Tenn. Code Ann. § 45-3-518 — TN Code / Title 45 / Chapter 3 / Section 45-3-518
Interest on accounts
Status: in_force

(a) An association may pay interest on its deposit accounts from sources available for payment of interest at the rate or rates and at the times and for the time that is determined by resolution of its board of directors. Interest shall be declared on the withdrawal value of each account at the beginning of the accounting period, plus additions to the account made during the period, less amounts previously withdrawn and noticed for withdrawal, which for interest purposes shall be deducted from the latest previous additions to the account, computed at the declared rate for the time the funds have been invested, determined as next provided. The date of investment shall be the date of actual receipt by the association of an account or an addition to an account, except that if the board of directors shall so determine, accounts in one (1) or more classifications or additions thereto received by the association on or before a date not later than the fifteenth day of the month, unless the day determined is not a business day, shall receive interest as if invested on the first day of the month in which the payments were received, and the board also may determine that payments received subsequent to the determination date shall either: (1) Receive interest as if invested on the first day of the next succeeding month; or (2) Receive interest from the date of actual receipt by the association. (b) Notwithstanding this section, the board of directors, by resolution, may determine that interest shall not be paid on any account that has a withdrawal value of a specified amount less than ten dollars ($10.00). (c) The directors shall determine by resolution the method of calculating the amount of any interest on accounts as herein provided, and the time or times when interest is to be declared, paid or credited. (d) Notwithstanding any of the foregoing provisions of this section, the commissioner is empowered to promulgate rules and regulations with respect to the payment of interest on deposit accounts, including, but not limited to, rules and regulations concerning the types of deposit accounts that may be offered by associations to depositors and the maximum rates of interest that shall be paid to depositors on each type of deposit account. Acts 1978, ch. 708, § 2.18; T.C.A., § 45-1418.
(a) An association may pay interest on its deposit accounts from sources available for payment of interest at the rate or rates and at the times and for the time that is determined by resolution of its board of directors. Interest shall be declared on the withdrawal value of each account at the beginning of the accounting period, plus additions to the account made during the period, less amounts previously withdrawn and noticed for withdrawal, which for interest purposes shall be deducted from the latest previous additions to the account, computed at the declared rate for the time the funds have been invested, determined as next provided. The date of investment shall be the date of actual receipt by the association of an account or an addition to an account, except that if the board of directors shall so determine, accounts in one (1) or more classifications or additions thereto received by the association on or before a date not later than the fifteenth day of the month, unless the day determined is not a business day, shall receive interest as if invested on the first day of the month in which the payments were received, and the board also may determine that payments received subsequent to the determination date shall either: (1) Receive interest as if invested on the first day of the next succeeding month; or (2) Receive interest from the date of actual receipt by the association.
(1) Receive interest as if invested on the first day of the next succeeding month; or
(2) Receive interest from the date of actual receipt by the association.
(b) Notwithstanding this section, the board of directors, by resolution, may determine that interest shall not be paid on any account that has a withdrawal value of a specified amount less than ten dollars ($10.00).
(c) The directors shall determine by resolution the method of calculating the amount of any interest on accounts as herein provided, and the time or times when interest is to be declared, paid or credited.
(d) Notwithstanding any of the foregoing provisions of this section, the commissioner is empowered to promulgate rules and regulations with respect to the payment of interest on deposit accounts, including, but not limited to, rules and regulations concerning the types of deposit accounts that may be offered by associations to depositors and the maximum rates of interest that shall be paid to depositors on each type of deposit account.
Acts 1978, ch. 708, § 2.18; T.C.A., § 45-1418.
Tenn. Code Ann. § 45-2-806 — TN Code / Title 45 / Chapter 2 / Section 45-2-806
Depositories of public funds exempt from security requirements to extent of deposit insurance
Status: in_force

Notwithstanding any provisions of the existing laws of this state that may require security for the deposit of the public funds of the state or of any political subdivision of the state or of any municipality created under the laws of the state, in the form of a surety bond, deposit of collateral or otherwise, hereafter no bank receiving the deposits shall be required to furnish any security for the deposits, to the extent that the deposits are now insured under § 8 of the Banking Act of 1933 ( 12 U.S.C. §§ 1811 et seq.). Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-506.
Notwithstanding any provisions of the existing laws of this state that may require security for the deposit of the public funds of the state or of any political subdivision of the state or of any municipality created under the laws of the state, in the form of a surety bond, deposit of collateral or otherwise, hereafter no bank receiving the deposits shall be required to furnish any security for the deposits, to the extent that the deposits are now insured under § 8 of the Banking Act of 1933 ( 12 U.S.C. §§ 1811 et seq.).
Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-506.
Tenn. Code Ann. § 45-5-601 — TN Code / Title 45 / Chapter 5 / Section 45-5-601
Supervision and examination
Status: in_force

In addition to the supervision and examination for compliance with this chapter as herein provided, industrial banks and industrial investment companies shall also be supervised and examined as banks for the protection of holders of investment and thrift certificates. To that end, the commissioner shall have and exercise with respect to industrial banks and industrial investment companies, in addition to the other powers and duties conferred by this title, the powers and duties specified in § 45-1-107 and in chapter 2, part 16 of this title, which part 16 shall be fully applicable to industrial banks and industrial investment companies. Acts 1983, ch. 274, § 20.
In addition to the supervision and examination for compliance with this chapter as herein provided, industrial banks and industrial investment companies shall also be supervised and examined as banks for the protection of holders of investment and thrift certificates. To that end, the commissioner shall have and exercise with respect to industrial banks and industrial investment companies, in addition to the other powers and duties conferred by this title, the powers and duties specified in § 45-1-107 and in chapter 2, part 16 of this title, which part 16 shall be fully applicable to industrial banks and industrial investment companies.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-3-110 — TN Code / Title 45 / Chapter 3 / Section 45-3-110
Capital stock associations - Issuance of capital stock
Status: in_force

An association may issue the shares of capital stock authorized by its charter and none other. The capital stock of an association, when issued, shall not be retired or withdrawn except as hereinafter provided until all liabilities of the association have been satisfied in full, including the withdrawal value of all deposit accounts. An association may issue shares of common stock and preferred stock, with or without par value, and the common and preferred stock may be divided into classes and the classes into series. Capital stock of an association shall be issued pursuant to the following requirements: (1) Consideration for Issuance of Stock. Except for stock issued pursuant to an employee stock option plan, or pursuant to a plan of merger, consolidation, conversion from a mutual to a stock association, or other type of reorganization that has been approved by the commissioner, the consideration for the issuance of capital stock shall be paid in cash and the par value or stated value thereof shall be maintained as the permanent capital of the association, and any excess shall be credited to paid-in surplus; (2) Permanent Capital - Reduction and Retirement. The aggregate par value or stated value of all outstanding shares of capital stock shall be the permanent capital of the association, and, except as otherwise specifically provided by this chapter, the capital stock shall not be retired until final liquidation of the association. No association shall reduce the par or stated value of its outstanding capital stock without first obtaining the written approval of the commissioner, and approval shall be withheld if the reduction will cause the par or stated value of outstanding capital stock to be less than the minimum required by this chapter, or will result in less than adequate net worth as the commissioner may, in the commissioner's discretion, determine. No association shall retire any part of its capital stock unless the retirement is approved by the commissioner. With the written approval of the commissioner, an association may purchase its capital stock from the personal representative of a deceased stockholder; and with the written approval, an association may contract with a living stockholder for the purchase upon the stockholder's death. The purchase shall be for a price, and upon terms and conditions, that are agreed upon by the association and the stockholder or personal representative; provided, that the purchase shall not reduce the net worth accounts of the association, or any of them, to an amount less than required by applicable law or by the approved insurer of the association's deposit accounts. An association agreeing with a stockholder to purchase that stockholder's capital stock upon the stockholder's death may purchase insurance upon the life of the stockholder to fund or partially fund the purchase. Any stock purchased from a decedent's personal representative may be resold by the association at the price, and upon terms and conditions, that the board of directors of the association approves or may be retired; provided, that prior to resale, notice shall be filed with the commissioner disclosing the price, terms, and conditions of the proposed resale. Acts 1978, ch. 708, § 1.10; T.C.A., § 45-1310.
An association may issue the shares of capital stock authorized by its charter and none other. The capital stock of an association, when issued, shall not be retired or withdrawn except as hereinafter provided until all liabilities of the association have been satisfied in full, including the withdrawal value of all deposit accounts. An association may issue shares of common stock and preferred stock, with or without par value, and the common and preferred stock may be divided into classes and the classes into series. Capital stock of an association shall be issued pursuant to the following requirements:
(1) Consideration for Issuance of Stock. Except for stock issued pursuant to an employee stock option plan, or pursuant to a plan of merger, consolidation, conversion from a mutual to a stock association, or other type of reorganization that has been approved by the commissioner, the consideration for the issuance of capital stock shall be paid in cash and the par value or stated value thereof shall be maintained as the permanent capital of the association, and any excess shall be credited to paid-in surplus;
(2) Permanent Capital - Reduction and Retirement. The aggregate par value or stated value of all outstanding shares of capital stock shall be the permanent capital of the association, and, except as otherwise specifically provided by this chapter, the capital stock shall not be retired until final liquidation of the association. No association shall reduce the par or stated value of its outstanding capital stock without first obtaining the written approval of the commissioner, and approval shall be withheld if the reduction will cause the par or stated value of outstanding capital stock to be less than the minimum required by this chapter, or will result in less than adequate net worth as the commissioner may, in the commissioner's discretion, determine. No association shall retire any part of its capital stock unless the retirement is approved by the commissioner. With the written approval of the commissioner, an association may purchase its capital stock from the personal representative of a deceased stockholder; and with the written approval, an association may contract with a living stockholder for the purchase upon the stockholder's death. The purchase shall be for a price, and upon terms and conditions, that are agreed upon by the association and the stockholder or personal representative; provided, that the purchase shall not reduce the net worth accounts of the association, or any of them, to an amount less than required by applicable law or by the approved insurer of the association's deposit accounts. An association agreeing with a stockholder to purchase that stockholder's capital stock upon the stockholder's death may purchase insurance upon the life of the stockholder to fund or partially fund the purchase. Any stock purchased from a decedent's personal representative may be resold by the association at the price, and upon terms and conditions, that the board of directors of the association approves or may be retired; provided, that prior to resale, notice shall be filed with the commissioner disclosing the price, terms, and conditions of the proposed resale.
Acts 1978, ch. 708, § 1.10; T.C.A., § 45-1310.
Tenn. Code Ann. § 45-2-1505 — TN Code / Title 45 / Chapter 2 / Section 45-2-1505
Formation of new bank
Status: in_force

(a) Upon application of either five (5) individual incorporators or a bank holding company domiciled in this state, the commissioner may grant a charter and may issue a certificate of authority to the incorporators if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a state bank closed in accordance with § 45-2-1502 . (b) The requirements contained in this chapter pertaining to the formation and operation of a state bank shall not be applicable for a period of one (1) year after formation of a new state bank hereunder, unless the commissioner determines that the requirements are necessary to the operation of the new state bank. (c) None of the restrictions contained in the Bank Structure Act of 1974, compiled in part 14 of this chapter, or as the same may be hereafter amended, shall apply to the formation of the new state bank. (d) The new state bank may acquire all or any part of the assets or deposits of a closed bank in accordance with this chapter. Acts 1980, ch. 510, § 5.
(a) Upon application of either five (5) individual incorporators or a bank holding company domiciled in this state, the commissioner may grant a charter and may issue a certificate of authority to the incorporators if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a state bank closed in accordance with § 45-2-1502 .
(b) The requirements contained in this chapter pertaining to the formation and operation of a state bank shall not be applicable for a period of one (1) year after formation of a new state bank hereunder, unless the commissioner determines that the requirements are necessary to the operation of the new state bank.
(c) None of the restrictions contained in the Bank Structure Act of 1974, compiled in part 14 of this chapter, or as the same may be hereafter amended, shall apply to the formation of the new state bank.
(d) The new state bank may acquire all or any part of the assets or deposits of a closed bank in accordance with this chapter.
Acts 1980, ch. 510, § 5.
Tenn. Code Ann. § 45-2-206 — TN Code / Title 45 / Chapter 2 / Section 45-2-206
Subscription calls
Status: in_force

After the charter for a corporation seeking to conduct banking business in Tennessee has been filed with the secretary of state, the incorporators or, if directors have been initially appointed, the directors of the proposed state bank, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner. Acts 1969, ch. 36, § 1 (3.309); T.C.A., § 45-206; Acts 1996, ch. 768, § 10; 2001, ch. 54, § 7; 2006, ch. 660, § 2.
After the charter for a corporation seeking to conduct banking business in Tennessee has been filed with the secretary of state, the incorporators or, if directors have been initially appointed, the directors of the proposed state bank, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner.
Acts 1969, ch. 36, § 1 (3.309); T.C.A., § 45-206; Acts 1996, ch. 768, § 10; 2001, ch. 54, § 7; 2006, ch. 660, § 2.
Tenn. Code Ann. § 45-3-1506 — TN Code / Title 45 / Chapter 3 / Section 45-3-1506
Ownership limitations - Statutory compliance
Status: in_force

No mutual savings and loan holding company other than a Tennessee mutual savings and loan holding company may control or own more than five percent (5%) of the voting shares or rights of any Tennessee association or Tennessee savings and loan holding company unless the mutual savings and loan holding company meets the requirements of a southern region savings and loan holding company as defined in § 45-3-1402 . Any acquisition of a Tennessee association (mutual or stock) or Tennessee savings and loan mutual holding company shall be governed by and meet the requirements of part 14 of this chapter. Acts 1989, ch. 354, § 6.
No mutual savings and loan holding company other than a Tennessee mutual savings and loan holding company may control or own more than five percent (5%) of the voting shares or rights of any Tennessee association or Tennessee savings and loan holding company unless the mutual savings and loan holding company meets the requirements of a southern region savings and loan holding company as defined in § 45-3-1402 . Any acquisition of a Tennessee association (mutual or stock) or Tennessee savings and loan mutual holding company shall be governed by and meet the requirements of part 14 of this chapter.
Acts 1989, ch. 354, § 6.
Tenn. Code Ann. § 45-3-1103 — TN Code / Title 45 / Chapter 3 / Section 45-3-1103
Sale of assets
Status: in_force

An association, in one (1) transaction not in the ordinary course of its business, may sell all or substantially all of its assets, with or without its name and good will, to another association or to a federal association, in consideration of money, stock, or obligations of the purchasing association. Acts 1978, ch. 708, § 4.11; T.C.A., § 45-1611.
An association, in one (1) transaction not in the ordinary course of its business, may sell all or substantially all of its assets, with or without its name and good will, to another association or to a federal association, in consideration of money, stock, or obligations of the purchasing association.
Acts 1978, ch. 708, § 4.11; T.C.A., § 45-1611.
Tenn. Code Ann. § 45-18-118 — TN Code / Title 45 / Chapter 18 / Section 45-18-118
Consent orders
Status: in_force

(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule, regulation or order promulgated or issued under this chapter. (b) Notwithstanding the issuance of a consent order, the commissioner may seek civil penalties or compromise civil penalties concerning matters encompassed by the consent order. (c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the commissioner within twenty (20) days of the receipt of the notice of the commissioner's emergency action. Acts 1997, ch. 309, § 18.
(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule, regulation or order promulgated or issued under this chapter.
(b) Notwithstanding the issuance of a consent order, the commissioner may seek civil penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the commissioner within twenty (20) days of the receipt of the notice of the commissioner's emergency action.
Acts 1997, ch. 309, § 18.
Tenn. Code Ann. § 45-17-117 — TN Code / Title 45 / Chapter 17 / Section 45-17-117
Written complaint - Investigation - Subpoenas
Status: in_force

(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the licensee's regulated activities may file a written complaint with the commissioner who may investigate the complaint. (b) In the course of the investigation of the complaint, the commissioner may: (1) Subpoena witnesses; (2) Administer oaths; (3) Examine any individual under oath; and (4) Compel the production of records, books, papers, contracts or other documents relevant to the investigation. (c) If any person fails to comply with a subpoena of the commissioner under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the commissioner may petition any court of competent jurisdiction for enforcement. (d) The license of any licensee under this chapter who fails to comply with a subpoena of the commissioner may be suspended pending compliance with the subpoena. (e) The commissioner shall have exclusive administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaint relates to the business of deferred presentment services. Acts 1997, ch. 255, § 18; 1999, ch. 14, § 1.
(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the licensee's regulated activities may file a written complaint with the commissioner who may investigate the complaint.
(b) In the course of the investigation of the complaint, the commissioner may: (1) Subpoena witnesses; (2) Administer oaths; (3) Examine any individual under oath; and (4) Compel the production of records, books, papers, contracts or other documents relevant to the investigation.
(1) Subpoena witnesses;
(2) Administer oaths;
(3) Examine any individual under oath; and
(4) Compel the production of records, books, papers, contracts or other documents relevant to the investigation.
(c) If any person fails to comply with a subpoena of the commissioner under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the commissioner may petition any court of competent jurisdiction for enforcement.
(d) The license of any licensee under this chapter who fails to comply with a subpoena of the commissioner may be suspended pending compliance with the subpoena.
(e) The commissioner shall have exclusive administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaint relates to the business of deferred presentment services.
Acts 1997, ch. 255, § 18; 1999, ch. 14, § 1.
Tenn. Code Ann. § 45-20-106 — TN Code / Title 45 / Chapter 20 / Section 45-20-106
Actions prohibited to avoid application or provisions of chapter - Open-end credit plan
Status: in_force

(a) No person shall, with the intent to avoid the application or provisions of this chapter: (1) Divide a loan transaction into separate parts; (2) Structure a loan transaction as an open-end credit plan for the purpose and with the intent of evading this chapter, when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or (3) Engage in any other subterfuge. (b) For purposes of this section, "open-end credit plan" means "open-end loan" as defined in 12 CFR 226.2(a)(20) , and as used in the official staff commentary of the board of governors of the federal reserve system. (c) For open-end credit plan, "points and fees" means "points and fees" as defined in 12 CFR 226.32 , and as used in the official staff commentary of the board of governors of the federal reserve system that are known at or before closing, plus the minimum additional fees the borrower would be required to pay to draw down an amount equal to the total credit line. Acts 2006, ch. 801, § 6.
(a) No person shall, with the intent to avoid the application or provisions of this chapter: (1) Divide a loan transaction into separate parts; (2) Structure a loan transaction as an open-end credit plan for the purpose and with the intent of evading this chapter, when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or (3) Engage in any other subterfuge.
(1) Divide a loan transaction into separate parts;
(2) Structure a loan transaction as an open-end credit plan for the purpose and with the intent of evading this chapter, when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan; or
(3) Engage in any other subterfuge.
(b) For purposes of this section, "open-end credit plan" means "open-end loan" as defined in 12 CFR 226.2(a)(20) , and as used in the official staff commentary of the board of governors of the federal reserve system.
(c) For open-end credit plan, "points and fees" means "points and fees" as defined in 12 CFR 226.32 , and as used in the official staff commentary of the board of governors of the federal reserve system that are known at or before closing, plus the minimum additional fees the borrower would be required to pay to draw down an amount equal to the total credit line.
Acts 2006, ch. 801, § 6.
Tenn. Code Ann. § 45-6-206 — TN Code / Title 45 / Chapter 6 / Section 45-6-206
Eligibility requirements for license
Status: in_force

(a) To be eligible for a pawnbroker's license, an applicant must: (1) Be of good moral character; (2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker; (3) Show that the business will be operated lawfully and fairly within the purpose of this part; and (4) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221 . (b) Despite a person's eligibility for a pawnbroker's license under subsection (a), the county clerk shall find ineligible an applicant who has a prior felony conviction within ten (10) years next preceding that: (1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or (2) Otherwise makes the applicant presently unfit for a pawnbroker's license. (c) If an applicant for a pawnbroker's license is a business entity, the eligibility requirements of subsections (a) and (b) apply to each operator or beneficial owner, and as to a corporation, to each officer, shareholder, and director. Acts 1988, ch. 724, § 6; 1994, ch. 935, § 1; 1995, ch. 186, § 4; 1997, ch. 409, § 4; 2012, ch. 778, § 2.
(a) To be eligible for a pawnbroker's license, an applicant must: (1) Be of good moral character; (2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker; (3) Show that the business will be operated lawfully and fairly within the purpose of this part; and (4) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221 .
(1) Be of good moral character;
(2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker;
(3) Show that the business will be operated lawfully and fairly within the purpose of this part; and
(4) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221 .
(b) Despite a person's eligibility for a pawnbroker's license under subsection (a), the county clerk shall find ineligible an applicant who has a prior felony conviction within ten (10) years next preceding that: (1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or (2) Otherwise makes the applicant presently unfit for a pawnbroker's license.
(1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or
(2) Otherwise makes the applicant presently unfit for a pawnbroker's license.
(c) If an applicant for a pawnbroker's license is a business entity, the eligibility requirements of subsections (a) and (b) apply to each operator or beneficial owner, and as to a corporation, to each officer, shareholder, and director.
Acts 1988, ch. 724, § 6; 1994, ch. 935, § 1; 1995, ch. 186, § 4; 1997, ch. 409, § 4; 2012, ch. 778, § 2.
Tenn. Code Ann. § 45-13-304 — TN Code / Title 45 / Chapter 13 / Section 45-13-304
Prelicensing education of loan originators
Status: in_force

(a) In order to meet the prelicensing education requirement referred to in § 45-13-302(c)(4) , an individual shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of federal law and regulations; (2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace. (b) For purposes of subsection (a), prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider. (c) Nothing in this section shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity that is affiliated with the applicant by an agency contract or any subsidiary or affiliate of the employer or entity. (d) Prelicensing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry. (e) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of prelicensing education requirements in this state. Acts 2009, ch. 499, § 8.
(a) In order to meet the prelicensing education requirement referred to in § 45-13-302(c)(4) , an individual shall complete at least twenty (20) hours of education approved in accordance with subsection (b), which shall include at least: (1) Three (3) hours of federal law and regulations; (2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and (3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(1) Three (3) hours of federal law and regulations;
(2) Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(3) Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For purposes of subsection (a), prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider.
(c) Nothing in this section shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity that is affiliated with the applicant by an agency contract or any subsidiary or affiliate of the employer or entity.
(d) Prelicensing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(e) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of prelicensing education requirements in this state.
Acts 2009, ch. 499, § 8.
Tenn. Code Ann. § 45-5-608 — TN Code / Title 45 / Chapter 5 / Section 45-5-608
Conversion of industrial loan and thrift companies
Status: in_force

Any industrial loan and thrift company holding a certificate of registration under this chapter may convert to an industrial bank or to an industrial investment company by meeting the qualifications for operating as an industrial bank or industrial investment company as provided in this chapter. The commissioner shall provide forms for applications for conversion and may adopt rules governing conversion. Acts 1983, ch. 274, § 20.
Any industrial loan and thrift company holding a certificate of registration under this chapter may convert to an industrial bank or to an industrial investment company by meeting the qualifications for operating as an industrial bank or industrial investment company as provided in this chapter. The commissioner shall provide forms for applications for conversion and may adopt rules governing conversion.
Acts 1983, ch. 274, § 20.
Tenn. Code Ann. § 45-2-901 — TN Code / Title 45 / Chapter 2 / Section 45-2-901
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Agent" means any person duly authorized in writing by a lessee to enter a safe deposit box rented by the lessee, whether the person be denominated as "agent," "deputy," "attorney-in-fact," or otherwise. The agent's authority shall be established and shall continue until revoked, both in accordance with § 45-2-707 ; (2) "Fiduciary" means trustee, agent, executor, administrator, committee, guardian or conservator for a minor or other incompetent person, receiver, trustee in bankruptcy, assignee for creditors or any holders of a similar position of trust; (3) "Lessee" means a person contracting with a lessor for the use of a safe deposit box; (4) "Lessor" means a bank or subsidiary corporation of a bank renting safe deposit facilities, and includes a safe deposit company organized and operating under the jurisdiction of the department solely for the purpose of leasing safe deposit facilities; and (5) "Safe deposit box" means a safe deposit box, vault, or other safe deposit receptacle maintained by a lessor and the rules relating thereto apply to property or documents kept in safekeeping in the bank's vault. Acts 1969, ch. 36, § 1 (3.220); T.C.A., § 45-415; Acts 1984, ch. 624, § 1; 1988, ch. 926, § 5.
As used in this part, unless the context otherwise requires:
(1) "Agent" means any person duly authorized in writing by a lessee to enter a safe deposit box rented by the lessee, whether the person be denominated as "agent," "deputy," "attorney-in-fact," or otherwise. The agent's authority shall be established and shall continue until revoked, both in accordance with § 45-2-707 ;
(2) "Fiduciary" means trustee, agent, executor, administrator, committee, guardian or conservator for a minor or other incompetent person, receiver, trustee in bankruptcy, assignee for creditors or any holders of a similar position of trust;
(3) "Lessee" means a person contracting with a lessor for the use of a safe deposit box;
(4) "Lessor" means a bank or subsidiary corporation of a bank renting safe deposit facilities, and includes a safe deposit company organized and operating under the jurisdiction of the department solely for the purpose of leasing safe deposit facilities; and
(5) "Safe deposit box" means a safe deposit box, vault, or other safe deposit receptacle maintained by a lessor and the rules relating thereto apply to property or documents kept in safekeeping in the bank's vault.
Acts 1969, ch. 36, § 1 (3.220); T.C.A., § 45-415; Acts 1984, ch. 624, § 1; 1988, ch. 926, § 5.
Tenn. Code Ann. § 45-4-702 — TN Code / Title 45 / Chapter 4 / Section 45-4-702
Reserve income
Status: in_force

All entrance fees, transfer fees and charges shall, after the payment of the organization expenses, be known as reserve income and shall be added to the reserve fund of the credit union. Acts 1923, ch. 68, § 20; Shan. Supp., § 2198a27; Code 1932, § 3854; Acts 1947, ch. 125, § 1; C. Supp. 1950, § 3854; Acts 1967, ch. 227, § 5; 1974, ch. 557, § 16; T.C.A. (orig. ed.), § 45-1825.
All entrance fees, transfer fees and charges shall, after the payment of the organization expenses, be known as reserve income and shall be added to the reserve fund of the credit union.
Acts 1923, ch. 68, § 20; Shan. Supp., § 2198a27; Code 1932, § 3854; Acts 1947, ch. 125, § 1; C. Supp. 1950, § 3854; Acts 1967, ch. 227, § 5; 1974, ch. 557, § 16; T.C.A. (orig. ed.), § 45-1825.
Tenn. Code Ann. § 45-14-109 — TN Code / Title 45 / Chapter 14 / Section 45-14-109
Membership in federal home loan bank or federal reserve bank
Status: in_force

Savings banks may obtain, maintain and terminate membership in a federal home loan bank or federal reserve bank, or both, meet all applicable requirements for membership, and engage in all acts incidental to membership, unless the acts are specifically prohibited by this chapter or regulations issued under this chapter. Acts 1991, ch. 177, § 10.
Savings banks may obtain, maintain and terminate membership in a federal home loan bank or federal reserve bank, or both, meet all applicable requirements for membership, and engage in all acts incidental to membership, unless the acts are specifically prohibited by this chapter or regulations issued under this chapter.
Acts 1991, ch. 177, § 10.
Tenn. Code Ann. § 45-17-102 — TN Code / Title 45 / Chapter 17 / Section 45-17-102
Chapter definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) "Check" means any payment instrument, including any customer authorization for electronic payment; (2) "Commissioner" means the commissioner of financial institutions or the commissioner's designated representative; (3) "Deferred presentment services" means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (A) Accepting a check dated on the date it was written; and (B) Holding the check for a period of time prior to presentment for payment or deposit; (4) "Department" means the department of financial institutions; (5) "Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter; (6) "Payment instrument": (A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and (B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and (7) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. Acts 1997 , ch. 255, § 3; 1999, ch. 14, §1; 2011 , ch. 205, §§ 1, 2.
As used in this chapter, unless the context otherwise requires:
(1) "Check" means any payment instrument, including any customer authorization for electronic payment;
(2) "Commissioner" means the commissioner of financial institutions or the commissioner's designated representative;
(3) "Deferred presentment services" means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: (A) Accepting a check dated on the date it was written; and (B) Holding the check for a period of time prior to presentment for payment or deposit;
(A) Accepting a check dated on the date it was written; and
(B) Holding the check for a period of time prior to presentment for payment or deposit;
(4) "Department" means the department of financial institutions;
(5) "Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter;
(6) "Payment instrument": (A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and (B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and
(A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and
(B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and
(7) "Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
Acts 1997 , ch. 255, § 3; 1999, ch. 14, §1; 2011 , ch. 205, §§ 1, 2.
Tenn. Code Ann. § 45-2-201 — TN Code / Title 45 / Chapter 2 / Section 45-2-201
Incorporators - Applicant requirements
Status: in_force

(a) A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c). (b) Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner. (c) In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following: (1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ; (2) Submit and complete an application for charter, as provided in § 45-2-204 ; and (3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 . (d) For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in § 45-2-220 . Acts 1969, ch. 36, § 1 (3.304); T.C.A., § 45-201; Acts 1996, ch. 768, § 5; 2006, ch. 660, § 1.
(a) A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c).
(b) Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner.
(c) In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following: (1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ; (2) Submit and complete an application for charter, as provided in § 45-2-204 ; and (3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 .
(1) Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in § 45-2-202 ;
(2) Submit and complete an application for charter, as provided in § 45-2-204 ; and
(3) Submit and complete an application for certificate of authority, as provided in § 45-2-212 .
(d) For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in § 45-2-220 .
Acts 1969, ch. 36, § 1 (3.304); T.C.A., § 45-201; Acts 1996, ch. 768, § 5; 2006, ch. 660, § 1.
Tenn. Code Ann. § 45-11-110 — TN Code / Title 45 / Chapter 11 / Section 45-11-110
Powers of commissioner - Rules and regulations
Status: in_force

The commissioner is granted the power to promulgate substantive and procedural rules and regulations to carry out the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. Acts 2008, ch. 968, § 8.
The commissioner is granted the power to promulgate substantive and procedural rules and regulations to carry out the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 2008, ch. 968, § 8.
Tenn. Code Ann. § 45-3-1002 — TN Code / Title 45 / Chapter 3 / Section 45-3-1002
Fees for establishment of branch office
Status: in_force

Each application for authority to establish a branch office by an association other than a satellite office shall be accompanied by an application fee of five hundred dollars ($500) and a fee of three hundred dollars ($300) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation. Each application for authority to establish a satellite office shall be accompanied by an application fee of three hundred dollars ($300) and a fee of two hundred dollars ($200) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation. Acts 1978, ch. 708, § 5.20; T.C.A., § 45-1720.
Each application for authority to establish a branch office by an association other than a satellite office shall be accompanied by an application fee of five hundred dollars ($500) and a fee of three hundred dollars ($300) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation. Each application for authority to establish a satellite office shall be accompanied by an application fee of three hundred dollars ($300) and a fee of two hundred dollars ($200) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation.
Acts 1978, ch. 708, § 5.20; T.C.A., § 45-1720.
Tenn. Code Ann. § 45-2-1404 — TN Code / Title 45 / Chapter 2 / Section 45-2-1404
Acquisition by holding company prohibited
Status: in_force

A bank or bank holding company shall be prohibited from acquiring any bank in Tennessee if the bank or bank holding company, including all insured depository institutions that are affiliates of the bank or bank holding company, upon consummation of the acquisition, would control thirty percent (30%) or more of the total amount of the deposits of the insured depository institutions in Tennessee. For purposes of this part, "deposit" has the meaning set forth in § 3( l ) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ( l )). Acts 1974, ch. 469, § 4; T.C.A., § 45-622; Acts 1995, ch. 165, § 2.
A bank or bank holding company shall be prohibited from acquiring any bank in Tennessee if the bank or bank holding company, including all insured depository institutions that are affiliates of the bank or bank holding company, upon consummation of the acquisition, would control thirty percent (30%) or more of the total amount of the deposits of the insured depository institutions in Tennessee. For purposes of this part, "deposit" has the meaning set forth in § 3( l ) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 ( l )).
Acts 1974, ch. 469, § 4; T.C.A., § 45-622; Acts 1995, ch. 165, § 2.
Tenn. Code Ann. § 45-2-618 — TN Code / Title 45 / Chapter 2 / Section 45-2-618
Notification at maturity of certificate of deposit - Requirement
Status: in_force

(a) Compliance with the requirements of the Truth in Savings Act, 12 U.S.C. § 4301 et seq., contained in the Federal Deposit Insurance Corporation Improvement Act of 1991, (Pub. L. No. 102-242, 105 Stat. 2236, §§ 261-274), and applicable federal regulations shall be deemed compliance with any requirements of the laws and statutes of Tennessee relating to the disclosure of information in connection with deposit accounts. (b) Notwithstanding subsection (a), in the case of a nonrenewable certificate of deposit having a term of more than one (1) month but no longer than one (1) year, the bank shall provide a maturity notice that meets those requirements of the Truth in Savings Act, as to both timing and content, that would be applicable to the certificate if its term exceeded one (1) year. The bank's liability for failing to provide the maturity notice shall equal but not exceed that liability the bank would have incurred under the Truth in Savings Act had the certificate's term exceeded one (1) year. Acts 1979, ch. 163, § 1; T.C.A., § 45-449; Acts 1981, ch. 312, §§ 1, 2; 1993, ch. 77, § 1.
(a) Compliance with the requirements of the Truth in Savings Act, 12 U.S.C. § 4301 et seq., contained in the Federal Deposit Insurance Corporation Improvement Act of 1991, (Pub. L. No. 102-242, 105 Stat. 2236, §§ 261-274), and applicable federal regulations shall be deemed compliance with any requirements of the laws and statutes of Tennessee relating to the disclosure of information in connection with deposit accounts.
(b) Notwithstanding subsection (a), in the case of a nonrenewable certificate of deposit having a term of more than one (1) month but no longer than one (1) year, the bank shall provide a maturity notice that meets those requirements of the Truth in Savings Act, as to both timing and content, that would be applicable to the certificate if its term exceeded one (1) year. The bank's liability for failing to provide the maturity notice shall equal but not exceed that liability the bank would have incurred under the Truth in Savings Act had the certificate's term exceeded one (1) year.
Acts 1979, ch. 163, § 1; T.C.A., § 45-449; Acts 1981, ch. 312, §§ 1, 2; 1993, ch. 77, § 1.
Tenn. Code Ann. § 45-6-208 — TN Code / Title 45 / Chapter 6 / Section 45-6-208
Granting of license - Transfer - Fee
Status: in_force

Every person, firm, or corporation having satisfied the provisions of § 45-6-206 and having paid the business tax and any other taxes as provided by law, and having produced to the county clerk satisfactory evidence of good character as to being a suitable person or persons to carry on the business of pawnbroker, shall be granted a license as herein provided. The license issued hereunder shall state the name of the person, firm, or corporation to whom issued, the place of business and street number where the business is located and the amount of capital employed, and shall entitle the person receiving the same to do business at the place designated in the license. The license shall not be transferable from one (1) person to another, but may be transferred from one (1) place to another, by consent of the county clerk, on payment to the county clerk of a transfer fee of ten dollars ($10.00). Acts 1988, ch. 724, § 8.
Every person, firm, or corporation having satisfied the provisions of § 45-6-206 and having paid the business tax and any other taxes as provided by law, and having produced to the county clerk satisfactory evidence of good character as to being a suitable person or persons to carry on the business of pawnbroker, shall be granted a license as herein provided. The license issued hereunder shall state the name of the person, firm, or corporation to whom issued, the place of business and street number where the business is located and the amount of capital employed, and shall entitle the person receiving the same to do business at the place designated in the license. The license shall not be transferable from one (1) person to another, but may be transferred from one (1) place to another, by consent of the county clerk, on payment to the county clerk of a transfer fee of ten dollars ($10.00).
Acts 1988, ch. 724, § 8.
Tenn. Code Ann. § 45-16-103 — TN Code / Title 45 / Chapter 16 / Section 45-16-103
Usage fees on foreign access cards
Status: in_force

A financial institution may impose and collect a usage fee on a foreign access card; provided, that the usage fee may only be charged if the imposition of the fee is disclosed at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the usage fee. Acts 1996, ch. 899, § 1.
A financial institution may impose and collect a usage fee on a foreign access card; provided, that the usage fee may only be charged if the imposition of the fee is disclosed at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the usage fee.
Acts 1996, ch. 899, § 1.
Tenn. Code Ann. § 45-4-1210 — TN Code / Title 45 / Chapter 4 / Section 45-4-1210
Supervision by commissioner of financial institutions - Fee
Status: in_force

(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner of financial institutions. (b) The corporation shall pay an annual supervision fee equal in amount to one-half (½) of the fee calculated to be due in accordance with § 45-4-1002(c) from a noncorporate credit union having assets equal in amount to the corporation. Amended by 2015 Tenn. Acts, ch. 241, s 2, eff. 4/24/2015. Acts 1981, ch. 76, § 10; 1984, ch. 714, § 4.
(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner of financial institutions.
(b) The corporation shall pay an annual supervision fee equal in amount to one-half (½) of the fee calculated to be due in accordance with § 45-4-1002(c) from a noncorporate credit union having assets equal in amount to the corporation.
Amended by 2015 Tenn. Acts, ch. 241, s 2, eff. 4/24/2015.
Acts 1981, ch. 76, § 10; 1984, ch. 714, § 4.
Tenn. Code Ann. § 45-9-101 — TN Code / Title 45 / Chapter 9 / Section 45-9-101
Legislative intent
Status: in_force

The general assembly declares that it is the purpose of this chapter to provide for the establishment of international banking and financial corporations chartered and operating under Tennessee law with powers sufficiently broad to enable them to compete effectively with similar institutions organized under other jurisdictions and laws, specifically institutions organized under § 25(a) of the Federal Reserve Act. Acts 1983, ch. 104, § 2.
The general assembly declares that it is the purpose of this chapter to provide for the establishment of international banking and financial corporations chartered and operating under Tennessee law with powers sufficiently broad to enable them to compete effectively with similar institutions organized under other jurisdictions and laws, specifically institutions organized under § 25(a) of the Federal Reserve Act.
Acts 1983, ch. 104, § 2.
Tenn. Code Ann. § 45-2-804 — TN Code / Title 45 / Chapter 2 / Section 45-2-804
Commissioner to furnish deposit insurance corporation copies of examinations and other information
Status: in_force

The commissioner may furnish to the corporation, or to any official or examiner of the corporation, a copy or copies of any or all examinations made of the bank, and of any or all reports made by same, and shall give access and disclose to the corporation, or any official or examiner of the corporation, any and all information possessed by the office of the commissioner with reference to the conditions or affairs to the insured institution. Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-504.
The commissioner may furnish to the corporation, or to any official or examiner of the corporation, a copy or copies of any or all examinations made of the bank, and of any or all reports made by same, and shall give access and disclose to the corporation, or any official or examiner of the corporation, any and all information possessed by the office of the commissioner with reference to the conditions or affairs to the insured institution.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-504.
Tenn. Code Ann. § 45-3-1508 — TN Code / Title 45 / Chapter 3 / Section 45-3-1508
Commissioner - Duties and powers
Status: in_force

The commissioner has the duty and power to: (1) Exercise the rights, powers and duties set forth in this part or in any other related or applicable act; (2) Promulgate, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, regulations that are reasonable or necessary to accomplish the purposes of this part; (3) Direct and supervise the administrative and technical activities incident to mutual savings and loan holding companies and to create if, in the exercise of discretion, the commissioner deems the creation desirable, an advisory committee that upon request will make recommendations to the commissioner; (4) Make an annual report with respect to mutual savings and loan holding companies and their operation under this part that the commissioner deems desirable, or that the governor requests; (5) Cause suit to be filed in the commissioner's name to enforce any law of this state that applies to an association, subsidiary of an association, or mutual holding company operating under this part; (6) Prescribe a uniform manner in which the books and records of every mutual holding company is to be maintained; (7) Establish reasonable and rationally based fee structures for each mutual holding company operating under this part; and (8) Approve an application for a charter, if the commissioner affirmatively finds from all the information furnished with the application and any official records that there has been compliance with the prerequisites of this part. The commissioner, if so finding, shall state the approval and findings in writing. Acts 1989, ch. 354, § 7.
The commissioner has the duty and power to:
(1) Exercise the rights, powers and duties set forth in this part or in any other related or applicable act;
(2) Promulgate, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, regulations that are reasonable or necessary to accomplish the purposes of this part;
(3) Direct and supervise the administrative and technical activities incident to mutual savings and loan holding companies and to create if, in the exercise of discretion, the commissioner deems the creation desirable, an advisory committee that upon request will make recommendations to the commissioner;
(4) Make an annual report with respect to mutual savings and loan holding companies and their operation under this part that the commissioner deems desirable, or that the governor requests;
(5) Cause suit to be filed in the commissioner's name to enforce any law of this state that applies to an association, subsidiary of an association, or mutual holding company operating under this part;
(6) Prescribe a uniform manner in which the books and records of every mutual holding company is to be maintained;
(7) Establish reasonable and rationally based fee structures for each mutual holding company operating under this part; and
(8) Approve an application for a charter, if the commissioner affirmatively finds from all the information furnished with the application and any official records that there has been compliance with the prerequisites of this part. The commissioner, if so finding, shall state the approval and findings in writing.
Acts 1989, ch. 354, § 7.
Tenn. Code Ann. § 45-3-1101 — TN Code / Title 45 / Chapter 3 / Section 45-3-1101
Amendment of charters
Status: in_force

Every association may amend its charter in the manner set forth herein. Each proposed amendment, together with a certified copy of the authorizing resolution, shall be submitted to the commissioner for approval. If the commissioner finds that the proposed amendment is in conformity with the law, the commissioner shall, in writing, approve the amendment and shall send notice of approval of the amendment by registered or certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove any amendment within the time specified, the commissioner shall state the disapproval, together with the written reasons therefor, and send the same by registered or certified mail to the home office of the association, giving the association, if appropriate under the circumstances, the opportunity to modify or change and resubmit the proposed amendment so as to obviate the commissioner's objections. In the event that the commissioner disapproves the amendment after the resubmission by the association, the commissioner shall send written notice of the final disapproval by registered or certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed amendment by the commissioner. Acts 1978, ch. 708, § 4.09; T.C.A., § 45-1609.
Every association may amend its charter in the manner set forth herein. Each proposed amendment, together with a certified copy of the authorizing resolution, shall be submitted to the commissioner for approval. If the commissioner finds that the proposed amendment is in conformity with the law, the commissioner shall, in writing, approve the amendment and shall send notice of approval of the amendment by registered or certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove any amendment within the time specified, the commissioner shall state the disapproval, together with the written reasons therefor, and send the same by registered or certified mail to the home office of the association, giving the association, if appropriate under the circumstances, the opportunity to modify or change and resubmit the proposed amendment so as to obviate the commissioner's objections. In the event that the commissioner disapproves the amendment after the resubmission by the association, the commissioner shall send written notice of the final disapproval by registered or certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed amendment by the commissioner.
Acts 1978, ch. 708, § 4.09; T.C.A., § 45-1609.
Tenn. Code Ann. § 45-5-501 — TN Code / Title 45 / Chapter 5 / Section 45-5-501
Supervision by commissioner - Powers of commissioner
Status: in_force

(a) Each registrant shall be subject to the supervision of the commissioner. (b) The commissioner is authorized to make and enforce reasonable rules and regulations necessary and proper for the administration, enforcement and interpretation of this chapter. (c) In adopting the rules and regulations, the commissioner shall follow the procedures set forth in the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. A copy of every rule and regulation shall be mailed to each registrant at least thirty (30) days prior to the date it shall take effect. (d) The commissioner, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to this chapter, is authorized to examine the registrants, including all books, records and papers employed by the registrants in the transaction of their business, and to summon witnesses and examine them under oath, concerning matters relating to the business of the persons or other matters that may be relevant in the discovery of violations of this chapter. The commissioner may employ deputies and assistants who may be necessary for this purpose, and the deputies and assistants shall be vested with the same authority conferred upon the commissioner by this subsection (d). Acts 1979, ch. 204, § 16; T.C.A., § 45-2016; Acts 1983, ch. 274, § 19; 1985, ch. 107, § 5; 2004, ch. 747, § 12.
(a) Each registrant shall be subject to the supervision of the commissioner.
(b) The commissioner is authorized to make and enforce reasonable rules and regulations necessary and proper for the administration, enforcement and interpretation of this chapter.
(c) In adopting the rules and regulations, the commissioner shall follow the procedures set forth in the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. A copy of every rule and regulation shall be mailed to each registrant at least thirty (30) days prior to the date it shall take effect.
(d) The commissioner, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to this chapter, is authorized to examine the registrants, including all books, records and papers employed by the registrants in the transaction of their business, and to summon witnesses and examine them under oath, concerning matters relating to the business of the persons or other matters that may be relevant in the discovery of violations of this chapter. The commissioner may employ deputies and assistants who may be necessary for this purpose, and the deputies and assistants shall be vested with the same authority conferred upon the commissioner by this subsection (d).
Acts 1979, ch. 204, § 16; T.C.A., § 45-2016; Acts 1983, ch. 274, § 19; 1985, ch. 107, § 5; 2004, ch. 747, § 12.
Tenn. Code Ann. § 45-15-117 — TN Code / Title 45 / Chapter 15 / Section 45-15-117
Violations
Status: in_force

Any person who intentionally violates any provision of this chapter commits a Class A misdemeanor. Acts 1995, ch. 186, § 13; 1996, ch. 718, § 3; 2005, ch. 440, § 13.
Any person who intentionally violates any provision of this chapter commits a Class A misdemeanor.
Acts 1995, ch. 186, § 13; 1996, ch. 718, § 3; 2005, ch. 440, § 13.
Tenn. Code Ann. § 45-4-1102 — TN Code / Title 45 / Chapter 4 / Section 45-4-1102
Purposes of corporation
Status: in_force

The general purposes of the corporation are to: (1) Aid and assist any member credit union that is in liquidation or incurs financial difficulty, such as insolvency or lack of liquidity, in order that the shareholdings and deposits of any individual member of a member credit union shall be protected or guaranteed against loss. The primary amount of loss to be protected or guaranteed shall be established from time to time by the corporation with the approval of the commissioner of financial institutions. With the approval of the commissioner, the corporation may, in addition to the primary amount of loss to be protected or guaranteed, establish additional loss protection or guarantees for the benefit of those member credit unions that voluntarily elect to obtain the additional protection, upon the terms and conditions and the payment of fees that the board of directors of the corporation establishes; and (2) Cooperate with its member credit unions and the commissioner and the appropriate supervisory agency of credit unions that become members under § 45-4-1107(c) or (d) , for the purpose of advancing the general welfare of credit unions in this state and in other states where credit unions become members of the corporation. Acts 1974, ch. 577, § 2; T.C.A., § 45-1836; Acts 1983, ch. 93, § 4; 1984, ch. 715, § 2.
The general purposes of the corporation are to:
(1) Aid and assist any member credit union that is in liquidation or incurs financial difficulty, such as insolvency or lack of liquidity, in order that the shareholdings and deposits of any individual member of a member credit union shall be protected or guaranteed against loss. The primary amount of loss to be protected or guaranteed shall be established from time to time by the corporation with the approval of the commissioner of financial institutions. With the approval of the commissioner, the corporation may, in addition to the primary amount of loss to be protected or guaranteed, establish additional loss protection or guarantees for the benefit of those member credit unions that voluntarily elect to obtain the additional protection, upon the terms and conditions and the payment of fees that the board of directors of the corporation establishes; and
(2) Cooperate with its member credit unions and the commissioner and the appropriate supervisory agency of credit unions that become members under § 45-4-1107(c) or (d) , for the purpose of advancing the general welfare of credit unions in this state and in other states where credit unions become members of the corporation.
Acts 1974, ch. 577, § 2; T.C.A., § 45-1836; Acts 1983, ch. 93, § 4; 1984, ch. 715, § 2.
Tenn. Code Ann. § 45-9-102 — TN Code / Title 45 / Chapter 9 / Section 45-9-102
Certificate of authority by commissioner
Status: in_force

The commissioner of financial institutions (hereinafter "the commissioner") may grant a certificate of authority to any Tennessee corporation organized under this chapter for the purpose of engaging in international or foreign banking or other international or foreign financial operations; provided, that the corporation's charter is sufficiently limited so that no corporation organized under this chapter may carry on any part of its business in Tennessee or in the United States, except business that, in the opinion of the commissioner, is incidental to its international or foreign business. Acts 1983, ch. 104, § 3; impl. am., 1983, ch. 216, §§ 1-9.
The commissioner of financial institutions (hereinafter "the commissioner") may grant a certificate of authority to any Tennessee corporation organized under this chapter for the purpose of engaging in international or foreign banking or other international or foreign financial operations; provided, that the corporation's charter is sufficiently limited so that no corporation organized under this chapter may carry on any part of its business in Tennessee or in the United States, except business that, in the opinion of the commissioner, is incidental to its international or foreign business.
Acts 1983, ch. 104, § 3; impl. am., 1983, ch. 216, §§ 1-9.
Tenn. Code Ann. § 45-4-901 — TN Code / Title 45 / Chapter 4 / Section 45-4-901
Dissolution
Status: in_force

(a) A majority of the entire membership of any credit union may vote to dissolve the credit union at a regular or special meeting called for that expressly stated purpose. (b) Any member, within twenty (20) days of the date of the mailing of notice of the meeting, may vote on the question of dissolution by signing a statement in a form approved by the commissioner, and the vote shall have the same force and effect as any other vote. (c) The credit union shall, upon a vote for dissolution, immediately cease to do all business except for the purpose of liquidation, and the president and secretary shall, within fifteen (15) days following the meeting, notify the commissioner in writing of its intention to liquidate, and shall include in the notice a list of the names of directors and officers of the credit union together with their addresses. Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; T.C.A. (orig. ed.), § 45-1828; Acts 1986, ch. 558, § 5.
(a) A majority of the entire membership of any credit union may vote to dissolve the credit union at a regular or special meeting called for that expressly stated purpose.
(b) Any member, within twenty (20) days of the date of the mailing of notice of the meeting, may vote on the question of dissolution by signing a statement in a form approved by the commissioner, and the vote shall have the same force and effect as any other vote.
(c) The credit union shall, upon a vote for dissolution, immediately cease to do all business except for the purpose of liquidation, and the president and secretary shall, within fifteen (15) days following the meeting, notify the commissioner in writing of its intention to liquidate, and shall include in the notice a list of the names of directors and officers of the credit union together with their addresses.
Acts 1923, ch. 68, § 23; Shan. Supp., § 2198a30; Code 1932, § 3857; Acts 1973, ch. 294, § 6; 1974, ch. 557, § 3; T.C.A. (orig. ed.), § 45-1828; Acts 1986, ch. 558, § 5.
Tenn. Code Ann. § 45-3-1307 — TN Code / Title 45 / Chapter 3 / Section 45-3-1307
False swearing
Status: in_force

It is a Class C misdemeanor for any person to willfully and knowingly swear or affirm falsely when being examined under oath by any examiner or by the commissioner, or a hearing examiner in regard to any matter. Acts 1978, ch. 708, § 5.11; T.C.A., § 45-1711.
It is a Class C misdemeanor for any person to willfully and knowingly swear or affirm falsely when being examined under oath by any examiner or by the commissioner, or a hearing examiner in regard to any matter.
Acts 1978, ch. 708, § 5.11; T.C.A., § 45-1711.
Tenn. Code Ann. § 45-2-710 — TN Code / Title 45 / Chapter 2 / Section 45-2-710
Statute of limitations
Status: in_force

An action to enforce the obligation of a bank to pay all or part of the balance of a deposit account or certificate of deposit, collectively a deposit, must be commenced within six (6) years of the earlier of the following: (1) The time that the six-year statute of limitations period begins to run under § 47-3-118(e)(1) , if the deposit is a certificate of deposit subject to title 47, chapter 3; or (2) The later of: (A) The maturity date of the deposit, as set forth in the applicable original contract of deposit; (B) The due date of the deposit indicated in the bank's last written notice of renewal sent pursuant to § 45-2-618 ; (C) The date of the last written communication from the bank recognizing the bank's obligation with respect to the deposit; or (D) The last day of the taxable year for which the owner of the deposit last reported interest income earned on the deposit on either a federal or state income tax return. Acts 2005, ch. 30, § 1.
An action to enforce the obligation of a bank to pay all or part of the balance of a deposit account or certificate of deposit, collectively a deposit, must be commenced within six (6) years of the earlier of the following:
(1) The time that the six-year statute of limitations period begins to run under § 47-3-118(e)(1) , if the deposit is a certificate of deposit subject to title 47, chapter 3; or
(2) The later of: (A) The maturity date of the deposit, as set forth in the applicable original contract of deposit; (B) The due date of the deposit indicated in the bank's last written notice of renewal sent pursuant to § 45-2-618 ; (C) The date of the last written communication from the bank recognizing the bank's obligation with respect to the deposit; or (D) The last day of the taxable year for which the owner of the deposit last reported interest income earned on the deposit on either a federal or state income tax return.
(A) The maturity date of the deposit, as set forth in the applicable original contract of deposit;
(B) The due date of the deposit indicated in the bank's last written notice of renewal sent pursuant to § 45-2-618 ;
(C) The date of the last written communication from the bank recognizing the bank's obligation with respect to the deposit; or
(D) The last day of the taxable year for which the owner of the deposit last reported interest income earned on the deposit on either a federal or state income tax return.
Acts 2005, ch. 30, § 1.
Tenn. Code Ann. § 45-17-113 — TN Code / Title 45 / Chapter 17 / Section 45-17-113
Denial of license - Hearing
Status: in_force

(a) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial. (b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted. (c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act. Acts 1997, ch. 255, § 14; 1999, ch. 14, § 1.
(a) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b) If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted.
(c) Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act.
Acts 1997, ch. 255, § 14; 1999, ch. 14, § 1.
Tenn. Code Ann. § 45-17-107 — TN Code / Title 45 / Chapter 17 / Section 45-17-107
Investigation - Issuance of license - Posting
Status: in_force

(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-17-106 , the commissioner shall investigate to ascertain whether the qualifications prescribed by § 45-17-104 have been satisfied. If the commissioner finds that the qualifications have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the deferred presentment services business in Tennessee. (b) The license shall be kept conspicuously posted in the place of business of the licensee. (c) A license issued pursuant to this section shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter. Acts 1997 , ch. 255, § 8; 1999, ch. 14, §1; 2012 , ch. 679, § 2.
(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-17-106 , the commissioner shall investigate to ascertain whether the qualifications prescribed by § 45-17-104 have been satisfied. If the commissioner finds that the qualifications have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the deferred presentment services business in Tennessee.
(b) The license shall be kept conspicuously posted in the place of business of the licensee.
(c) A license issued pursuant to this section shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter.
Acts 1997 , ch. 255, § 8; 1999, ch. 14, §1; 2012 , ch. 679, § 2.
Tenn. Code Ann. § 45-2-1308 — TN Code / Title 45 / Chapter 2 / Section 45-2-1308
Continuation of corporate entity - Use of old name
Status: in_force

(a) A resulting state or national bank shall be considered the same business and corporate entity as each merging bank or as the converting bank with all the property rights, powers, duties, fiduciary appointments subject to § 45-2-1310 and obligations of each merging bank or the converting bank, except as affected by the state law in the case of a resulting state bank or the federal law in the case of a resulting national bank, and by the charter and bylaws of the resulting bank. (b) A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it deems it more convenient to do so. (c) Any reference to a merging or converting bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of the writing. Acts 1969, ch. 36, § 1 (3.408); T.C.A., § 45-608; Acts 1999, ch. 112, § 11.
(a) A resulting state or national bank shall be considered the same business and corporate entity as each merging bank or as the converting bank with all the property rights, powers, duties, fiduciary appointments subject to § 45-2-1310 and obligations of each merging bank or the converting bank, except as affected by the state law in the case of a resulting state bank or the federal law in the case of a resulting national bank, and by the charter and bylaws of the resulting bank.
(b) A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it deems it more convenient to do so.
(c) Any reference to a merging or converting bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of the writing.
Acts 1969, ch. 36, § 1 (3.408); T.C.A., § 45-608; Acts 1999, ch. 112, § 11.
Tenn. Code Ann. § 45-3-818 — TN Code / Title 45 / Chapter 3 / Section 45-3-818
Commissioner may order any association to discontinue any illegal practice
Status: in_force

If the commissioner, as a result of any examination or from any report made to the commissioner, or otherwise, finds that any association or any director, officer, or employee of any association is violating its charter or bylaws, this chapter, the laws of this state or of the United States or any lawful order or regulation of the commissioner, the commissioner shall deliver to the board of directors of the association a formal written order, in which are set forth the facts known to the commissioner, demanding the immediate discontinuance of the violation and conformance with all applicable requirements of this chapter, and any rules or regulations promulgated under this chapter. The order shall be delivered in person to the home office of the association in question 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 in question. The order shall be effective from the time of receipt of the order by the association at its home office, and 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 and any matters of record in the commissioner's office, shall either continue the order in effect, modify the same, or set it aside. Acts 1978, ch. 708, § 3.18; T.C.A., § 45-1525.
If the commissioner, as a result of any examination or from any report made to the commissioner, or otherwise, finds that any association or any director, officer, or employee of any association is violating its charter or bylaws, this chapter, the laws of this state or of the United States or any lawful order or regulation of the commissioner, the commissioner shall deliver to the board of directors of the association a formal written order, in which are set forth the facts known to the commissioner, demanding the immediate discontinuance of the violation and conformance with all applicable requirements of this chapter, and any rules or regulations promulgated under this chapter. The order shall be delivered in person to the home office of the association in question 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 in question. The order shall be effective from the time of receipt of the order by the association at its home office, and 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 and any matters of record in the commissioner's office, shall either continue the order in effect, modify the same, or set it aside.
Acts 1978, ch. 708, § 3.18; T.C.A., § 45-1525.
Tenn. Code Ann. § 45-3-519 — TN Code / Title 45 / Chapter 3 / Section 45-3-519
Withdrawal
Status: in_force

(a) Except for accounts that provide for a specified contractual time or notice before withdrawal or are subject to a pledge, a depositor may at any time present a written order for withdrawal of all or any part of the depositor's account. (b) Every association shall either pay, or shall number, date, and file in the order of actual receipt every withdrawal order. (c) Withdrawals shall be made in the order of actual receipt of orders except as otherwise provided by this chapter or by regulation of the commissioner. (d) Upon order, an association shall pay the amount of the withdrawal order or the withdrawal value of the account; provided, that the association shall not be required to honor any withdrawal order that exceeds the withdrawal value of the account. (e) The commissioner shall by regulation establish the rules and procedures to apply in the event the association is unable to pay immediately all orders for withdrawal as made, including a rotation plan or any other plan for equitable payment of withdrawals, the payment in full of accounts of less than a specified amount and the application of receipts to withdrawals. (f) The commissioner may prescribe the circumstances and conditions under which the failure of the association to pay withdrawals as applied for shall be deemed the conduct of its business in an unsound or imprudent manner so as to empower the commissioner to take possession of an association or to take other remedial action as provided by this chapter. Acts 1978, ch. 708, § 2.19; T.C.A., § 45-1419.
(a) Except for accounts that provide for a specified contractual time or notice before withdrawal or are subject to a pledge, a depositor may at any time present a written order for withdrawal of all or any part of the depositor's account.
(b) Every association shall either pay, or shall number, date, and file in the order of actual receipt every withdrawal order.
(c) Withdrawals shall be made in the order of actual receipt of orders except as otherwise provided by this chapter or by regulation of the commissioner.
(d) Upon order, an association shall pay the amount of the withdrawal order or the withdrawal value of the account; provided, that the association shall not be required to honor any withdrawal order that exceeds the withdrawal value of the account.
(e) The commissioner shall by regulation establish the rules and procedures to apply in the event the association is unable to pay immediately all orders for withdrawal as made, including a rotation plan or any other plan for equitable payment of withdrawals, the payment in full of accounts of less than a specified amount and the application of receipts to withdrawals.
(f) The commissioner may prescribe the circumstances and conditions under which the failure of the association to pay withdrawals as applied for shall be deemed the conduct of its business in an unsound or imprudent manner so as to empower the commissioner to take possession of an association or to take other remedial action as provided by this chapter.
Acts 1978, ch. 708, § 2.19; T.C.A., § 45-1419.
Tenn. Code Ann. § 45-6-215 — TN Code / Title 45 / Chapter 6 / Section 45-6-215
Safekeeping of pledges - Insurance coverage
Status: in_force

Every pawnbroker licensed under this part shall provide a safe place for the keeping of the pledges provided by the pawnbroker, and shall have sufficient insurance coverage on the property held on the pledge for the benefit of the pledgor, to pay the stated value as recited on the pawn stub of the pawned article, in case of destruction by fire or other catastrophe, and the policy shall be made payable, in the case of loss, to the city or county clerk for the benefit of the pledgor, as the pledgor's interest may appear, which policy shall be deposited with the city or county clerk. "Pawn value," for the purposes of this section, means the amount of money loaned on the particular article, as stated on the pawn ticket and in the stub book, as recited under § 45-6-209(b)(3) . Acts 1988, ch. 724, § 15.
Every pawnbroker licensed under this part shall provide a safe place for the keeping of the pledges provided by the pawnbroker, and shall have sufficient insurance coverage on the property held on the pledge for the benefit of the pledgor, to pay the stated value as recited on the pawn stub of the pawned article, in case of destruction by fire or other catastrophe, and the policy shall be made payable, in the case of loss, to the city or county clerk for the benefit of the pledgor, as the pledgor's interest may appear, which policy shall be deposited with the city or county clerk. "Pawn value," for the purposes of this section, means the amount of money loaned on the particular article, as stated on the pawn ticket and in the stub book, as recited under § 45-6-209(b)(3) .
Acts 1988, ch. 724, § 15.
Tenn. Code Ann. § 45-4-603 — TN Code / Title 45 / Chapter 4 / Section 45-4-603
Loan charges
Status: in_force

In addition to the charging and collecting of interest as provided in § 45-4-602 , a credit union shall be entitled to charge and collect from its members loan charges that are fair and reasonable compensation for some expense incurred or to be suffered by the credit union, or some service rendered or to be rendered, in connection with a particular loan; and in any event, the loan or contract shall not include, except as part of interest, charges for costs indirectly related to that loan or contract, including, but not limited to, overhead of the credit union, loan losses, and charges for services performed by officers or employees of the credit union unless the services are rendered directly for the inspection of collateral, the servicing of the loan after it is made, or the collection thereof. Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820.
In addition to the charging and collecting of interest as provided in § 45-4-602 , a credit union shall be entitled to charge and collect from its members loan charges that are fair and reasonable compensation for some expense incurred or to be suffered by the credit union, or some service rendered or to be rendered, in connection with a particular loan; and in any event, the loan or contract shall not include, except as part of interest, charges for costs indirectly related to that loan or contract, including, but not limited to, overhead of the credit union, loan losses, and charges for services performed by officers or employees of the credit union unless the services are rendered directly for the inspection of collateral, the servicing of the loan after it is made, or the collection thereof.
Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820.
Tenn. Code Ann. § 45-1-114 — TN Code / Title 45 / Chapter 1 / Section 45-1-114
Removal of commissioner from office - Causes - Procedure
Status: in_force

The commissioner may be removed from office for neglect of duty, malfeasance, misfeasance, extortion or corruption in office, incompetency, or intemperance in the use of intoxicating liquors or narcotics to such an extent, in view of the dignity of the office and the importance of its duties, as to render the commissioner unfit for the discharge of the duties, or for any offense involving moral turpitude while in office committed under color of or connected with the office. Acts 1913, ch. 20, § 1; Shan., § 3273a18; Code 1932, § 5943; T.C.A. (orig. ed.), § 45-108; Acts 1973, ch. 249, §§ 6, 15; T.C.A., § 45-114.
The commissioner may be removed from office for neglect of duty, malfeasance, misfeasance, extortion or corruption in office, incompetency, or intemperance in the use of intoxicating liquors or narcotics to such an extent, in view of the dignity of the office and the importance of its duties, as to render the commissioner unfit for the discharge of the duties, or for any offense involving moral turpitude while in office committed under color of or connected with the office.
Acts 1913, ch. 20, § 1; Shan., § 3273a18; Code 1932, § 5943; T.C.A. (orig. ed.), § 45-108; Acts 1973, ch. 249, §§ 6, 15; T.C.A., § 45-114.
Tenn. Code Ann. § 45-2-1005 — TN Code / Title 45 / Chapter 2 / Section 45-2-1005
Fiduciary bond or oath excused
Status: in_force

No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly provides otherwise. Acts 1969, ch. 36, § 1 (3.234); T.C.A., § 45-426.
No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly provides otherwise.
Acts 1969, ch. 36, § 1 (3.234); T.C.A., § 45-426.
Tenn. Code Ann. § 45-15-116 — TN Code / Title 45 / Chapter 15 / Section 45-15-116
Safekeeping of titled personal property or personal property certificates of title - Insurance coverage - Damaged property
Status: in_force

Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. "Title pledge value," for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement. Acts 1995, ch. 186, § 13; 2005, ch. 440, § 15.
Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. "Title pledge value," for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 15.
Tenn. Code Ann. § 45-1-208 — TN Code / Title 45 / Chapter 1 / Section 45-1-208
Legislative intent - Liberal construction
Status: in_force

(a) This part is enacted for the purpose of providing the citizens of this state with an informal and expeditious method of resolving customer disputes with state chartered banks. (b) This part is not intended to create a new agency or division within the department. It is intended that the purpose of this part be carried out primarily by existing personnel of the department, or qualified persons designated to resolve disputes by the commissioner, who will act without compensation. (c) This part shall be liberally construed to effect its declared purpose. Acts 1981, ch. 25, § 8; T.C.A., § 45-1-308 .
(a) This part is enacted for the purpose of providing the citizens of this state with an informal and expeditious method of resolving customer disputes with state chartered banks.
(b) This part is not intended to create a new agency or division within the department. It is intended that the purpose of this part be carried out primarily by existing personnel of the department, or qualified persons designated to resolve disputes by the commissioner, who will act without compensation.
(c) This part shall be liberally construed to effect its declared purpose.
Acts 1981, ch. 25, § 8; T.C.A., § 45-1-308 .
Tenn. Code Ann. § 45-4-802 — TN Code / Title 45 / Chapter 4 / Section 45-4-802
Fee
Status: in_force

At the time of incorporation, every credit union shall pay the secretary of state a fee of ten dollars ($10.00). Acts 1923, ch. 68, § 25; Shan. Supp., § 2198a32; Code 1932, § 3859; Acts 1931, ch. 67, § 1; mod. C. Supp. 1950, § 3859; T.C.A. (orig. ed.), § 45-1830; Acts 1985, ch. 17, § 8.
At the time of incorporation, every credit union shall pay the secretary of state a fee of ten dollars ($10.00).
Acts 1923, ch. 68, § 25; Shan. Supp., § 2198a32; Code 1932, § 3859; Acts 1931, ch. 67, § 1; mod. C. Supp. 1950, § 3859; T.C.A. (orig. ed.), § 45-1830; Acts 1985, ch. 17, § 8.
Tenn. Code Ann. § 45-2-1107 — TN Code / Title 45 / Chapter 2 / Section 45-2-1107
Disclosure of terms and conditions of loan
Status: in_force

When an installment loan is made and interest is charged as provided in § 45-2-1106(b)(1)(A) and (B) , the lending bank or trust company shall make disclosures of the terms and conditions of the loan that may from time to time be required for the loan under the Federal Consumer Credit Protection Act, 15 U.S.C. § 1601 et seq. Acts 1969, ch. 36, § 1 (3.241); 1979, ch. 205, § 4; T.C.A., § 45-434.
When an installment loan is made and interest is charged as provided in § 45-2-1106(b)(1)(A) and (B) , the lending bank or trust company shall make disclosures of the terms and conditions of the loan that may from time to time be required for the loan under the Federal Consumer Credit Protection Act, 15 U.S.C. § 1601 et seq.
Acts 1969, ch. 36, § 1 (3.241); 1979, ch. 205, § 4; T.C.A., § 45-434.
Tenn. Code Ann. § 45-3-523 — TN Code / Title 45 / Chapter 3 / Section 45-3-523
Association deposits and collections
Status: in_force

To the extent that an association accepts demand deposit accounts, or offers checking accounts or negotiable orders of withdrawal, the Uniform Commercial Code setting out the relationship between a payor bank and its customers, compiled in title 47, chapter 4, part 4, shall apply to the association, and all references to "banks" are deemed references to "associations." Acts 1983, ch. 191, § 2.
To the extent that an association accepts demand deposit accounts, or offers checking accounts or negotiable orders of withdrawal, the Uniform Commercial Code setting out the relationship between a payor bank and its customers, compiled in title 47, chapter 4, part 4, shall apply to the association, and all references to "banks" are deemed references to "associations."
Acts 1983, ch. 191, § 2.
Tenn. Code Ann. § 45-3-820 — TN Code / Title 45 / Chapter 3 / Section 45-3-820
Reliance upon action by commissioner
Status: in_force

No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation, or interpretation of the commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation, or interpretation. Acts 1978, ch. 708, § 3.20; T.C.A., § 45-1527.
No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation, or interpretation of the commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation, or interpretation.
Acts 1978, ch. 708, § 3.20; T.C.A., § 45-1527.
Tenn. Code Ann. § 45-4-1903 — TN Code / Title 45 / Chapter 4 / Section 45-4-1903
Conversion of federal credit union into state credit union
Status: in_force

A federal credit union, organized under the federal Credit Union Act, may be converted into a state credit union by: (1) Complying with all federal requirements requisite to enabling it to convert to a state credit union or cease being a federal credit union; (2) Filing with the commissioner proof of compliance, satisfactory to the commissioner; (3) Filing with the commissioner the articles of incorporation and bylaws required by state credit unions; and (4) The commissioner, when satisfied that all of the requirements, and all other requirements of the state Credit Union Act have been complied with, shall issue a certificate of approval of the charter of incorporation and of the bylaws. Upon approval, the federal credit union shall become a state credit union as of the date it ceases to be a federal credit union. The state credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place. Acts 1963, ch. 31, § 2; 1973, ch. 294, § 6; T.C.A., §§ 45-1832, 45-4-1203.
A federal credit union, organized under the federal Credit Union Act, may be converted into a state credit union by:
(1) Complying with all federal requirements requisite to enabling it to convert to a state credit union or cease being a federal credit union;
(2) Filing with the commissioner proof of compliance, satisfactory to the commissioner;
(3) Filing with the commissioner the articles of incorporation and bylaws required by state credit unions; and
(4) The commissioner, when satisfied that all of the requirements, and all other requirements of the state Credit Union Act have been complied with, shall issue a certificate of approval of the charter of incorporation and of the bylaws. Upon approval, the federal credit union shall become a state credit union as of the date it ceases to be a federal credit union. The state credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.
Acts 1963, ch. 31, § 2; 1973, ch. 294, § 6; T.C.A., §§ 45-1832, 45-4-1203.