing disclosure to the public of information held by an officer or agency of the federal government or the respective state; or (B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless the person to whom such information or material pertains, in this person's discretion, waives any applicable privilege held by a multi-state automated licensing system, in whole or in part;
(A) Disclosure under any federal or state law governing disclosure to the public of information held by an officer or agency of the federal government or the respective state; or
(B) Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless the person to whom such information or material pertains, in this person's discretion, waives any applicable privilege held by a multi-state automated licensing system, in whole or in part;
(4) This section supersedes any inconsistent provisions of title 10, chapter 7, part 5, pertaining to the records open to public inspection; and
(5) This section does not apply 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.
Added by 2017 Tenn. Acts, ch. 122,s 8, eff. 7/1/2017.
Tenn. Code Ann. § 45-1-126 — TN Code / Title 45 / Chapter 1 / Section 45-1-126
Compliance review documents - Confidentiality
Status: in_force

(a) As used in this section, unless the context otherwise requires: (1) "Compliance review committee" means: (A) (i) An audit, loan review or compliance committee appointed by the board of directors of a depository institution; or (ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee; and (B) Whose functions are to evaluate and seek to improve: (i) Loan underwriting standards; (ii) Asset quality; (iii) Financial reporting to federal or state regulatory agencies; or (iv) Compliance with federal or state statutory or regulatory requirements; (2) "Compliance review documents" means documents prepared for or created by a compliance review committee; (3) "Depository institution" means a state bank, national bank, state or federal savings and loan association, or a state or federal savings bank located in this state that is authorized to maintain deposit or share accounts; (4) "Loan review committee" means a person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations; and (5) "Person" means an individual, group of individuals, board, committee, partnership, firm, association, corporation or other entity. (b) Except as provided in subsection (c): (1) Compliance review documents are confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee; and (2) Compliance review documents delivered to a federal or state governmental agency remain confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee. (c) Subsection (b) does not apply to any information required by statute or regulation to be maintained by or provided to a governmental agency while the information is in the possession of the governmental agency to the extent applicable law expressly authorizes its disclosure. Acts 1994, ch. 551, § 18.
(a) As used in this section, unless the context otherwise requires: (1) "Compliance review committee" means: (A) (i) An audit, loan review or compliance committee appointed by the board of directors of a depository institution; or (ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee; and (B) Whose functions are to evaluate and seek to improve: (i) Loan underwriting standards; (ii) Asset quality; (iii) Financial reporting to federal or state regulatory agencies; or (iv) Compliance with federal or state statutory or regulatory requirements; (2) "Compliance review documents" means documents prepared for or created by a compliance review committee; (3) "Depository institution" means a state bank, national bank, state or federal savings and loan association, or a state or federal savings bank located in this state that is authorized to maintain deposit or share accounts; (4) "Loan review committee" means a person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations; and (5) "Person" means an individual, group of individuals, board, committee, partnership, firm, association, corporation or other entity.
(1) "Compliance review committee" means: (A) (i) An audit, loan review or compliance committee appointed by the board of directors of a depository institution; or (ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee; and (B) Whose functions are to evaluate and seek to improve: (i) Loan underwriting standards; (ii) Asset quality; (iii) Financial reporting to federal or state regulatory agencies; or (iv) Compliance with federal or state statutory or regulatory requirements;
(A) (i) An audit, loan review or compliance committee appointed by the board of directors of a depository institution; or (ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee; and
(i) An audit, loan review or compliance committee appointed by the board of directors of a depository institution; or
(ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee; and
(B) Whose functions are to evaluate and seek to improve: (i) Loan underwriting standards; (ii) Asset quality; (iii) Financial reporting to federal or state regulatory agencies; or (iv) Compliance with federal or state statutory or regulatory requirements;
(i) Loan underwriting standards;
(ii) Asset quality;
(iii) Financial reporting to federal or state regulatory agencies; or
(iv) Compliance with federal or state statutory or regulatory requirements;
(2) "Compliance review documents" means documents prepared for or created by a compliance review committee;
(3) "Depository institution" means a state bank, national bank, state or federal savings and loan association, or a state or federal savings bank located in this state that is authorized to maintain deposit or share accounts;
(4) "Loan review committee" means a person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations; and
(5) "Person" means an individual, group of individuals, board, committee, partnership, firm, association, corporation or other entity.
(b) Except as provided in subsection (c): (1) Compliance review documents are confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee; and (2) Compliance review documents delivered to a federal or state governmental agency remain confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee.
(1) Compliance review documents are confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee; and
(2) Compliance review documents delivered to a federal or state governmental agency remain confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee.
(c) Subsection (b) does not apply to any information required by statute or regulation to be maintained by or provided to a governmental agency while the information is in the possession of the governmental agency to the extent applicable law expressly authorizes its disclosure.
Acts 1994, ch. 551, § 18.
Tenn. Code Ann. § 45-3-812 — TN Code / Title 45 / Chapter 3 / Section 45-3-812
Examination of associations
Status: in_force

(a) Duty to Examine. The commissioner shall, either personally or by competent examiner or examiners appointed by the commissioner, visit and examine every association subject to the commissioner's supervision on a regular basis. (b) Requirements of Examination. On every examination, inquiry shall be made as to the condition and resources of the association, the mode of conducting and managing the affairs of the association, the actions of its directors, the making of loans and other investment of funds of the association, the safety and prudence of the management of the association, and whether the requirements of its charter and bylaws have been complied with in the administration of the affairs of the association, and as to such other matters that the commissioner prescribes. (c) Other Examinations. In addition, the commissioner has the power, and it is the commissioner's duty, to examine or cause to be examined the affairs of every association whenever, in the judgment of the commissioner, the management and condition of the association is such as to render an examination of its affairs necessary or expedient, or whenever, in the opinion of the commissioner, the interest of the depositors, other creditors, stockholders, or members demands an examination. (d) Examination of Service Organizations. The commissioner also has the power to examine or cause to be examined any service organization, twenty-five percent (25%) or more of the voting capital stock of which is owned or controlled, directly or indirectly, by any association subject to this chapter. (e) Oaths; Examinations; Appearances. The commissioner, and every examiner acting under or appointed by the commissioner, has the power and authority to administer oaths and to examine under oath any person whose testimony may be required on the examination of any association, or on the examination of any service organization, and may compel by court order the appearance and attendance of the person for the purpose of the examination, if the appearance and attendance is not voluntarily offered. (f) Request for Examinations. Any director, officer, stockholder, or member of an association, or any depositor or other creditor of an association, may call upon the commissioner at any time, to make an examination of the association in which the person is interested, which examination the commissioner, either in person or by an examiner, may or may not make, in the exercise of the commissioner's or examiner's discretion; provided, that, unless the commissioner deems an examination necessary under this section, the commissioner shall not make the examination unless and until the one making the request has deposited with the department, in advance, a sum sufficient to cover the cost of the examination. (g) Duties of Examiners. (1) Each examiner shall act under the direction of the commissioner, and shall forthwith examine fully into the books, papers, and affairs of the association that the examiner may be directed by the commissioner to examine. (2) The commissioner shall furnish to each examiner a commission under the signature of the commissioner and official seal of the department, which commission the examiner shall exhibit to the officer or officers of the association proposed to be examined as the examiner's authority for making the examination. (3) Each examiner shall report on oath to the commissioner the result of each examination made by the examiner, which report the commissioner shall keep on file in the commissioner's office; and when the commissioner in person makes an examination of the affairs of any association, the commissioner shall in like manner make out a report under oath of the result of the examination, and the same shall be kept on file in the office of the commissioner. A duplicate copy of the report shall be furnished to the association examined. (h) Examinations Made by Other Agencies; Joint Examinations. In lieu of examination by the commissioner, the commissioner may accept any examination made by the federal home loan bank board, the federal savings and loan insurance corporation, any other insuring agency approved by the commissioner, or by certified public accountants approved by the commissioner. The commissioner may examine or cause to be examined any association in conjunction with an examination by the federal home loan bank board, the federal savings and loan insurance corporation, or any other insuring agency approved by the commissioner, and shall accept any audit made or accepted by any of the agencies during the course of any examination of an association. Two (2) copies of the audit, signed and certified by the auditor making the audit, shall be filed promptly with the commissioner. Acts 1978, ch. 708, § 3.12; T.C.A., § 45-1519.
(a) Duty to Examine. The commissioner shall, either personally or by competent examiner or examiners appointed by the commissioner, visit and examine every association subject to the commissioner's supervision on a regular basis.
(b) Requirements of Examination. On every examination, inquiry shall be made as to the condition and resources of the association, the mode of conducting and managing the affairs of the association, the actions of its directors, the making of loans and other investment of funds of the association, the safety and prudence of the management of the association, and whether the requirements of its charter and bylaws have been complied with in the administration of the affairs of the association, and as to such other matters that the commissioner prescribes.
(c) Other Examinations. In addition, the commissioner has the power, and it is the commissioner's duty, to examine or cause to be examined the affairs of every association whenever, in the judgment of the commissioner, the management and condition of the association is such as to render an examination of its affairs necessary or expedient, or whenever, in the opinion of the commissioner, the interest of the depositors, other creditors, stockholders, or members demands an examination.
(d) Examination of Service Organizations. The commissioner also has the power to examine or cause to be examined any service organization, twenty-five percent (25%) or more of the voting capital stock of which is owned or controlled, directly or indirectly, by any association subject to this chapter.
(e) Oaths; Examinations; Appearances. The commissioner, and every examiner acting under or appointed by the commissioner, has the power and authority to administer oaths and to examine under oath any person whose testimony may be required on the examination of any association, or on the examination of any service organization, and may compel by court order the appearance and attendance of the person for the purpose of the examination, if the appearance and attendance is not voluntarily offered.
(f) Request for Examinations. Any director, officer, stockholder, or member of an association, or any depositor or other creditor of an association, may call upon the commissioner at any time, to make an examination of the association in which the person is interested, which examination the commissioner, either in person or by an examiner, may or may not make, in the exercise of the commissioner's or examiner's discretion; provided, that, unless the commissioner deems an examination necessary under this section, the commissioner shall not make the examination unless and until the one making the request has deposited with the department, in advance, a sum sufficient to cover the cost of the examination.
(g) Duties of Examiners. (1) Each examiner shall act under the direction of the commissioner, and shall forthwith examine fully into the books, papers, and affairs of the association that the examiner may be directed by the commissioner to examine. (2) The commissioner shall furnish to each examiner a commission under the signature of the commissioner and official seal of the department, which commission the examiner shall exhibit to the officer or officers of the association proposed to be examined as the examiner's authority for making the examination. (3) Each examiner shall report on oath to the commissioner the result of each examination made by the examiner, which report the commissioner shall keep on file in the commissioner's office; and when the commissioner in person makes an examination of the affairs of any association, the commissioner shall in like manner make out a report under oath of the result of the examination, and the same shall be kept on file in the office of the commissioner. A duplicate copy of the report shall be furnished to the association examined.
(1) Each examiner shall act under the direction of the commissioner, and shall forthwith examine fully into the books, papers, and affairs of the association that the examiner may be directed by the commissioner to examine.
(2) The commissioner shall furnish to each examiner a commission under the signature of the commissioner and official seal of the department, which commission the examiner shall exhibit to the officer or officers of the association proposed to be examined as the examiner's authority for making the examination.
(3) Each examiner shall report on oath to the commissioner the result of each examination made by the examiner, which report the commissioner shall keep on file in the commissioner's office; and when the commissioner in person makes an examination of the affairs of any association, the commissioner shall in like manner make out a report under oath of the result of the examination, and the same shall be kept on file in the office of the commissioner. A duplicate copy of the report shall be furnished to the association examined.
(h) Examinations Made by Other Agencies; Joint Examinations. In lieu of examination by the commissioner, the commissioner may accept any examination made by the federal home loan bank board, the federal savings and loan insurance corporation, any other insuring agency approved by the commissioner, or by certified public accountants approved by the commissioner. The commissioner may examine or cause to be examined any association in conjunction with an examination by the federal home loan bank board, the federal savings and loan insurance corporation, or any other insuring agency approved by the commissioner, and shall accept any audit made or accepted by any of the agencies during the course of any examination of an association. Two (2) copies of the audit, signed and certified by the auditor making the audit, shall be filed promptly with the commissioner.
Acts 1978, ch. 708, § 3.12; T.C.A., § 45-1519.
Tenn. Code Ann. § 45-2-1009 — TN Code / Title 45 / Chapter 2 / Section 45-2-1009
Trust offices
Status: in_force

(a) No bank shall operate any trust office for the purpose of conducting a general banking business, including, but not limited to, receiving deposits, paying checks, making loans, or receiving or discounting bills and notes at any place where it is prohibited from establishing a branch bank for this purpose. (b) A bank at any trust office may receive money or other things of value, disburse funds, extend credit and otherwise perform all acts necessary or appropriate for it to carry out its obligations and duties as fiduciary if the activity is otherwise lawful. Acts 1984, ch. 691, § 6.
(a) No bank shall operate any trust office for the purpose of conducting a general banking business, including, but not limited to, receiving deposits, paying checks, making loans, or receiving or discounting bills and notes at any place where it is prohibited from establishing a branch bank for this purpose.
(b) A bank at any trust office may receive money or other things of value, disburse funds, extend credit and otherwise perform all acts necessary or appropriate for it to carry out its obligations and duties as fiduciary if the activity is otherwise lawful.
Acts 1984, ch. 691, § 6.
Tenn. Code Ann. § 45-8-203 — TN Code / Title 45 / Chapter 8 / Section 45-8-203
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Affiliate" means, if used with respect to a specified person other than a natural person, a person controlling or controlled by the specified person, or a person controlled by a person who also controls the specified person; (2) "Applicant" means a Tennessee corporation that has submitted an application for a license under this part; (3) "Associate" means, if used with respect to a licensee: (A) A controlling person, director, officer, agent, or advisor of that licensee. As used in this subdivision (3)(A), "controlling person" means a person or any combination of persons acting in concert, owning or controlling, directly or indirectly, a twenty percent (20%) or greater equity interest; or (B) A relative of any person referred to in subdivision (3)(A); (4) "BIDCO" means a business and industrial development corporation licensed under this part; (5) "Business firm" means a person that transacts business on a regular basis, or that proposes to transact business on a regular and continual basis; (6) "Capital" means equity investments evidenced by stock, paid-in capital (amounting to, but not less than, fifty percent (50%) of its stock) and undivided profits; (7) "Commissioner" means the commissioner of financial institutions; (8) "Control" means, if used with respect to a specified person, the power to direct or cause the direction of, directly or indirectly through one (1) or more intermediaries, the management and policies of the specified person, whether through the ownership of voting securities, by contract, other than a commercial contract for goods or nonmanagement services. A natural person shall not be considered to control another person solely on account of being a director, officer, or employee of the other person; (9) "Controlling person" means, if used with respect to a specified person, a person who controls the specified person, directly or indirectly through one (1) or more intermediaries; (10) "Corporate name" means the name of a corporation as set forth in the charter of the corporation; (11) "Insolvent" means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose liabilities exceed its assets; (12) "Interest" is compensation for the use or detention of or forbearance to collect money over a period of time, and does not include compensation for other purposes including, but not limited to, time price differentials, loan charges, brokerage commissions, management fees or commitment fees; (13) "Interests of a licensee" includes the interests of shareholders of the licensee; (14) "License" means a license issued under this part authorizing a Tennessee corporation to transact business as a BIDCO; (15) "Licensee" means a Tennessee corporation that is licensed under this part; (16) "Officer" means: (A) If used with respect to a corporation, a person appointed or designated as an officer of the corporation by or pursuant to applicable law or the charter or bylaws of the corporation, or a person who performs, with respect to the corporation, functions usually performed by an officer of a corporation; and (B) If used with respect to a specified person other than a natural person or a corporation, a person who performs, with respect to the specified person, functions usually performed by an officer of a corporation with respect to the corporation; (17) "Order" includes an approval, authorization, consent, exemption, denial, prohibition, or other official act taken by the commissioner; (18) "Person" includes an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other entity or organization. If used with respect to acquiring control of or controlling a specified person, "person" includes a combination of two (2) or more persons acting in concert; (19) "Principal shareholder" means a person that owns, directly or indirectly, of record or beneficially, securities representing ten percent (10%) or more of the outstanding voting securities of a corporation; (20) "Relative" means parent, legal guardian, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle or aunt; (21) "State" means the state of Tennessee; (22) "Subject person" means a controlling person, subsidiary, or affiliate of a licensee, a director, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee; (23) "Subsidiary" means, if used with respect to a licensee, a company or business firm that the licensee holds control of as permitted by § 45-8-212(a)(2), (3), (4) or (5) ; (24) "Tennessee corporation" means a corporation, whether for profit or nonprofit, incorporated under Tennessee law; (25) "Uniform Administrative Procedures Act" refers to title 4, chapter 5; and (26) "Well capitalized" means, in the case of a licensee under this part, a licensee that has stockholders' equity at least equal to the greater of ten million dollars ($10,000,000) or fifteen percent (15%) of total assets, that is not subject to any administrative enforcement action or order and the condition of which was considered as satisfactory in its last examination in the opinion of the commissioner. Acts 1989, ch. 124, § 3; 1997, ch. 131, § 1.
As used in this part, unless the context otherwise requires:
(1) "Affiliate" means, if used with respect to a specified person other than a natural person, a person controlling or controlled by the specified person, or a person controlled by a person who also controls the specified person;
(2) "Applicant" means a Tennessee corporation that has submitted an application for a license under this part;
(3) "Associate" means, if used with respect to a licensee: (A) A controlling person, director, officer, agent, or advisor of that licensee. As used in this subdivision (3)(A), "controlling person" means a person or any combination of persons acting in concert, owning or controlling, directly or indirectly, a twenty percent (20%) or greater equity interest; or (B) A relative of any person referred to in subdivision (3)(A);
(A) A controlling person, director, officer, agent, or advisor of that licensee. As used in this subdivision (3)(A), "controlling person" means a person or any combination of persons acting in concert, owning or controlling, directly or indirectly, a twenty percent (20%) or greater equity interest; or
(B) A relative of any person referred to in subdivision (3)(A);
(4) "BIDCO" means a business and industrial development corporation licensed under this part;
(5) "Business firm" means a person that transacts business on a regular basis, or that proposes to transact business on a regular and continual basis;
(6) "Capital" means equity investments evidenced by stock, paid-in capital (amounting to, but not less than, fifty percent (50%) of its stock) and undivided profits;
(7) "Commissioner" means the commissioner of financial institutions;
(8) "Control" means, if used with respect to a specified person, the power to direct or cause the direction of, directly or indirectly through one (1) or more intermediaries, the management and policies of the specified person, whether through the ownership of voting securities, by contract, other than a commercial contract for goods or nonmanagement services. A natural person shall not be considered to control another person solely on account of being a director, officer, or employee of the other person;
(9) "Controlling person" means, if used with respect to a specified person, a person who controls the specified person, directly or indirectly through one (1) or more intermediaries;
(10) "Corporate name" means the name of a corporation as set forth in the charter of the corporation;
(11) "Insolvent" means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose liabilities exceed its assets;
(12) "Interest" is compensation for the use or detention of or forbearance to collect money over a period of time, and does not include compensation for other purposes including, but not limited to, time price differentials, loan charges, brokerage commissions, management fees or commitment fees;
(13) "Interests of a licensee" includes the interests of shareholders of the licensee;
(14) "License" means a license issued under this part authorizing a Tennessee corporation to transact business as a BIDCO;
(15) "Licensee" means a Tennessee corporation that is licensed under this part;
(16) "Officer" means: (A) If used with respect to a corporation, a person appointed or designated as an officer of the corporation by or pursuant to applicable law or the charter or bylaws of the corporation, or a person who performs, with respect to the corporation, functions usually performed by an officer of a corporation; and (B) If used with respect to a specified person other than a natural person or a corporation, a person who performs, with respect to the specified person, functions usually performed by an officer of a corporation with respect to the corporation;
(A) If used with respect to a corporation, a person appointed or designated as an officer of the corporation by or pursuant to applicable law or the charter or bylaws of the corporation, or a person who performs, with respect to the corporation, functions usually performed by an officer of a corporation; and
(B) If used with respect to a specified person other than a natural person or a corporation, a person who performs, with respect to the specified person, functions usually performed by an officer of a corporation with respect to the corporation;
(17) "Order" includes an approval, authorization, consent, exemption, denial, prohibition, or other official act taken by the commissioner;
(18) "Person" includes an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other entity or organization. If used with respect to acquiring control of or controlling a specified person, "person" includes a combination of two (2) or more persons acting in concert;
(19) "Principal shareholder" means a person that owns, directly or indirectly, of record or beneficially, securities representing ten percent (10%) or more of the outstanding voting securities of a corporation;
(20) "Relative" means parent, legal guardian, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle or aunt;
(21) "State" means the state of Tennessee;
(22) "Subject person" means a controlling person, subsidiary, or affiliate of a licensee, a director, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee;
(23) "Subsidiary" means, if used with respect to a licensee, a company or business firm that the licensee holds control of as permitted by § 45-8-212(a)(2), (3), (4) or (5) ;
(24) "Tennessee corporation" means a corporation, whether for profit or nonprofit, incorporated under Tennessee law;
(25) "Uniform Administrative Procedures Act" refers to title 4, chapter 5; and
(26) "Well capitalized" means, in the case of a licensee under this part, a licensee that has stockholders' equity at least equal to the greater of ten million dollars ($10,000,000) or fifteen percent (15%) of total assets, that is not subject to any administrative enforcement action or order and the condition of which was considered as satisfactory in its last examination in the opinion of the commissioner.
Acts 1989, ch. 124, § 3; 1997, ch. 131, § 1.
Tenn. Code Ann. § 45-3-208 — TN Code / Title 45 / Chapter 3 / Section 45-3-208
Forfeiture of certificate of authority and charter for nonuse
Status: in_force

(a) Any association that does not commence business within one (1) year after the date upon which its corporate existence begins, or, in the case of any association existing on July 1, 1978, within one (1) year after July 1, 1978, shall forfeit its corporate existence, unless the commissioner, before the expiration of the one-year period, approved in writing the extension of time within which it may commence business, upon a written application stating the reasons for the delay; provided, that the foregoing one-year provision shall not apply to existing associations that are engaged in litigation or that are in the process of having their insurance of accounts finalized. (b) Upon forfeiture, the certificate of authority and the charter shall expire, and all action taken in connection with the incorporation thereof except the payment of the incorporation fee shall then be void. (c) Amounts credited on deposit accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders of the accounts. Acts 1978, ch. 708, § 1.22; T.C.A., § 45-1322.
(a) Any association that does not commence business within one (1) year after the date upon which its corporate existence begins, or, in the case of any association existing on July 1, 1978, within one (1) year after July 1, 1978, shall forfeit its corporate existence, unless the commissioner, before the expiration of the one-year period, approved in writing the extension of time within which it may commence business, upon a written application stating the reasons for the delay; provided, that the foregoing one-year provision shall not apply to existing associations that are engaged in litigation or that are in the process of having their insurance of accounts finalized.
(b) Upon forfeiture, the certificate of authority and the charter shall expire, and all action taken in connection with the incorporation thereof except the payment of the incorporation fee shall then be void.
(c) Amounts credited on deposit accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders of the accounts.
Acts 1978, ch. 708, § 1.22; T.C.A., § 45-1322.
Tenn. Code Ann. § 45-2-619 — TN Code / Title 45 / Chapter 2 / Section 45-2-619
Definitions - Electronic cash dispensing devices
Status: in_force

(a) As used in this section, unless the context otherwise requires: (1) (A) "Depository institution" means: (i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ); (ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act; (iii) An insured credit union as defined in § 101 of the Federal Credit Union Act ( 12 U.S.C. § 1752 ); (iv) A member as defined in § 2 of the Federal Home Loan Bank Act ( 12 U.S.C. § 1422 ); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or (v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and (B) That: (i) Is domiciled in Tennessee; (ii) Has a branch lawfully doing business in Tennessee pursuant to this part; (iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or (iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and (2) "Electronic cash dispensing device" means an electronic device other than a telephone operated by a consumer, through which a consumer may obtain cash by means of initiating an electronic fund transfer instruction to the consumer's depository institution to debit the consumer's deposit account. For purposes of this part, "electronic cash dispensing device" includes, but is not limited to, automated teller machines. (b) A person other than a depository institution may own or operate, alone or in combination with other persons, one (1) or more electronic cash dispensing devices located or to be located in this state; provided, that the electronic cash dispensing device does not receive money on deposit. Amended by 2014 Tenn. Acts, ch. 540, s 1, eff. 3/17/2014. Acts 1995, ch. 165, § 5; 2001, ch. 54, § 16.
(a) As used in this section, unless the context otherwise requires: (1) (A) "Depository institution" means: (i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ); (ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act; (iii) An insured credit union as defined in § 101 of the Federal Credit Union Act ( 12 U.S.C. § 1752 ); (iv) A member as defined in § 2 of the Federal Home Loan Bank Act ( 12 U.S.C. § 1422 ); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or (v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and (B) That: (i) Is domiciled in Tennessee; (ii) Has a branch lawfully doing business in Tennessee pursuant to this part; (iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or (iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and (2) "Electronic cash dispensing device" means an electronic device other than a telephone operated by a consumer, through which a consumer may obtain cash by means of initiating an electronic fund transfer instruction to the consumer's depository institution to debit the consumer's deposit account. For purposes of this part, "electronic cash dispensing device" includes, but is not limited to, automated teller machines.
(1) (A) "Depository institution" means: (i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ); (ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act; (iii) An insured credit union as defined in § 101 of the Federal Credit Union Act ( 12 U.S.C. § 1752 ); (iv) A member as defined in § 2 of the Federal Home Loan Bank Act ( 12 U.S.C. § 1422 ); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or (v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and (B) That: (i) Is domiciled in Tennessee; (ii) Has a branch lawfully doing business in Tennessee pursuant to this part; (iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or (iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and
(A) "Depository institution" means: (i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ); (ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act; (iii) An insured credit union as defined in § 101 of the Federal Credit Union Act ( 12 U.S.C. § 1752 ); (iv) A member as defined in § 2 of the Federal Home Loan Bank Act ( 12 U.S.C. § 1422 ); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or (v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and
(i) An insured bank as defined in § 3 of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 );
(ii) A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act;
(iii) An insured credit union as defined in § 101 of the Federal Credit Union Act ( 12 U.S.C. § 1752 );
(iv) A member as defined in § 2 of the Federal Home Loan Bank Act ( 12 U.S.C. § 1422 ); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or
(v) An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and
(B) That: (i) Is domiciled in Tennessee; (ii) Has a branch lawfully doing business in Tennessee pursuant to this part; (iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or (iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and
(i) Is domiciled in Tennessee;
(ii) Has a branch lawfully doing business in Tennessee pursuant to this part;
(iii) Is a federally chartered institution described in (a)(1)(A)(i)-(v); or
(iv) Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and
(2) "Electronic cash dispensing device" means an electronic device other than a telephone operated by a consumer, through which a consumer may obtain cash by means of initiating an electronic fund transfer instruction to the consumer's depository institution to debit the consumer's deposit account. For purposes of this part, "electronic cash dispensing device" includes, but is not limited to, automated teller machines.
(b) A person other than a depository institution may own or operate, alone or in combination with other persons, one (1) or more electronic cash dispensing devices located or to be located in this state; provided, that the electronic cash dispensing device does not receive money on deposit.
Amended by 2014 Tenn. Acts, ch. 540, s 1, eff. 3/17/2014.
Acts 1995, ch. 165, § 5; 2001, ch. 54, § 16.
Tenn. Code Ann. § 45-3-402 — TN Code / Title 45 / Chapter 3 / Section 45-3-402
Regulation of loans and investments
Status: in_force

The commissioner shall, from time to time, promulgate rules and regulations in respect to all loans and investments authorized under this chapter that may be reasonably necessary to assure that the loans and investments are in keeping with sound lending practices and promote the purposes of this chapter. Acts 1978, ch. 708, § 2.29; T.C.A., § 45-1429.
The commissioner shall, from time to time, promulgate rules and regulations in respect to all loans and investments authorized under this chapter that may be reasonably necessary to assure that the loans and investments are in keeping with sound lending practices and promote the purposes of this chapter.
Acts 1978, ch. 708, § 2.29; T.C.A., § 45-1429.
Tenn. Code Ann. § 45-2-1717 — TN Code / Title 45 / Chapter 2 / Section 45-2-1717
Criminal sanctions for violations - Reports - Confidential information
Status: in_force

(a) It is the duty of the commissioner to submit to the district attorneys general for the respective counties of the state any criminal violation of the banking laws known by the commissioner to have occurred in the county. The commissioner shall also report the violation to the appropriate division of the Tennessee bureau of investigation. (b) The commissioner may submit to the district attorneys general, to the attorney general and reporter, and to the appropriate division of the Tennessee bureau of investigation any criminal violation of the securities laws known by the commissioner to have occurred. (c) Confidential information that is communicated by the commissioner pursuant to this section, whether the reporting is required or authorized by law, remains confidential in the hands of the agency to which the information is reported, and does not become a matter of public record by virtue of this communication. Acts 1969, ch. 36, § 1 (3.617); 1973, ch. 294, § 6; modified; T.C.A., § 45-1117; Acts 1984, ch. 632, § 1; 1991, ch. 235, § 4.
(a) It is the duty of the commissioner to submit to the district attorneys general for the respective counties of the state any criminal violation of the banking laws known by the commissioner to have occurred in the county. The commissioner shall also report the violation to the appropriate division of the Tennessee bureau of investigation.
(b) The commissioner may submit to the district attorneys general, to the attorney general and reporter, and to the appropriate division of the Tennessee bureau of investigation any criminal violation of the securities laws known by the commissioner to have occurred.
(c) Confidential information that is communicated by the commissioner pursuant to this section, whether the reporting is required or authorized by law, remains confidential in the hands of the agency to which the information is reported, and does not become a matter of public record by virtue of this communication.
Acts 1969, ch. 36, § 1 (3.617); 1973, ch. 294, § 6; modified; T.C.A., § 45-1117; Acts 1984, ch. 632, § 1; 1991, ch. 235, § 4.
Tenn. Code Ann. § 45-13-208 — TN Code / Title 45 / Chapter 13 / Section 45-13-208
Minimum information
Status: in_force

The commissioner may prescribe by rules and regulations the minimum information to be shown in the books, accounts and records of each licensee, so that the books, accounts and records will enable the commissioner to determine compliance with this chapter and with the rules and regulations lawfully made under this chapter. Amended by 2017 Tenn. Acts, ch. 122,s 1, eff. 7/1/2017. Acts 2009, ch. 499, § 8.
The commissioner may prescribe by rules and regulations the minimum information to be shown in the books, accounts and records of each licensee, so that the books, accounts and records will enable the commissioner to determine compliance with this chapter and with the rules and regulations lawfully made under this chapter.
Amended by 2017 Tenn. Acts, ch. 122,s 1, eff. 7/1/2017.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-2-2002 — TN Code / Title 45 / Chapter 2 / Section 45-2-2002
Requirements to apply for and maintain status as a private trust company
Status: in_force

(a) Application. (1) A private trust company requesting an exemption from provisions of the Banking Act shall file an application with the commissioner containing the following: (A) A nonrefundable application fee as set by the department; (B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application; (C) A statement under oath of the reason for requesting the exemption; (D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner; (E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States postal service post office box or a private mail box, postal box, or mail drop; (F) A listing of the specific provisions for which the request for exemption is made; and (G) A statement under oath of the name of the individual who will be the designated ancestor of the private trust company. (2) The commissioner shall not approve a private trust company exemption unless the application is completed as required in this section. (b) Requirements. To maintain status as an exempt private trust company under this chapter, the private trust company shall comply with the following: (1) An exempt private trust company shall not transact business with the public; (2) An exempt private trust company shall file an annual certification that it is maintaining the conditions and limitations of its exempt status. This annual certification shall be filed on a form provided by the commissioner and be accompanied by a fee determined by the department. The annual certification shall be filed on or before June 30 of each year. The commissioner may examine or investigate the private trust company, at the company's expense, periodically as necessary to verify the certification; and (3) An exempt private trust company shall comply with the principal office provisions, address and telephone requirements of this section. (c) Change of Control. (1) Control of an exempt private trust company may not be transferred or sold with exempt status. In any change of control, the acquiring control person must comply with this chapter, and the exempt status of the private trust company shall automatically terminate upon the effective date of the transfer. A separate application for exempt status must be filed if the acquiring person wishes to obtain or continue an exemption pursuant to this section. (2) For the purposes of this part, a transfer of control of an exempt private trust company to a family member shall not be a change of control resulting in the termination of private trust company's exempt status regardless of whether the transfer is: (A) Direct or indirect; (B) Inter vivos; or (C) A result of death. (3) For purposes of this part, if an exempt private trust company is controlled by a trust, then a change in the trusteeship of the trust, for any reason, including the addition of a new co-trustee, is not deemed a change of control that results in the termination of the private trust company's exempt status. Amended by 2024 Tenn. Acts, ch. 695,s 7, eff. 7/1/2024. Acts 1999, ch. 112, § 18; 2012 , ch. 793, §§ 3, 4.
(a) Application. (1) A private trust company requesting an exemption from provisions of the Banking Act shall file an application with the commissioner containing the following: (A) A nonrefundable application fee as set by the department; (B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application; (C) A statement under oath of the reason for requesting the exemption; (D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner; (E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States postal service post office box or a private mail box, postal box, or mail drop; (F) A listing of the specific provisions for which the request for exemption is made; and (G) A statement under oath of the name of the individual who will be the designated ancestor of the private trust company. (2) The commissioner shall not approve a private trust company exemption unless the application is completed as required in this section.
(1) A private trust company requesting an exemption from provisions of the Banking Act shall file an application with the commissioner containing the following: (A) A nonrefundable application fee as set by the department; (B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application; (C) A statement under oath of the reason for requesting the exemption; (D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner; (E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States postal service post office box or a private mail box, postal box, or mail drop; (F) A listing of the specific provisions for which the request for exemption is made; and (G) A statement under oath of the name of the individual who will be the designated ancestor of the private trust company.
(A) A nonrefundable application fee as set by the department;
(B) A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application;
(C) A statement under oath of the reason for requesting the exemption;
(D) A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner;
(E) The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States postal service post office box or a private mail box, postal box, or mail drop;
(F) A listing of the specific provisions for which the request for exemption is made; and
(G) A statement under oath of the name of the individual who will be the designated ancestor of the private trust company.
(2) The commissioner shall not approve a private trust company exemption unless the application is completed as required in this section.
(b) Requirements. To maintain status as an exempt private trust company under this chapter, the private trust company shall comply with the following: (1) An exempt private trust company shall not transact business with the public; (2) An exempt private trust company shall file an annual certification that it is maintaining the conditions and limitations of its exempt status. This annual certification shall be filed on a form provided by the commissioner and be accompanied by a fee determined by the department. The annual certification shall be filed on or before June 30 of each year. The commissioner may examine or investigate the private trust company, at the company's expense, periodically as necessary to verify the certification; and (3) An exempt private trust company shall comply with the principal office provisions, address and telephone requirements of this section.
(1) An exempt private trust company shall not transact business with the public;
(2) An exempt private trust company shall file an annual certification that it is maintaining the conditions and limitations of its exempt status. This annual certification shall be filed on a form provided by the commissioner and be accompanied by a fee determined by the department. The annual certification shall be filed on or before June 30 of each year. The commissioner may examine or investigate the private trust company, at the company's expense, periodically as necessary to verify the certification; and
(3) An exempt private trust company shall comply with the principal office provisions, address and telephone requirements of this section.
(c) Change of Control. (1) Control of an exempt private trust company may not be transferred or sold with exempt status. In any change of control, the acquiring control person must comply with this chapter, and the exempt status of the private trust company shall automatically terminate upon the effective date of the transfer. A separate application for exempt status must be filed if the acquiring person wishes to obtain or continue an exemption pursuant to this section. (2) For the purposes of this part, a transfer of control of an exempt private trust company to a family member shall not be a change of control resulting in the termination of private trust company's exempt status regardless of whether the transfer is: (A) Direct or indirect; (B) Inter vivos; or (C) A result of death. (3) For purposes of this part, if an exempt private trust company is controlled by a trust, then a change in the trusteeship of the trust, for any reason, including the addition of a new co-trustee, is not deemed a change of control that results in the termination of the private trust company's exempt status.
(1) Control of an exempt private trust company may not be transferred or sold with exempt status. In any change of control, the acquiring control person must comply with this chapter, and the exempt status of the private trust company shall automatically terminate upon the effective date of the transfer. A separate application for exempt status must be filed if the acquiring person wishes to obtain or continue an exemption pursuant to this section.
(2) For the purposes of this part, a transfer of control of an exempt private trust company to a family member shall not be a change of control resulting in the termination of private trust company's exempt status regardless of whether the transfer is: (A) Direct or indirect; (B) Inter vivos; or (C) A result of death.
(A) Direct or indirect;
(B) Inter vivos; or
(C) A result of death.
(3) For purposes of this part, if an exempt private trust company is controlled by a trust, then a change in the trusteeship of the trust, for any reason, including the addition of a new co-trustee, is not deemed a change of control that results in the termination of the private trust company's exempt status.
Amended by 2024 Tenn. Acts, ch. 695,s 7, eff. 7/1/2024.
Acts 1999, ch. 112, § 18; 2012 , ch. 793, §§ 3, 4.
Tenn. Code Ann. § 45-1-203 — TN Code / Title 45 / Chapter 1 / Section 45-1-203
Decision to intervene discretionary with commissioner
Status: in_force

Upon receipt of a complaint, the commissioner shall determine whether mediation or arbitration is appropriate; however, the commissioner's decision not to resolve a complaint shall not be reviewable, and the commissioner shall not resolve a complaint unless the customer and the bank both agree to the resolution. The commissioner shall consider the amount of money in dispute, the complexity of facts and law, the ability of the customer to obtain judicial relief, and other matters that may be relevant to determine whether a dispute appropriately may be resolved by the commissioner's mediation or arbitration. The commissioner, however, shall not resolve through arbitration a complaint involving more than seven hundred fifty dollars ($750). Acts 1981, ch. 25, § 3; T.C.A., § 45-1-303 .
Upon receipt of a complaint, the commissioner shall determine whether mediation or arbitration is appropriate; however, the commissioner's decision not to resolve a complaint shall not be reviewable, and the commissioner shall not resolve a complaint unless the customer and the bank both agree to the resolution. The commissioner shall consider the amount of money in dispute, the complexity of facts and law, the ability of the customer to obtain judicial relief, and other matters that may be relevant to determine whether a dispute appropriately may be resolved by the commissioner's mediation or arbitration. The commissioner, however, shall not resolve through arbitration a complaint involving more than seven hundred fifty dollars ($750).
Acts 1981, ch. 25, § 3; T.C.A., § 45-1-303 .
Tenn. Code Ann. § 45-2-405 — TN Code / Title 45 / Chapter 2 / Section 45-2-405
Government service
Status: in_force

(a) Notwithstanding any law to the contrary, any officer, director, or employee of any bank may serve in any capacity in state or local government, except in any capacity with the department, or on any board, commission, or other agency of the governmental unit; provided, that the officer, director or employee has: (1) Disclosed to the chief executive officer of the bank and the board of directors of the bank the capacity in which the officer, director or employee is serving with the governmental unit; and (2) Disclosed to the chief executive officer of the governmental unit and to the appropriate board, commission or other agency the relationship to the bank. (b) Where there has been compliance with this section, the existence of the dual relationship shall not invalidate, or adversely affect, any sale, contract or other business transaction between the bank and the governmental unit. (c) As used in this section, "bank" means any state or national bank, or state or federal savings and loan association, or credit union established pursuant to chapter 4 of this title. Acts 1983, ch. 287, § 1.
(a) Notwithstanding any law to the contrary, any officer, director, or employee of any bank may serve in any capacity in state or local government, except in any capacity with the department, or on any board, commission, or other agency of the governmental unit; provided, that the officer, director or employee has: (1) Disclosed to the chief executive officer of the bank and the board of directors of the bank the capacity in which the officer, director or employee is serving with the governmental unit; and (2) Disclosed to the chief executive officer of the governmental unit and to the appropriate board, commission or other agency the relationship to the bank.
(1) Disclosed to the chief executive officer of the bank and the board of directors of the bank the capacity in which the officer, director or employee is serving with the governmental unit; and
(2) Disclosed to the chief executive officer of the governmental unit and to the appropriate board, commission or other agency the relationship to the bank.
(b) Where there has been compliance with this section, the existence of the dual relationship shall not invalidate, or adversely affect, any sale, contract or other business transaction between the bank and the governmental unit.
(c) As used in this section, "bank" means any state or national bank, or state or federal savings and loan association, or credit union established pursuant to chapter 4 of this title.
Acts 1983, ch. 287, § 1.
Tenn. Code Ann. § 45-3-101 — TN Code / Title 45 / Chapter 3 / Section 45-3-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Tennessee Savings and Loan Act." Acts 1978, ch. 708, § 1.01; T.C.A., § 45-1301.
This chapter shall be known and may be cited as the "Tennessee Savings and Loan Act."
Acts 1978, ch. 708, § 1.01; T.C.A., § 45-1301.
Tenn. Code Ann. § 45-2-1014 — TN Code / Title 45 / Chapter 2 / Section 45-2-1014
Out-of-state trust institution trust office
Status: in_force

(a) (1) An out-of-state trust institution may act as a fiduciary from a trust office only if it maintains: (A) An office in this state as permitted by this chapter; or (B) A branch in this state. (2) Similar institutions chartered under the laws of Tennessee are permitted to establish or acquire offices and engage in substantially similar activities permitted to out-of-state trust institutions by this chapter in the state where the out-of-state trust institution has its principal office. (b) An out-of-state trust institution desiring to establish or acquire and maintain a trust office in this state pursuant to this part shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the office. The notice shall set forth the name of the out-of-state trust institution, the location of the proposed office, satisfactory evidence that the notificant is a trust institution, furnish a copy of the resolution adopted by the board authorizing the office and pay the filing fee, if any, prescribed by the commissioner. If acquiring a trust office, the out-of-state trust institution shall provide evidence that all fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed. Any prohibition on the acquisition of an institution that has not been in operation for at least three (3) years shall not apply to trust companies. (c) The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution. The acquisition alone shall not result in the establishment of a branch. (d) An out-of-state trust institution may not establish or acquire a trust office in this state unless: (1) The notificant shall have provided satisfactory evidence to the commissioner of compliance with: (A) Any applicable requirements of title 48; and (B) The applicable requirements of its home state regulator for acquiring or establishing and maintaining the office; and (2) The commissioner, acting within sixty (60) days after receiving notice, shall have certified to the home state regulator that the requirements of this section have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to subsection (e) have been satisfied. (e) The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the commissioner receives the notice unless the commissioner specifies an earlier or later date; provided, that with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner has conditioned approval on the satisfaction by the notificant of any requirement applicable to a state trust company, the institution shall have satisfied the conditions and provided the commissioner satisfactory evidence of satisfaction of the conditions. The sixty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the commissioner. (f) The commissioner may deny approval of the office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies. (g) An out-of-state trust institution that maintains a trust office in this state under this section may establish or acquire additional trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring the offices. (h) If an out-of-state trust institution does not act as a fiduciary through the establishment or acquisition of a trust office or through an authorized branch office, it may engage in other fiduciary related activities in Tennessee including, but not limited to, marketing, soliciting and operating through a trust representative office only to the extent that the home state of the out-of-state trust institution permits state trust institutions to engage in similar activities in the other state. Acts 1999, ch. 112, § 10; 2002, ch. 656, § 1; 2003, ch. 32, § 8.
(a) (1) An out-of-state trust institution may act as a fiduciary from a trust office only if it maintains: (A) An office in this state as permitted by this chapter; or (B) A branch in this state. (2) Similar institutions chartered under the laws of Tennessee are permitted to establish or acquire offices and engage in substantially similar activities permitted to out-of-state trust institutions by this chapter in the state where the out-of-state trust institution has its principal office.
(1) An out-of-state trust institution may act as a fiduciary from a trust office only if it maintains: (A) An office in this state as permitted by this chapter; or (B) A branch in this state.
(A) An office in this state as permitted by this chapter; or
(B) A branch in this state.
(2) Similar institutions chartered under the laws of Tennessee are permitted to establish or acquire offices and engage in substantially similar activities permitted to out-of-state trust institutions by this chapter in the state where the out-of-state trust institution has its principal office.
(b) An out-of-state trust institution desiring to establish or acquire and maintain a trust office in this state pursuant to this part shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the office. The notice shall set forth the name of the out-of-state trust institution, the location of the proposed office, satisfactory evidence that the notificant is a trust institution, furnish a copy of the resolution adopted by the board authorizing the office and pay the filing fee, if any, prescribed by the commissioner. If acquiring a trust office, the out-of-state trust institution shall provide evidence that all fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed. Any prohibition on the acquisition of an institution that has not been in operation for at least three (3) years shall not apply to trust companies.
(c) The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution. The acquisition alone shall not result in the establishment of a branch.
(d) An out-of-state trust institution may not establish or acquire a trust office in this state unless: (1) The notificant shall have provided satisfactory evidence to the commissioner of compliance with: (A) Any applicable requirements of title 48; and (B) The applicable requirements of its home state regulator for acquiring or establishing and maintaining the office; and (2) The commissioner, acting within sixty (60) days after receiving notice, shall have certified to the home state regulator that the requirements of this section have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to subsection (e) have been satisfied.
(1) The notificant shall have provided satisfactory evidence to the commissioner of compliance with: (A) Any applicable requirements of title 48; and (B) The applicable requirements of its home state regulator for acquiring or establishing and maintaining the office; and
(A) Any applicable requirements of title 48; and
(B) The applicable requirements of its home state regulator for acquiring or establishing and maintaining the office; and
(2) The commissioner, acting within sixty (60) days after receiving notice, shall have certified to the home state regulator that the requirements of this section have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to subsection (e) have been satisfied.
(e) The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the commissioner receives the notice unless the commissioner specifies an earlier or later date; provided, that with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner has conditioned approval on the satisfaction by the notificant of any requirement applicable to a state trust company, the institution shall have satisfied the conditions and provided the commissioner satisfactory evidence of satisfaction of the conditions. The sixty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the commissioner.
(f) The commissioner may deny approval of the office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
(g) An out-of-state trust institution that maintains a trust office in this state under this section may establish or acquire additional trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring the offices.
(h) If an out-of-state trust institution does not act as a fiduciary through the establishment or acquisition of a trust office or through an authorized branch office, it may engage in other fiduciary related activities in Tennessee including, but not limited to, marketing, soliciting and operating through a trust representative office only to the extent that the home state of the out-of-state trust institution permits state trust institutions to engage in similar activities in the other state.
Acts 1999, ch. 112, § 10; 2002, ch. 656, § 1; 2003, ch. 32, § 8.
Tenn. Code Ann. § 45-6-211 — TN Code / Title 45 / Chapter 6 / Section 45-6-211
Failure to redeem - Notice to pledgor
Status: in_force

(a) In every pawn transaction made under a loan of money pawn transaction as defined in this part, the pawnbroker shall retain in the pawnbroker's possession the pledged goods for thirty (30) days after the maturity date of the pawn transaction. Pledged goods not redeemed by the pledgor on or before the maturity date of the pawn transaction set out in the pawn ticket issued in connection with any pawn transaction may be redeemed by the pledgor within the period of thirty (30) days after the maturity date of the pawn transaction by the payment of the originally agreed redemption price (interest, fee and loan amount), and the payment of the additional interest and fee for the period following the original maturity date due on the pawn transaction. (b) If the pledgor fails to redeem the pledged goods within thirty (30) days after the maturity date of the pawn transaction, the pledgor shall thereby forfeit all right, title and interest of, in and to the pledged goods to the pawnbroker, who shall thereby acquire an absolute title to the pledged goods and the debt becomes satisfied, and the pawnbroker shall have the authority to sell or dispose of the unredeemed pledged goods as the pawnbroker's own and may sell the unredeemed pledged goods. (c) If the pledgor loses the pawn ticket, the pledgor shall not thereby forfeit the right to redeem the pledged goods, but may promptly, before the lapse of the final redemption date, make affidavit for the loss, describing the pledged goods, which affidavit shall take the place of the pawn ticket, unless the pledged goods have already been redeemed under this part. (d) The following information shall be printed on all pawn tickets or buy-sell tickets: (1) ANY PERSONAL PROPERTY PLEDGED TO A PAWNBROKER WITHIN THIS STATE IS SUBJECT TO SALE OR DISPOSAL WHEN THERE HAS BEEN NO PAYMENT MADE ON THE ACCOUNT FOR A PERIOD OF THIRTY (30) DAYS AFTER THE MATURITY DATE OF THE PAWN TRANSACTION AND NO FURTHER NOTICE IS NECESSARY; (2) THE PLEDGOR OF THIS ITEM ATTESTS THAT IT IS NOT STOLEN, IT HAS NO LIENS OR ENCUMBRANCES AGAINST IT AND THE PLEDGOR HAS THE RIGHT TO SELL OR PAWN THE ITEM; (3) THE ITEM PAWNED IS REDEEMABLE ONLY BY THE BEARER OF THIS TICKET; and (4) A blank line for the pledgor's signature. Acts 1988, ch. 724, § 11; 1995, ch. 186, § 8.
(a) In every pawn transaction made under a loan of money pawn transaction as defined in this part, the pawnbroker shall retain in the pawnbroker's possession the pledged goods for thirty (30) days after the maturity date of the pawn transaction. Pledged goods not redeemed by the pledgor on or before the maturity date of the pawn transaction set out in the pawn ticket issued in connection with any pawn transaction may be redeemed by the pledgor within the period of thirty (30) days after the maturity date of the pawn transaction by the payment of the originally agreed redemption price (interest, fee and loan amount), and the payment of the additional interest and fee for the period following the original maturity date due on the pawn transaction.
(b) If the pledgor fails to redeem the pledged goods within thirty (30) days after the maturity date of the pawn transaction, the pledgor shall thereby forfeit all right, title and interest of, in and to the pledged goods to the pawnbroker, who shall thereby acquire an absolute title to the pledged goods and the debt becomes satisfied, and the pawnbroker shall have the authority to sell or dispose of the unredeemed pledged goods as the pawnbroker's own and may sell the unredeemed pledged goods.
(c) If the pledgor loses the pawn ticket, the pledgor shall not thereby forfeit the right to redeem the pledged goods, but may promptly, before the lapse of the final redemption date, make affidavit for the loss, describing the pledged goods, which affidavit shall take the place of the pawn ticket, unless the pledged goods have already been redeemed under this part.
(d) The following information shall be printed on all pawn tickets or buy-sell tickets: (1) ANY PERSONAL PROPERTY PLEDGED TO A PAWNBROKER WITHIN THIS STATE IS SUBJECT TO SALE OR DISPOSAL WHEN THERE HAS BEEN NO PAYMENT MADE ON THE ACCOUNT FOR A PERIOD OF THIRTY (30) DAYS AFTER THE MATURITY DATE OF THE PAWN TRANSACTION AND NO FURTHER NOTICE IS NECESSARY; (2) THE PLEDGOR OF THIS ITEM ATTESTS THAT IT IS NOT STOLEN, IT HAS NO LIENS OR ENCUMBRANCES AGAINST IT AND THE PLEDGOR HAS THE RIGHT TO SELL OR PAWN THE ITEM; (3) THE ITEM PAWNED IS REDEEMABLE ONLY BY THE BEARER OF THIS TICKET; and (4) A blank line for the pledgor's signature.
(1) ANY PERSONAL PROPERTY PLEDGED TO A PAWNBROKER WITHIN THIS STATE IS SUBJECT TO SALE OR DISPOSAL WHEN THERE HAS BEEN NO PAYMENT MADE ON THE ACCOUNT FOR A PERIOD OF THIRTY (30) DAYS AFTER THE MATURITY DATE OF THE PAWN TRANSACTION AND NO FURTHER NOTICE IS NECESSARY;
(2) THE PLEDGOR OF THIS ITEM ATTESTS THAT IT IS NOT STOLEN, IT HAS NO LIENS OR ENCUMBRANCES AGAINST IT AND THE PLEDGOR HAS THE RIGHT TO SELL OR PAWN THE ITEM;
(3) THE ITEM PAWNED IS REDEEMABLE ONLY BY THE BEARER OF THIS TICKET; and
(4) A blank line for the pledgor's signature.
Acts 1988, ch. 724, § 11; 1995, ch. 186, § 8.
Tenn. Code Ann. § 45-4-1113 — TN Code / Title 45 / Chapter 4 / Section 45-4-1113
Administrative review
Status: in_force

(a) If a Tennessee credit union is aggrieved by a decision or order of the corporation or the commissioner, or if the corporation is aggrieved by a decision or order of the commissioner or of a supervisory agency, the Tennessee credit union or corporation shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review by the Tennessee credit union board of appeals, which may stay enforcement of the decisions or orders pending administrative review. (b) The Tennessee credit union board of appeals shall consist of three (3) members: the commissioner or the commissioner's appointee; one (1) appointee of the corporation; and one (1) appointee of the attorney general and reporter. Directors, officers, and employees of the corporation shall be ineligible to serve on the Tennessee credit union board of appeals. The Tennessee credit union board of appeals shall enact reasonable bylaws and rules of procedure necessary to provide for administrative review. (c) (1) Judicial review of decisions or orders of the corporation shall not be available unless the aggrieved party has sought administrative review under this section, and a final decision has been made by the credit union board of appeals. (2) Any action for judicial review shall be pursuant to § 27-8-101 solely upon the record of the board of appeals and shall be brought in a court of general or equity jurisdiction, without the intervention of a jury, within six (6) months after the date of final decision of the credit union board of appeals, and shall be brought only in Hamilton County. Acts 1974, ch. 577, § 13; T.C.A., § 45-1847; Acts 1986, ch. 558, § 5.
(a) If a Tennessee credit union is aggrieved by a decision or order of the corporation or the commissioner, or if the corporation is aggrieved by a decision or order of the commissioner or of a supervisory agency, the Tennessee credit union or corporation shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review by the Tennessee credit union board of appeals, which may stay enforcement of the decisions or orders pending administrative review.
(b) The Tennessee credit union board of appeals shall consist of three (3) members: the commissioner or the commissioner's appointee; one (1) appointee of the corporation; and one (1) appointee of the attorney general and reporter. Directors, officers, and employees of the corporation shall be ineligible to serve on the Tennessee credit union board of appeals. The Tennessee credit union board of appeals shall enact reasonable bylaws and rules of procedure necessary to provide for administrative review.
(c) (1) Judicial review of decisions or orders of the corporation shall not be available unless the aggrieved party has sought administrative review under this section, and a final decision has been made by the credit union board of appeals. (2) Any action for judicial review shall be pursuant to § 27-8-101 solely upon the record of the board of appeals and shall be brought in a court of general or equity jurisdiction, without the intervention of a jury, within six (6) months after the date of final decision of the credit union board of appeals, and shall be brought only in Hamilton County.
(1) Judicial review of decisions or orders of the corporation shall not be available unless the aggrieved party has sought administrative review under this section, and a final decision has been made by the credit union board of appeals.
(2) Any action for judicial review shall be pursuant to § 27-8-101 solely upon the record of the board of appeals and shall be brought in a court of general or equity jurisdiction, without the intervention of a jury, within six (6) months after the date of final decision of the credit union board of appeals, and shall be brought only in Hamilton County.
Acts 1974, ch. 577, § 13; T.C.A., § 45-1847; Acts 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-15-109 — TN Code / Title 45 / Chapter 15 / Section 45-15-109
Notification to commissioner of changes - Events requiring report to commissioner - Biennial reports
Status: in_force

(a) (1) Each title pledge lender shall notify the commissioner fifteen (15) days prior to any change in the principal place of business of a title pledge lender. (2) Each title pledge lender shall notify the commissioner in writing within fifteen (15) days of any change among the president, chief executive officer, treasurer or chief financial officer, or among the general partners or partners of a title pledge lender. (b) Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (b)(1)-(6), a title pledge lender shall file a written report with the commissioner describing the event and its expected impact on the activities of the title pledge lender in the state: (1) The filing for bankruptcy or reorganization by the title pledge lender; (2) The institution of administrative proceedings, including any revocation or suspension proceedings, against the title pledge lender by any state or governmental authority; (3) The denial of the opportunity to engage in business by any state or governmental authority; (4) Any felony indictment of the title pledge lender or any of its officers, directors or principals; (5) Any felony conviction of the title pledge lender or any of its officers, directors or principals; and (6) Other events that the commissioner may determine and identify by rule. (c) (1) Each title pledge lender shall file a report with the commissioner on the date of submission of the renewal application required under § 45-15-106(i) , in every odd-numbered year containing the following information: (A) The names and addresses of persons owning controlling interest in each title pledge lender; (B) The location of all places of business operated by the title pledge lender and the nature of the business conducted at each location; (C) The names and addresses of all affiliated entities regulated under this title, doing business in this state; (D) Balance sheets, statements of income and expense, prepared by a certified public accountant or public accounting firm not affiliated with the title pledge lender, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (E) If the title pledge lender is a corporation, the names and addresses of its officers and directors; if the title pledge lender is a partnership, the names and addresses of the partners; and if the title pledge lender is a limited liability company, the names and addresses of the board of governors of the limited liability company. (2) If the title pledge lender holds two (2) or more licenses or is affiliated with other title pledge lenders, a composite report may be filed, but may not be required. (3) All reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the title pledge lender. (4) The information submitted by title pledge lenders pursuant to this subsection (c) shall be confidential and may not be disclosed or distributed outside the department by the commissioner, except that the commissioner is authorized to disclose confidential information to any local, state or federal agency, as the commissioner deems proper. (5) The commissioner shall submit to the governor and general assembly, a biennial analysis and recapitulation of the reports for the preceding calendar year, for the purpose of reflecting the general results of operations under this chapter. Amended by 2017 Tenn. Acts, ch. 122,s 6, eff. 7/1/2017. Amended by 2014 Tenn. Acts, ch. 736,s 19, eff. 7/1/2015. Acts 1995, ch. 186, § 13; 2005, ch. 440, § 8.
(a) (1) Each title pledge lender shall notify the commissioner fifteen (15) days prior to any change in the principal place of business of a title pledge lender. (2) Each title pledge lender shall notify the commissioner in writing within fifteen (15) days of any change among the president, chief executive officer, treasurer or chief financial officer, or among the general partners or partners of a title pledge lender.
(1) Each title pledge lender shall notify the commissioner fifteen (15) days prior to any change in the principal place of business of a title pledge lender.
(2) Each title pledge lender shall notify the commissioner in writing within fifteen (15) days of any change among the president, chief executive officer, treasurer or chief financial officer, or among the general partners or partners of a title pledge lender.
(b) Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (b)(1)-(6), a title pledge lender shall file a written report with the commissioner describing the event and its expected impact on the activities of the title pledge lender in the state: (1) The filing for bankruptcy or reorganization by the title pledge lender; (2) The institution of administrative proceedings, including any revocation or suspension proceedings, against the title pledge lender by any state or governmental authority; (3) The denial of the opportunity to engage in business by any state or governmental authority; (4) Any felony indictment of the title pledge lender or any of its officers, directors or principals; (5) Any felony conviction of the title pledge lender or any of its officers, directors or principals; and (6) Other events that the commissioner may determine and identify by rule.
(1) The filing for bankruptcy or reorganization by the title pledge lender;
(2) The institution of administrative proceedings, including any revocation or suspension proceedings, against the title pledge lender by any state or governmental authority;
(3) The denial of the opportunity to engage in business by any state or governmental authority;
(4) Any felony indictment of the title pledge lender or any of its officers, directors or principals;
(5) Any felony conviction of the title pledge lender or any of its officers, directors or principals; and
(6) Other events that the commissioner may determine and identify by rule.
(c) (1) Each title pledge lender shall file a report with the commissioner on the date of submission of the renewal application required under § 45-15-106(i) , in every odd-numbered year containing the following information: (A) The names and addresses of persons owning controlling interest in each title pledge lender; (B) The location of all places of business operated by the title pledge lender and the nature of the business conducted at each location; (C) The names and addresses of all affiliated entities regulated under this title, doing business in this state; (D) Balance sheets, statements of income and expense, prepared by a certified public accountant or public accounting firm not affiliated with the title pledge lender, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (E) If the title pledge lender is a corporation, the names and addresses of its officers and directors; if the title pledge lender is a partnership, the names and addresses of the partners; and if the title pledge lender is a limited liability company, the names and addresses of the board of governors of the limited liability company. (2) If the title pledge lender holds two (2) or more licenses or is affiliated with other title pledge lenders, a composite report may be filed, but may not be required. (3) All reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the title pledge lender. (4) The information submitted by title pledge lenders pursuant to this subsection (c) shall be confidential and may not be disclosed or distributed outside the department by the commissioner, except that the commissioner is authorized to disclose confidential information to any local, state or federal agency, as the commissioner deems proper. (5) The commissioner shall submit to the governor and general assembly, a biennial analysis and recapitulation of the reports for the preceding calendar year, for the purpose of reflecting the general results of operations under this chapter.
(1) Each title pledge lender shall file a report with the commissioner on the date of submission of the renewal application required under § 45-15-106(i) , in every odd-numbered year containing the following information: (A) The names and addresses of persons owning controlling interest in each title pledge lender; (B) The location of all places of business operated by the title pledge lender and the nature of the business conducted at each location; (C) The names and addresses of all affiliated entities regulated under this title, doing business in this state; (D) Balance sheets, statements of income and expense, prepared by a certified public accountant or public accounting firm not affiliated with the title pledge lender, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (E) If the title pledge lender is a corporation, the names and addresses of its officers and directors; if the title pledge lender is a partnership, the names and addresses of the partners; and if the title pledge lender is a limited liability company, the names and addresses of the board of governors of the limited liability company.
(A) The names and addresses of persons owning controlling interest in each title pledge lender;
(B) The location of all places of business operated by the title pledge lender and the nature of the business conducted at each location;
(C) The names and addresses of all affiliated entities regulated under this title, doing business in this state;
(D) Balance sheets, statements of income and expense, prepared by a certified public accountant or public accounting firm not affiliated with the title pledge lender, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and
(E) If the title pledge lender is a corporation, the names and addresses of its officers and directors; if the title pledge lender is a partnership, the names and addresses of the partners; and if the title pledge lender is a limited liability company, the names and addresses of the board of governors of the limited liability company.
(2) If the title pledge lender holds two (2) or more licenses or is affiliated with other title pledge lenders, a composite report may be filed, but may not be required.
(3) All reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the title pledge lender.
(4) The information submitted by title pledge lenders pursuant to this subsection (c) shall be confidential and may not be disclosed or distributed outside the department by the commissioner, except that the commissioner is authorized to disclose confidential information to any local, state or federal agency, as the commissioner deems proper.
(5) The commissioner shall submit to the governor and general assembly, a biennial analysis and recapitulation of the reports for the preceding calendar year, for the purpose of reflecting the general results of operations under this chapter.
Amended by 2017 Tenn. Acts, ch. 122,s 6, eff. 7/1/2017.
Amended by 2014 Tenn. Acts, ch. 736,s 19, eff. 7/1/2015.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 8.
Tenn. Code Ann. § 45-1-104 — TN Code / Title 45 / Chapter 1 / Section 45-1-104
Department to execute laws
Status: in_force

The department, created by § 4-3-101 , is charged with the execution of all laws relative to persons doing or engaged in a banking or other business as provided in this title, except for pawnbrokers covered by chapter 6 of this title. Acts 1969, ch. 36, § 1 (2.101); impl. am. Acts 1971, ch. 137, § 1; modified; T.C.A., § 45-1-104 ; Acts 1983, ch. 274, § 3; 1995, ch. 186, § 16; 2005, ch. 440, § 17.
The department, created by § 4-3-101 , is charged with the execution of all laws relative to persons doing or engaged in a banking or other business as provided in this title, except for pawnbrokers covered by chapter 6 of this title.
Acts 1969, ch. 36, § 1 (2.101); impl. am. Acts 1971, ch. 137, § 1; modified; T.C.A., § 45-1-104 ; Acts 1983, ch. 274, § 3; 1995, ch. 186, § 16; 2005, ch. 440, § 17.
Tenn. Code Ann. § 45-3-819 — TN Code / Title 45 / Chapter 3 / Section 45-3-819
Removal of directors, officers, and employees participating in violations
Status: in_force

The commissioner may require that any director, officer, or employee of an association, who has participated in a violation described herein, be removed from the person's position or office in the association if the action of the person or persons concerned was knowingly and willfully taken. Prior to entering an order of removal, the commissioner shall deliver a full statement of the facts and conduct to which the commissioner objects to the board of directors of the association and to the person or persons concerned, stating the commissioner's intention to enter a removal order. The statement shall be delivered in person to the home office of the association served by the director, officer, or employee by the commissioner or by the commissioner's agent or shall be sent by registered or certified mail, return receipt requested, addressed to the home office of the association. The statement shall include a notice that the person or persons affected shall have the opportunity to request a hearing. If a hearing is so requested and held, the commissioner, on the basis of the evidence presented at the hearing, may proceed to enter an order for the immediate removal of the director, officer, or employee affected, or may reprimand the individuals and/or association concerned, or may dismiss the entire matter. If no hearing is requested within the time specified, the commissioner may proceed to enter an order of removal on the basis of the facts set forth in the commissioner's original statement. Acts 1978, ch. 708, § 3.19; T.C.A., § 45-1526.
The commissioner may require that any director, officer, or employee of an association, who has participated in a violation described herein, be removed from the person's position or office in the association if the action of the person or persons concerned was knowingly and willfully taken. Prior to entering an order of removal, the commissioner shall deliver a full statement of the facts and conduct to which the commissioner objects to the board of directors of the association and to the person or persons concerned, stating the commissioner's intention to enter a removal order. The statement shall be delivered in person to the home office of the association served by the director, officer, or employee by the commissioner or by the commissioner's agent or shall be sent by registered or certified mail, return receipt requested, addressed to the home office of the association. The statement shall include a notice that the person or persons affected shall have the opportunity to request a hearing. If a hearing is so requested and held, the commissioner, on the basis of the evidence presented at the hearing, may proceed to enter an order for the immediate removal of the director, officer, or employee affected, or may reprimand the individuals and/or association concerned, or may dismiss the entire matter. If no hearing is requested within the time specified, the commissioner may proceed to enter an order of removal on the basis of the facts set forth in the commissioner's original statement.
Acts 1978, ch. 708, § 3.19; T.C.A., § 45-1526.
Tenn. Code Ann. § 45-4-605 — TN Code / Title 45 / Chapter 4 / Section 45-4-605
Conditions of lending
Status: in_force

A credit union may loan to its members, as provided, for the purposes and upon the security that the bylaws may provide and the credit committee shall approve. 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 credit union may loan to its members, as provided, for the purposes and upon the security that the bylaws may provide and the credit committee shall approve.
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. § 45-6-202 — TN Code / Title 45 / Chapter 6 / Section 45-6-202
Purpose
Status: in_force

The making of pawn loans and the acquisition and disposition of tangible personal property by and through pawnshops vitally affects the general economy of this state and the public interest and welfare of its citizens. It is the policy of this state and the purpose of this part to: (1) Ensure a sound system of making loans and acquiring and disposing of tangible personal property by and through pawnshops and to prevent unlawful property transactions, particularly in stolen property, through licensing and regulating pawnbrokers and certain persons employed by or in pawnshops; (2) Provide for licensing fees, investigation fees, and minimum capital requirements of licensees; (3) Ensure financial responsibility to the state and the public; (4) Ensure compliance with federal and state laws; and (5) Assist local governments in the exercise of their police power. Acts 1988, ch. 724, § 2.
The making of pawn loans and the acquisition and disposition of tangible personal property by and through pawnshops vitally affects the general economy of this state and the public interest and welfare of its citizens. It is the policy of this state and the purpose of this part to:
(1) Ensure a sound system of making loans and acquiring and disposing of tangible personal property by and through pawnshops and to prevent unlawful property transactions, particularly in stolen property, through licensing and regulating pawnbrokers and certain persons employed by or in pawnshops;
(2) Provide for licensing fees, investigation fees, and minimum capital requirements of licensees;
(3) Ensure financial responsibility to the state and the public;
(4) Ensure compliance with federal and state laws; and
(5) Assist local governments in the exercise of their police power.
Acts 1988, ch. 724, § 2.
Tenn. Code Ann. § 45-18-108 — TN Code / Title 45 / Chapter 18 / Section 45-18-108
Issuance of license
Status: in_force

(a) Upon the filing of a properly completed application, accompanied by the nonrefundable supervision fee, as provided in § 45-1-118(i) , and other required documents, the department shall investigate to ascertain whether the qualifications and requirements prescribed by this chapter have been met. If the department finds the applicant meets the qualifications and requirements, the department shall issue the applicant a license to engage in the check cashing business in this state. Any license issued under this chapter shall remain in effect through December 31 of each year following its date of issuance unless otherwise specified by the department or earlier surrendered, suspended, or revoked. If the commissioner finds that the qualifications and requirements prescribed by this chapter have not been met, the commissioner shall deny the application in writing setting forth the reasons for the denial. (b) The commissioner shall approve or deny every application for a license within ninety (90) days from the date a completed application with all required fees and documents is submitted, which period may be extended by the written consent of the commissioner. If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the department for a hearing before the commissioner on the question of whether the license should be granted. (c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license is on the applicant. Decisions of the commissioner following any hearing on the denial of a license are subject to review under the Uniform Administrative Procedures Act. (d) Licenses are not transferable or assignable. Amended by 2017 Tenn. Acts, ch. 122,s 16, eff. 4/1/2018. Amended by 2014 Tenn. Acts, ch. 736,s 28, eff. 7/1/2015. Acts 1997, ch. 309, § 8.
(a) Upon the filing of a properly completed application, accompanied by the nonrefundable supervision fee, as provided in § 45-1-118(i) , and other required documents, the department shall investigate to ascertain whether the qualifications and requirements prescribed by this chapter have been met. If the department finds the applicant meets the qualifications and requirements, the department shall issue the applicant a license to engage in the check cashing business in this state. Any license issued under this chapter shall remain in effect through December 31 of each year following its date of issuance unless otherwise specified by the department or earlier surrendered, suspended, or revoked. If the commissioner finds that the qualifications and requirements prescribed by this chapter have not been met, the commissioner shall deny the application in writing setting forth the reasons for the denial.
(b) The commissioner shall approve or deny every application for a license within ninety (90) days from the date a completed application with all required fees and documents is submitted, which period may be extended by the written consent of the commissioner. If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the department for a hearing before the commissioner on the question of whether the license should be granted.
(c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license is on the applicant. Decisions of the commissioner following any hearing on the denial of a license are subject to review under the Uniform Administrative Procedures Act.
(d) Licenses are not transferable or assignable.
Amended by 2017 Tenn. Acts, ch. 122,s 16, eff. 4/1/2018.
Amended by 2014 Tenn. Acts, ch. 736,s 28, eff. 7/1/2015.
Acts 1997, ch. 309, § 8.
Tenn. Code Ann. § 45-1-205 — TN Code / Title 45 / Chapter 1 / Section 45-1-205
Award is binding - Review on appeal - Compliance orders
Status: in_force

(a) An award of the commissioner issued pursuant to this part shall be binding upon the parties, but either party may seek to vacate the award in any court with jurisdiction over the original subject matter, by commencing the appropriate original action against the other party within thirty (30) days of receiving a copy of the award. (b) Review by the court shall be de novo. (c) If the party against whom an award is rendered does not initiate an appeal as provided in subsection (a) and does not comply with the award, the commissioner shall consider the lack of compliance as a violation of this section and may order the party to comply as provided by § 45-1-107 . Acts 1981, ch. 25, § 5; T.C.A., § 45-1-305 .
(a) An award of the commissioner issued pursuant to this part shall be binding upon the parties, but either party may seek to vacate the award in any court with jurisdiction over the original subject matter, by commencing the appropriate original action against the other party within thirty (30) days of receiving a copy of the award.
(b) Review by the court shall be de novo.
(c) If the party against whom an award is rendered does not initiate an appeal as provided in subsection (a) and does not comply with the award, the commissioner shall consider the lack of compliance as a violation of this section and may order the party to comply as provided by § 45-1-107 .
Acts 1981, ch. 25, § 5; T.C.A., § 45-1-305 .
Tenn. Code Ann. § 45-15-115 — TN Code / Title 45 / Chapter 15 / Section 45-15-115
Prohibited actions by lender
Status: in_force

A title pledge lender shall not: (1) Accept a pledge from a person less than eighteen (18) years of age, or from anyone who appears to be intoxicated; (2) Make any agreement giving the title pledge lender any recourse against the pledgor, other than the title pledge lender's right to take possession of the titled personal property and certificate of title upon the pledgor's default or failure to redeem, and to sell or otherwise dispose of the titled personal property, in accordance with this chapter; (3) Enter into a title pledge agreement in which the amount of money loaned, when combined with the outstanding balance of other outstanding title pledge agreements the pledgor has with the same lender secured by any single certificate of title, exceeds two thousand five hundred dollars ($2,500), or enter into a property pledge agreement in which the amount of money loaned exceeds two thousand five hundred dollars ($2,500); (4) Accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under this chapter; (5) Fail to exercise reasonable care to protect from loss or damage titled personal property or certificate of title in the physical possession of the title pledge lender; (6) Purchase pledged titled personal property that was repossessed in the operation of the lender's business; (7) Maintain more than one (1) title pledge office or place of operation for each title pledge lender under each license; provided, however, that the title pledge lender may move from one (1) place of business to another, as permitted in § 45-15-109(a)(1) ; (8) Keep open any title pledge office before eight o'clock a.m. (8:00 a.m.), or after six o'clock p.m. (6:00 p.m.), on any day during the year, with the exception of November 25 through December 24 of each year. During that period, a title pledge lender may open the place of business at eight o'clock a.m. (8:00 am.), and shall be entitled to close at nine o'clock p.m. (9:00 p.m.). No title pledge lender shall be open on Sunday. Nothing in this subdivision (8) prohibits a title pledge lender from accepting a payment pursuant to an existing title pledge or property pledge agreement at any time; (9) Enter into a pledge agreement, unless the pledgor presents a clear title to titled personal property at the time that the loan is made, and the title is retained, after noting of the lien by the state, in the physical possession of the title pledge lender. If the title pledge lender files a lien against the property without possession of a clear title to the property, the resulting lien shall be void; (10) Capitalize or add any accrued interest or fee to the original principal of the title pledge agreement or property pledge agreement during any renewal of the agreement; (11) Sell or otherwise charge for any type of insurance in connection with a title pledge agreement or property pledge agreement. Nothing in this subdivision (11) shall prohibit a title pledge lender from offering a pledgor the option to purchase memberships in automobile clubs or associations, as defined in § 55-18-101 ; provided, that the title pledge lender informs the pledgor in writing that the membership is optional, that the membership can be purchased elsewhere, and that the purchase of the membership has no bearing on whether the pledgor receives a loan; (12) Charge a prepayment penalty; (13) Advertise using the words "interest free loans" or "no finance charges," or engage in any other false or misleading advertising; (14) Require a pledgor to provide any additional guaranty as a condition of entering into a title pledge agreement; (15) Use any collection tactics in violation of the federal Fair Debt Collection Practices Act ( 15 U.S.C. § 1692 et seq.); (16) Renew or otherwise consolidate a title pledge agreement or property pledge agreement with the proceeds of another title pledge agreement or property pledge agreement made by the same title pledge lender; (17) Use any device or agreement, including agreements with affiliated title pledge lenders, with the intent to obtain greater charges than otherwise would be authorized by this chapter; or (18) Violate this chapter or any rule promulgated pursuant to this chapter by the commissioner. Amended by 2013 Tenn. Acts, ch. 70, s 1, eff. 4/1/2013. Acts 1995, ch. 186, § 13; 1996, ch. 718, §2; 1997 , ch. 74, § 1; 2005, ch. 440, § 12.
A title pledge lender shall not:
(1) Accept a pledge from a person less than eighteen (18) years of age, or from anyone who appears to be intoxicated;
(2) Make any agreement giving the title pledge lender any recourse against the pledgor, other than the title pledge lender's right to take possession of the titled personal property and certificate of title upon the pledgor's default or failure to redeem, and to sell or otherwise dispose of the titled personal property, in accordance with this chapter;
(3) Enter into a title pledge agreement in which the amount of money loaned, when combined with the outstanding balance of other outstanding title pledge agreements the pledgor has with the same lender secured by any single certificate of title, exceeds two thousand five hundred dollars ($2,500), or enter into a property pledge agreement in which the amount of money loaned exceeds two thousand five hundred dollars ($2,500);
(4) Accept any waiver, in writing or otherwise, of any right or protection accorded a pledgor under this chapter;
(5) Fail to exercise reasonable care to protect from loss or damage titled personal property or certificate of title in the physical possession of the title pledge lender;
(6) Purchase pledged titled personal property that was repossessed in the operation of the lender's business;
(7) Maintain more than one (1) title pledge office or place of operation for each title pledge lender under each license; provided, however, that the title pledge lender may move from one (1) place of business to another, as permitted in § 45-15-109(a)(1) ;
(8) Keep open any title pledge office before eight o'clock a.m. (8:00 a.m.), or after six o'clock p.m. (6:00 p.m.), on any day during the year, with the exception of November 25 through December 24 of each year. During that period, a title pledge lender may open the place of business at eight o'clock a.m. (8:00 am.), and shall be entitled to close at nine o'clock p.m. (9:00 p.m.). No title pledge lender shall be open on Sunday. Nothing in this subdivision (8) prohibits a title pledge lender from accepting a payment pursuant to an existing title pledge or property pledge agreement at any time;
(9) Enter into a pledge agreement, unless the pledgor presents a clear title to titled personal property at the time that the loan is made, and the title is retained, after noting of the lien by the state, in the physical possession of the title pledge lender. If the title pledge lender files a lien against the property without possession of a clear title to the property, the resulting lien shall be void;
(10) Capitalize or add any accrued interest or fee to the original principal of the title pledge agreement or property pledge agreement during any renewal of the agreement;
(11) Sell or otherwise charge for any type of insurance in connection with a title pledge agreement or property pledge agreement. Nothing in this subdivision (11) shall prohibit a title pledge lender from offering a pledgor the option to purchase memberships in automobile clubs or associations, as defined in § 55-18-101 ; provided, that the title pledge lender informs the pledgor in writing that the membership is optional, that the membership can be purchased elsewhere, and that the purchase of the membership has no bearing on whether the pledgor receives a loan;
(12) Charge a prepayment penalty;
(13) Advertise using the words "interest free loans" or "no finance charges," or engage in any other false or misleading advertising;
(14) Require a pledgor to provide any additional guaranty as a condition of entering into a title pledge agreement;
(15) Use any collection tactics in violation of the federal Fair Debt Collection Practices Act ( 15 U.S.C. § 1692 et seq.);
(16) Renew or otherwise consolidate a title pledge agreement or property pledge agreement with the proceeds of another title pledge agreement or property pledge agreement made by the same title pledge lender;
(17) Use any device or agreement, including agreements with affiliated title pledge lenders, with the intent to obtain greater charges than otherwise would be authorized by this chapter; or
(18) Violate this chapter or any rule promulgated pursuant to this chapter by the commissioner.
Amended by 2013 Tenn. Acts, ch. 70, s 1, eff. 4/1/2013.
Acts 1995, ch. 186, § 13; 1996, ch. 718, §2; 1997 , ch. 74, § 1; 2005, ch. 440, § 12.
Tenn. Code Ann. § 45-3-702 — TN Code / Title 45 / Chapter 3 / Section 45-3-702
Insured or guaranteed loans
Status: in_force

Every association may make, without regard to any loan limitations or restrictions otherwise imposed by this chapter, but nevertheless subject to any rules or regulations of the commissioner, any loan, secured or unsecured, that is insured or guaranteed in any manner and in any amount by the United States or any instrumentality thereof. Acts 1978, ch. 708, § 2.25; T.C.A., § 45-1425.
Every association may make, without regard to any loan limitations or restrictions otherwise imposed by this chapter, but nevertheless subject to any rules or regulations of the commissioner, any loan, secured or unsecured, that is insured or guaranteed in any manner and in any amount by the United States or any instrumentality thereof.
Acts 1978, ch. 708, § 2.25; T.C.A., § 45-1425.
Tenn. Code Ann. § 45-6-220 — TN Code / Title 45 / Chapter 6 / Section 45-6-220
Existing licensees - Renewals
Status: in_force

(a) Notwithstanding any provision of this part to the contrary, the license of any person, firm, or corporation licensed as a pawnbroker on July 1, 1988, shall continue in force until the natural expiration thereof, and all other provisions of this part shall apply to the licensee. (b) The pawnbroker shall be eligible for renewal of the license upon its expiration or the expiration of subsequent renewals; provided, that the licensee complies with the requirements for renewal that were in effect immediately prior to July 1, 1988. Acts 1988, ch. 724, § 20.
(a) Notwithstanding any provision of this part to the contrary, the license of any person, firm, or corporation licensed as a pawnbroker on July 1, 1988, shall continue in force until the natural expiration thereof, and all other provisions of this part shall apply to the licensee.
(b) The pawnbroker shall be eligible for renewal of the license upon its expiration or the expiration of subsequent renewals; provided, that the licensee complies with the requirements for renewal that were in effect immediately prior to July 1, 1988.
Acts 1988, ch. 724, § 20.
Tenn. Code Ann. § 45-8-102 — TN Code / Title 45 / Chapter 8 / Section 45-8-102
Purchase of stock by state banks authorized
Status: in_force

State banks under the supervision of the department of financial institutions shall be authorized to purchase stock in a small business investment company in the same manner and subject to the same restrictions and limitations as national banks under the Small Business Investment Act of 1958, Public Law 85-699, 85th Congress, second session, 72 Stat. 689 ( 15 U.S.C. § 661 et seq.), including any amendments thereto hereafter adopted. Acts 1959, ch. 22, § 2 (T.C.A. (Supp.), § 48-828); T.C.A., § 45-2502.
State banks under the supervision of the department of financial institutions shall be authorized to purchase stock in a small business investment company in the same manner and subject to the same restrictions and limitations as national banks under the Small Business Investment Act of 1958, Public Law 85-699, 85th Congress, second session, 72 Stat. 689 ( 15 U.S.C. § 661 et seq.), including any amendments thereto hereafter adopted.
Acts 1959, ch. 22, § 2 (T.C.A. (Supp.), § 48-828); T.C.A., § 45-2502.
Tenn. Code Ann. § 45-3-407 — TN Code / Title 45 / Chapter 3 / Section 45-3-407
Dividends on capital stock
Status: in_force

In the case of a capital stock association, the balance of net income of the association, if any, after providing for all expenses of operation, allocation to loss reserves, and payment of interest, may be credited to a retained earnings or surplus account, from which the board of directors may, at its discretion, and at such times as it may determine, declare, and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared. Acts 1978, ch. 708, § 2.36; T.C.A., § 45-1436.
In the case of a capital stock association, the balance of net income of the association, if any, after providing for all expenses of operation, allocation to loss reserves, and payment of interest, may be credited to a retained earnings or surplus account, from which the board of directors may, at its discretion, and at such times as it may determine, declare, and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared.
Acts 1978, ch. 708, § 2.36; T.C.A., § 45-1436.
Tenn. Code Ann. § 45-10-117 — TN Code / Title 45 / Chapter 10 / Section 45-10-117
Delay of customer notice - Required findings - Filing by court - Disclosure
Status: in_force

(a) Upon application of a government authority, the customer notice required under § 45-10-106 may be delayed by an order of the chancery court of Davidson County, or the court issuing a lawful subpoena, if the presiding chancellor or judge finds that: (1) The investigation being conducted is within the lawful jurisdiction of the government authority seeking the financial records; (2) There is reason to believe that the records being sought are relevant to a legitimate law enforcement, investigative or administrative inquiry; (3) There is reason to believe that the notice will result in: (A) Endangering life or physical safety of any person; (B) Flight from prosecution; (C) Destruction of or tampering with evidence; (D) Intimidation of potential witnesses; (E) Jeopardizing an investigation or official proceeding or unduly delaying a trial or ongoing official proceeding; or (F) The public health, safety or welfare is threatened; and (4) The application for delay is made with reasonable specificity. (b) (1) If the court makes the findings required in subdivisions (b)(1)-(4), it shall enter an ex parte order granting the requested delay for a period not to exceed ninety (90) days and an order prohibiting the financial institution from disclosing that records have been obtained or that a request for records has been made. (2) One (1) extension of the delay notice provided in subdivision (b)(1), of up to ninety (90) days, may be granted by the court upon application, but only in accordance with this section. (3) Upon expiration of the period of delay of notification under subdivision (b)(1) or (2), the customer shall be served with or mailed a copy of the subpoena by the government authority, together with the following legend specifying the nature of the law enforcement inquiry: "Records or information concerning your transactions, which are held by the financial institution named in the attached process or request were supplied to or requested by the government authority named in the process or request on (date). Notification was withheld pursuant to a determination by (title of court so ordering) under the Financial Records Privacy Act that such notice might (state reason). The purpose of the investigation or official proceeding was ______________." (c) When access to financial records is obtained pursuant to § 45-10-107(b) , under emergency access, the government authority shall, unless a court has authorized delay of notice pursuant to subsections (a) and (b), as soon as practical after the records are obtained, serve upon the customer or mail by registered or certified mail to the customer's last known address a copy of the subpoena or other documents noting the judicial proceedings in which the customer is a party. (d) Any memorandum, affidavit, or other paper filed in connection with a request for delay in notification shall be preserved by the court. Upon petition by the customer to whom the records pertain, the court may order disclosure of the papers to the petitioner. If the petition is prior to the expiration of the period of delay ordered by the court or an extension thereof, the court may order disclosure, unless the court makes the findings required in subsection (a). If the petition is after expiration of the period of delay or an extension thereof, the court shall order disclosure unless the court makes a finding that the record should be sealed in the interest of justice. Acts 1995, ch. 309, § 7.
(a) Upon application of a government authority, the customer notice required under § 45-10-106 may be delayed by an order of the chancery court of Davidson County, or the court issuing a lawful subpoena, if the presiding chancellor or judge finds that: (1) The investigation being conducted is within the lawful jurisdiction of the government authority seeking the financial records; (2) There is reason to believe that the records being sought are relevant to a legitimate law enforcement, investigative or administrative inquiry; (3) There is reason to believe that the notice will result in: (A) Endangering life or physical safety of any person; (B) Flight from prosecution; (C) Destruction of or tampering with evidence; (D) Intimidation of potential witnesses; (E) Jeopardizing an investigation or official proceeding or unduly delaying a trial or ongoing official proceeding; or (F) The public health, safety or welfare is threatened; and (4) The application for delay is made with reasonable specificity.
(1) The investigation being conducted is within the lawful jurisdiction of the government authority seeking the financial records;
(2) There is reason to believe that the records being sought are relevant to a legitimate law enforcement, investigative or administrative inquiry;
(3) There is reason to believe that the notice will result in: (A) Endangering life or physical safety of any person; (B) Flight from prosecution; (C) Destruction of or tampering with evidence; (D) Intimidation of potential witnesses; (E) Jeopardizing an investigation or official proceeding or unduly delaying a trial or ongoing official proceeding; or (F) The public health, safety or welfare is threatened; and
(A) Endangering life or physical safety of any person;
(B) Flight from prosecution;
(C) Destruction of or tampering with evidence;
(D) Intimidation of potential witnesses;
(E) Jeopardizing an investigation or official proceeding or unduly delaying a trial or ongoing official proceeding; or
(F) The public health, safety or welfare is threatened; and
(4) The application for delay is made with reasonable specificity.
(b) (1) If the court makes the findings required in subdivisions (b)(1)-(4), it shall enter an ex parte order granting the requested delay for a period not to exceed ninety (90) days and an order prohibiting the financial institution from disclosing that records have been obtained or that a request for records has been made. (2) One (1) extension of the delay notice provided in subdivision (b)(1), of up to ninety (90) days, may be granted by the court upon application, but only in accordance with this section. (3) Upon expiration of the period of delay of notification under subdivision (b)(1) or (2), the customer shall be served with or mailed a copy of the subpoena by the government authority, together with the following legend specifying the nature of the law enforcement inquiry: "Records or information concerning your transactions, which are held by the financial institution named in the attached process or request were supplied to or requested by the government authority named in the process or request on (date). Notification was withheld pursuant to a determination by (title of court so ordering) under the Financial Records Privacy Act that such notice might (state reason). The purpose of the investigation or official proceeding was ______________."
(1) If the court makes the findings required in subdivisions (b)(1)-(4), it shall enter an ex parte order granting the requested delay for a period not to exceed ninety (90) days and an order prohibiting the financial institution from disclosing that records have been obtained or that a request for records has been made.
(2) One (1) extension of the delay notice provided in subdivision (b)(1), of up to ninety (90) days, may be granted by the court upon application, but only in accordance with this section.
(3) Upon expiration of the period of delay of notification under subdivision (b)(1) or (2), the customer shall be served with or mailed a copy of the subpoena by the government authority, together with the following legend specifying the nature of the law enforcement inquiry: "Records or information concerning your transactions, which are held by the financial institution named in the attached process or request were supplied to or requested by the government authority named in the process or request on (date). Notification was withheld pursuant to a determination by (title of court so ordering) under the Financial Records Privacy Act that such notice might (state reason). The purpose of the investigation or official proceeding was ______________."
"Records or information concerning your transactions, which are held by the financial institution named in the attached process or request were supplied to or requested by the government authority named in the process or request on (date). Notification was withheld pursuant to a determination by (title of court so ordering) under the Financial Records Privacy Act that such notice might (state reason). The purpose of the investigation or official proceeding was ______________."
(c) When access to financial records is obtained pursuant to § 45-10-107(b) , under emergency access, the government authority shall, unless a court has authorized delay of notice pursuant to subsections (a) and (b), as soon as practical after the records are obtained, serve upon the customer or mail by registered or certified mail to the customer's last known address a copy of the subpoena or other documents noting the judicial proceedings in which the customer is a party.
(d) Any memorandum, affidavit, or other paper filed in connection with a request for delay in notification shall be preserved by the court. Upon petition by the customer to whom the records pertain, the court may order disclosure of the papers to the petitioner. If the petition is prior to the expiration of the period of delay ordered by the court or an extension thereof, the court may order disclosure, unless the court makes the findings required in subsection (a). If the petition is after expiration of the period of delay or an extension thereof, the court shall order disclosure unless the court makes a finding that the record should be sealed in the interest of justice.
Acts 1995, ch. 309, § 7.
Tenn. Code Ann. § 45-18-107 — TN Code / Title 45 / Chapter 18 / Section 45-18-107
Supervision fee - Financial statements
Status: in_force

Each application for a license shall be accompanied by: (1) A nonrefundable supervision fee, as provided in § 45-1-118(i) . The supervision fee shall be applicable to each location; and (2) Financial statements for the immediately preceding fiscal year end prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm. Amended by 2014 Tenn. Acts, ch. 736,s 27, eff. 7/1/2015. Amended by 2014 Tenn. Acts, ch. 736,s 26, eff. 7/1/2015. Acts 1997, ch. 309, § 7.
Each application for a license shall be accompanied by:
(1) A nonrefundable supervision fee, as provided in § 45-1-118(i) . The supervision fee shall be applicable to each location; and
(2) Financial statements for the immediately preceding fiscal year end prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm.
Amended by 2014 Tenn. Acts, ch. 736,s 27, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 26, eff. 7/1/2015.
Acts 1997, ch. 309, § 7.
Tenn. Code Ann. § 45-2-104 — TN Code / Title 45 / Chapter 2 / Section 45-2-104
Equality of taxation
Status: in_force

Except for taxes on property and the banking fees provided by law, no tax levied by this state, whether privilege, excise, franchise, sales or otherwise, shall be levied upon or be applicable to any bank chartered under the laws of this state, unless and until the same tax may be legally levied upon and be applicable to national banks in this state, in which case the tax shall be levied upon and be applicable to all the state and national banks. Acts 1969, ch. 36, § 1 (3.701); T.C.A., § 45-233.
Except for taxes on property and the banking fees provided by law, no tax levied by this state, whether privilege, excise, franchise, sales or otherwise, shall be levied upon or be applicable to any bank chartered under the laws of this state, unless and until the same tax may be legally levied upon and be applicable to national banks in this state, in which case the tax shall be levied upon and be applicable to all the state and national banks.
Acts 1969, ch. 36, § 1 (3.701); T.C.A., § 45-233.
Tenn. Code Ann. § 45-5-609 — TN Code / Title 45 / Chapter 5 / Section 45-5-609
Merger with state bank
Status: in_force

(a) Any industrial loan and thrift company holding a certificate of registration under this chapter that has converted into an industrial bank may, with the approval of the commissioner, be merged into a state bank in accordance with the procedures contained in § 45-2-1304 if the following conditions are met: (1) The industrial loan and thrift company was legally chartered to transact business before 1930, and has, since its original incorporation, and prior to May 16, 1983, maintained branch offices in more than four (4) counties; (2) The industrial loan and thrift company has been registered continuously with the state of Tennessee since the first enactment of statutes regulating the industrial loan and thrift industry; and (3) The capital of the industrial loan and thrift company is, in the opinion of the commissioner, impaired or the company is, in the opinion of the commissioner, otherwise in an unsound condition as evidenced by a pending petition for corporate reorganization in bankruptcy or other similar legal proceeding. (b) The authority of the commissioner to approve the mergers authorized in subsection (a) shall extend only to those transactions for which a merger agreement has been filed with the commissioner on or before December 1, 1983. (c) The commissioner shall not approve any merger of an industrial bank into a state bank under this section unless the commissioner determines that the industrial bank will not be owned or controlled, directly or indirectly, by any person who would not be otherwise qualified to own or acquire control in a state bank. (d) For a period of three (3) full years following the effective date of the merger of an industrial bank into a state bank, in those counties other than the county in which the principal office of a state bank is located, the state bank into which the industrial bank is merged may continue to operate only those branch offices of the original industrial loan and thrift company that were in existence and operating on January 1, 1983, and those branch offices for which, in the opinion of the commissioner, land acquisition and plans for construction were substantially complete on or before January 1, 1983. Acts 1983, ch. 274, § 20.
(a) Any industrial loan and thrift company holding a certificate of registration under this chapter that has converted into an industrial bank may, with the approval of the commissioner, be merged into a state bank in accordance with the procedures contained in § 45-2-1304 if the following conditions are met: (1) The industrial loan and thrift company was legally chartered to transact business before 1930, and has, since its original incorporation, and prior to May 16, 1983, maintained branch offices in more than four (4) counties; (2) The industrial loan and thrift company has been registered continuously with the state of Tennessee since the first enactment of statutes regulating the industrial loan and thrift industry; and (3) The capital of the industrial loan and thrift company is, in the opinion of the commissioner, impaired or the company is, in the opinion of the commissioner, otherwise in an unsound condition as evidenced by a pending petition for corporate reorganization in bankruptcy or other similar legal proceeding.
(1) The industrial loan and thrift company was legally chartered to transact business before 1930, and has, since its original incorporation, and prior to May 16, 1983, maintained branch offices in more than four (4) counties;
(2) The industrial loan and thrift company has been registered continuously with the state of Tennessee since the first enactment of statutes regulating the industrial loan and thrift industry; and
(3) The capital of the industrial loan and thrift company is, in the opinion of the commissioner, impaired or the company is, in the opinion of the commissioner, otherwise in an unsound condition as evidenced by a pending petition for corporate reorganization in bankruptcy or other similar legal proceeding.
(b) The authority of the commissioner to approve the mergers authorized in subsection (a) shall extend only to those transactions for which a merger agreement has been filed with the commissioner on or before December 1, 1983.
(c) The commissioner shall not approve any merger of an industrial bank into a state bank under this section unless the commissioner determines that the industrial bank will not be owned or controlled, directly or indirectly, by any person who would not be otherwise qualified to own or acquire control in a state bank.
(d) For a period of three (3) full years following the effective date of the merger of an industrial bank into a state bank, in those counties other than the county in which the principal office of a state bank is located, the state bank into which the industrial bank is merged may continue to operate only those branch offices of the original industrial loan and thrift company that were in existence and operating on January 1, 1983, and those branch offices for which, in the opinion of the commissioner, land acquisition and plans for construction were substantially complete on or before January 1, 1983.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-17-119 — TN Code / Title 45 / Chapter 17 / Section 45-17-119
Annual reports
Status: in_force

(a) Each licensee shall file an annual report with the commissioner between November 1 and December 31 of each year, containing the following information: (1) The names and addresses of persons owning controlling interest in each licensee; (2) The location of all places of business operated by the licensee and the nature of the business conducted at each location; (3) The names and addresses of all affiliated entities regulated under this title, doing business in this state; (4) Balance sheets, statements of income and expense, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (5) If the licensee is a corporation, the names and addresses of its officers and directors, or if the licensee is a partnership, the names and addresses of the partners, or if the licensee is a limited liability company, the names and addresses of the board of governors of the limited liability company. (b) If the licensee holds two (2) or more licenses or is affiliated with other licensees, a composite report may be filed, but may not be required. (c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the licensee. (d) The information submitted by licensees pursuant to this section shall be afforded the same degree of confidentiality by the department and the commissioner as is applicable to reports filed by industrial loan and thrift companies pursuant to § 45-5-503 . (e) The commissioner shall prepare and submit to the governor and general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter. Acts 1997 , ch. 255, § 20; 1999, ch. 14, §1; 2012 , ch. 679, § 6.
(a) Each licensee shall file an annual report with the commissioner between November 1 and December 31 of each year, containing the following information: (1) The names and addresses of persons owning controlling interest in each licensee; (2) The location of all places of business operated by the licensee and the nature of the business conducted at each location; (3) The names and addresses of all affiliated entities regulated under this title, doing business in this state; (4) Balance sheets, statements of income and expense, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and (5) If the licensee is a corporation, the names and addresses of its officers and directors, or if the licensee is a partnership, the names and addresses of the partners, or if the licensee is a limited liability company, the names and addresses of the board of governors of the limited liability company.
(1) The names and addresses of persons owning controlling interest in each licensee;
(2) The location of all places of business operated by the licensee and the nature of the business conducted at each location;
(3) The names and addresses of all affiliated entities regulated under this title, doing business in this state;
(4) Balance sheets, statements of income and expense, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and
(5) If the licensee is a corporation, the names and addresses of its officers and directors, or if the licensee is a partnership, the names and addresses of the partners, or if the licensee is a limited liability company, the names and addresses of the board of governors of the limited liability company.
(b) If the licensee holds two (2) or more licenses or is affiliated with other licensees, a composite report may be filed, but may not be required.
(c) The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the licensee.
(d) The information submitted by licensees pursuant to this section shall be afforded the same degree of confidentiality by the department and the commissioner as is applicable to reports filed by industrial loan and thrift companies pursuant to § 45-5-503 .
(e) The commissioner shall prepare and submit to the governor and general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter.
Acts 1997 , ch. 255, § 20; 1999, ch. 14, §1; 2012 , ch. 679, § 6.
Tenn. Code Ann. § 45-2-1021 — TN Code / Title 45 / Chapter 2 / Section 45-2-1021
Sale of assets
Status: in_force

(a) The board of a state trust company, with the commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds the: (1) Interests of the state trust company's clients and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and (2) Sale is in the best interest of the state trust company's clients and creditors. (b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge: (1) All of the state trust company's liabilities to clients; (2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale; (3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and (4) Fees and assessments due the department. (c) This section does not affect the commissioner's right to take action under another law. The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by § 45-2-1501 . Acts 1999, ch. 112, § 10.
(a) The board of a state trust company, with the commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds the: (1) Interests of the state trust company's clients and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and (2) Sale is in the best interest of the state trust company's clients and creditors.
(1) Interests of the state trust company's clients and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and
(2) Sale is in the best interest of the state trust company's clients and creditors.
(b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge: (1) All of the state trust company's liabilities to clients; (2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale; (3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and (4) Fees and assessments due the department.
(1) All of the state trust company's liabilities to clients;
(2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
(3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and
(4) Fees and assessments due the department.
(c) This section does not affect the commissioner's right to take action under another law. The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by § 45-2-1501 .
Acts 1999, ch. 112, § 10.
Tenn. Code Ann. § 45-2-501 — TN Code / Title 45 / Chapter 2 / Section 45-2-501
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Federal Reserve Act" includes the act of congress of the United States approved December 23, 1913, as amended; (2) "Federal reserve bank" means the federal reserve banks created and organized under the authority of the Federal Reserve Act; (3) "Federal reserve board" means the federal reserve board, created and described in the Federal Reserve Act; and (4) "Member bank" means any national bank, state bank, or banking and trust company that has become or that becomes a member of one (1) of the federal reserve banks created by the Federal Reserve Act. Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-301.
As used in this part, unless the context otherwise requires:
(1) "Federal Reserve Act" includes the act of congress of the United States approved December 23, 1913, as amended;
(2) "Federal reserve bank" means the federal reserve banks created and organized under the authority of the Federal Reserve Act;
(3) "Federal reserve board" means the federal reserve board, created and described in the Federal Reserve Act; and
(4) "Member bank" means any national bank, state bank, or banking and trust company that has become or that becomes a member of one (1) of the federal reserve banks created by the Federal Reserve Act.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-301.
Tenn. Code Ann. § 45-3-103 — TN Code / Title 45 / Chapter 3 / Section 45-3-103
Application of general corporation law and the Uniform Administration Procedures Act
Status: in_force

Unless otherwise specifically provided by this chapter or unless the application would otherwise conflict with the purposes of this chapter, the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, and of the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, as each of those acts may be amended from time to time, shall apply to all associations governed by this chapter. Acts 1978, ch. 708, § 1.03; T.C.A., § 45-1303; Acts 1994, ch. 551, § 19.
Unless otherwise specifically provided by this chapter or unless the application would otherwise conflict with the purposes of this chapter, the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, and of the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, as each of those acts may be amended from time to time, shall apply to all associations governed by this chapter.
Acts 1978, ch. 708, § 1.03; T.C.A., § 45-1303; Acts 1994, ch. 551, § 19.
Tenn. Code Ann. § 45-2-1710 — TN Code / Title 45 / Chapter 2 / Section 45-2-1710
Advance notice of bank examination
Status: in_force

(a) If the department notifies a bank of an examination, a department employee who, before the notification of the visitation, gives notice or information to any officer or agent or employee of a bank as to when a bank will be visited for examination commits a criminal offense. (b) If the department does not notify a bank of an examination, a department employee who, before a visitation, gives notice or information to any officer or agent or employee of a bank as to when a bank will be visited for examination commits a criminal offense. (c) A violation of this section is a Class C misdemeanor. Acts 1969, ch. 36, § 1 (3.610); T.C.A., § 45-1110; Acts 1989, ch. 591, § 113; 1993, ch. 31, § 2.
(a) If the department notifies a bank of an examination, a department employee who, before the notification of the visitation, gives notice or information to any officer or agent or employee of a bank as to when a bank will be visited for examination commits a criminal offense.
(b) If the department does not notify a bank of an examination, a department employee who, before a visitation, gives notice or information to any officer or agent or employee of a bank as to when a bank will be visited for examination commits a criminal offense.
(c) A violation of this section is a Class C misdemeanor.
Acts 1969, ch. 36, § 1 (3.610); T.C.A., § 45-1110; Acts 1989, ch. 591, § 113; 1993, ch. 31, § 2.