reglab/housing_qa huggingface dataset:
TN Code § 45-13-204 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-204. Surety Bond Required

  At the time of filing an application for a license under § 45-13-201(a), the applicant shall also file with the commissioner a surety bond payable to the state, in a form to be approved by the commissioner, for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the licensee. The bond must be issued by a bonding company qualified to do business in this state.   For mortgage loan servicers, the surety bond shall be maintained in the amount of two hundred thousand dollars ($200,000).   For mortgage lenders and mortgage loan brokers, the surety bond shall provide coverage for each mortgage loan originator in an amount in accordance with subsection (d); provided, however, that for the first calendar year of licensing in this state, or for calendar years 2009 and 2010, or both, as applicable, the surety bond for mortgage lenders shall be in the amount of two hundred thousand dollars ($200,000), and the surety bond for mortgage loan brokers shall be in the amount of ninety thousand dollars ($90,000).   The penal sum of the surety bond of any mortgage lender or mortgage loan broker shall be maintained in an amount that reflects the dollar amount of loans originated, as determined by the commissioner.   The bond shall be maintained for not less than twenty-four (24) months following the expiration, revocation, suspension or surrender of the license.   Immediately upon recovery upon any action on the bond, the licensee shall file a new bond to fulfill the requirements of this section.
TN Code § 45-13-205 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-205. Change of Address or Officers — Annual Report Including Past Officers and Directors

  Each licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall notify the commissioner five (5) days prior to any change in its principal place of business.   Each licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall notify the commissioner in writing within fourteen (14) days of any change of its president, chief executive officer, treasurer or chief financial officer or among the general partners or partners.
TN Code § 45-13-206 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-206. Records and Financial Statements — Deposits and Periodic Payments — Disclosure

  Every licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall keep and maintain at all times in its principal place of business correct and complete records of all residential mortgage loan transactions arranged by the licensee.   The financial statements furnished to the commissioner by each licensed mortgage lender, mortgage loan broker and mortgage loan servicer shall be prepared in accordance with generally accepted accounting principles consistently applied.   If a deposit is required in connection with an application for a residential mortgage loan, there shall be a written agreement, signed by the parties, pertaining to the disposition of the deposit, whether the loan is finally consummated or not, and the term for which the agreement is to remain in force before return of the deposit for nonperformance can be required. A licensee who receives deposits shall preserve and on request make available to the commissioner all information related to the deposits. The licensee shall further preserve all agreements between the parties involved in the transaction and all contracts, agreements and instructions pertaining to the transaction.
TN Code § 45-13-207 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-207. Preservation of Records — Reproduction — Maintenance Location

  All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation or regulatory guideline, as applicable to each licensed mortgage lender, mortgage loan broker and mortgage loan servicer, shall be preserved and made available to the commissioner, as provided in this chapter, for the time that the commissioner may by rule or regulation require, not to exceed twenty-five (25) months on all rejected applications and not to exceed twenty-four (24) months on loans paid in full. The licensee may cause any or all records at any time in its custody to be reproduced or preserved by itself or by any other person who agrees in writing to submit its operations to the examination of the commissioner to the extent that the operations directly affect the recordkeeping, by any microphotographic process, electronic or mechanical data storage technique or any other means. Any record reproduced or preserved by those processes, techniques or means shall have the same force and effect as the original record and be admitted into evidence equally with the original.   Any licensee, after receiving the prior written approval of the commissioner, may maintain records at any location within or outside of the state.
TN Code § 45-13-208 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-208. Minimum Information

 The commissioner may prescribe by rules and regulations the minimum information to be shown in the books, accounts and records of each licensee, so that the books, accounts and records will enable the commissioner to determine compliance with this chapter and with the rules and regulations lawfully made under this chapter.
TN Code § 45-13-209 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-209. Statement of Account

 Upon written request from the mortgagor, the holder of a residential mortgage loan shall deliver to the mortgagor, within fourteen (14) days from receipt of the written request, a statement of the mortgagor's account showing the date and amount of all payments credited to the account within the previous twelve-month period and the total unpaid balance. Not more than two (2) statements shall be required in any twelve-month period. If the holder of a residential mortgage loan forwards to the mortgagor an annual payment and escrow analysis, or other such analysis, the submission of the analysis to the mortgagor shall constitute a statement of the mortgagor's account.
TN Code § 45-13-210 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-210. Change of Control

  A change in control of a person licensed as a mortgage lender, mortgage loan broker, and/or mortgage loan servicer under this chapter shall require thirty (30) days' prior written notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within thirty (30) days of a change or acquisition of control of a licensee.   Upon notification of a change in control, the commissioner may require information deemed necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose any risk to the interests of the public.   Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
TN Code § 45-13-211 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 2 - Licensing of Mortgage Lenders, Mortgage Loan Brokers and Mortgage Loan Servicers|§ 45-13-211. Managing Principals and Branch Managers

  Each mortgage lender or mortgage loan broker licensed under this chapter shall have a managing principal who operates the business under that person's full charge, control and supervision. Each principal and branch office of a mortgage lender or mortgage loan broker shall have a manager. The mortgage lender or mortgage loan broker shall have the responsibility of ensuring that the manager has sufficient experience in the mortgage lending industry to operate the business of the mortgage lender or mortgage loan broker lawfully. The managing principal for a mortgage lender's or mortgage loan broker's business may also serve as the branch manager of one (1) of the mortgage lender's or mortgage loan broker's branch offices. Any individual mortgage lender or mortgage loan broker who operates a sole proprietorship shall be considered a managing principal for purposes of this chapter.   Each mortgage lender or mortgage loan broker shall file a form as prescribed by the commissioner indicating the business's designation of managing principal and branch manager for each branch and each individual's acceptance of the responsibility.   Each mortgage lender or mortgage loan broker shall notify the commissioner in writing within fourteen (14) business days of any change in its managing principal or branch manager designated for each branch.
TN Code § 45-13-304 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 3 - Mortgage Loan Originators|§ 45-13-304. Prelicensing Education of Loan Originators

  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:  Three (3) hours of federal law and regulations;   Three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and   Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.     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.   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.   Prelicensing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.   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.
TN Code § 45-13-305 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 3 - Mortgage Loan Originators|§ 45-13-305. Testing of Loan Originators

  In order to meet the written test requirement referred to in § 45-13-302(c)(5), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.   A written test shall not be treated as a qualified written test for purposes of subsection (a) unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:  Ethics;   Federal law and regulation pertaining to mortgage origination;   State law and regulation pertaining to mortgage origination; and   Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace and fair lending issues.     Nothing in this section shall prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.   Minimum Competence:  An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent (75%) correct answers to questions;   An individual may retake a test three (3) consecutive times with each consecutive taking occurring at least thirty (30) days after the preceding test;   After failing three (3) consecutive tests, an individual shall wait at least six (6) months before taking the test again; and   A licensed mortgage loan originator who fails to maintain a valid license for a period of five (5) years or longer shall retake the test, not taking into account any time during which the individual is a registered mortgage loan originator.
TN Code § 45-13-306 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 3 - Mortgage Loan Originators|§ 45-13-306. Standards for Mortgage Loan Originator License Renewal

  The minimum standards for license renewal for mortgage loan originators shall include the following:  Continues to meet the minimum standards for licensure under § 45-13-302(c);   Satisfies the annual continuing education requirements described in § 45-13-307; and   Pays a nonrefundable renewal fee of one hundred dollars ($100), which amount may be decreased or increased by rule of the commissioner.     To renew a mortgage loan originator license for the following calendar year, the commissioner must receive on or before December 31 a completed renewal application and fee meeting the requirements of subsection (a). If the renewal requirements are not timely met, the mortgage loan originator license shall expire at the close of business on December 31.   Should the commissioner deny a renewal application, the applicant may make written demand to the commissioner for a hearing on the question of whether the license should be renewed; provided, that the request for hearing be received by the commissioner within thirty (30) days from the date of denial; and provided, further, that the failure to timely request a hearing shall cause the license to be automatically revoked without further notice or hearing at the end of the thirty-day period. If a hearing is timely requested under this subsection (c), it shall be conducted under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, and the license shall not expire until resolution of the appeal in accordance with the Uniform Administrative Procedures Act.
TN Code § 45-13-307 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 3 - Mortgage Loan Originators|§ 45-13-307. Continuing Education for Mortgage Loan Originators

  In order to meet the annual continuing education requirements referred to in § 45-13-306(a)(2), a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance with subsection (b), which shall include at least:  Three (3) hours of federal law and regulations;   Two (2) hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues; and   Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.     For purposes of subsection (a), continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.   Nothing in this section shall preclude any education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of the employer or entity.   Continuing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.   A licensed mortgage loan originator:  May only receive credit for a continuing education course in the year in which the course is taken; and   May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.     A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two (2) hours credit for every one (1) hour taught.   A person having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subdivisions (a)(1)-(3) for any state shall be accepted as credit toward completion of continuing education requirements in this state.
TN Code § 45-13-308 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 3 - Mortgage Loan Originators|§ 45-13-308. Provisional Mortgage Loan Originator License

 Notwithstanding any provision of this chapter or the Industrial Loan and Thrift Companies Act, compiled in chapter 5 of this title, to the contrary, the commissioner is authorized to issue a provisional mortgage loan originator license to any individual who has not completed the prelicensing education requirements set forth in § 45-13-304 or passed a written test that meets the test requirement described in § 45-13-305; provided, that the individual meets all other requirements for a license under this part; and provided, further, that no provisional mortgage loan originator license shall be issued after or be valid after July 30, 2010. A provisional mortgage loan originator license shall for all purposes be considered a mortgage loan originator license issued under this part, except that a provisional license shall expire on July 30, 2010, unless the individual holding the license has by such date, completed the prelicensing education requirements set forth in § 45-13-304 and passed a written test that meets the test requirement described in § 45-13-305. If these education requirements are timely accomplished, and so long as the individual has furnished fingerprints to the Nationwide Mortgage Licensing System and Registry if requested to do so under § 45-13-302(f), the provisional nature of the license shall be removed, and the license shall not expire until the end of the calendar year in which the last of all the requirements have been met. Subject to the July 30, 2010, expiration date, a provisional mortgage loan originator license issued in 2009 may be renewed for 2010 pursuant to § 45-13-306 without satisfying the annual continuing education requirements described in § 45-13-307.
TN Code § 45-13-402 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 4 - Prohibitions and Enforcement|§ 45-13-402. False or Misleading Advertising Unlawful — Exceptions

 It is unlawful for any person to place or cause to be placed any false or misleading advertising matter pertaining to mortgage loans or the availability of mortgage loans; provided, that this section shall not apply to the owner, publisher, operator or employees of any publication or radio or television station that disseminates the advertising matter.
TN Code § 45-13-403 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 13 - Tennessee Residential Lending, Brokerage and Servicing Act|Part 4 - Prohibitions and Enforcement|§ 45-13-403. Payments to Contractor From Proceeds of Mortgage Loan for Home Improvement

  A licensed mortgage lender or mortgage loan broker shall not make any payments to a contractor or home improvement contractor from proceeds of a mortgage loan for home improvement other than:  In the form of an instrument that is payable to the borrower or jointly to the borrower and the contractor or home improvement contractor; or   At the election of the borrower by a third-party escrow agent in accordance with terms established in a written agreement signed by the borrower, the licensee and the contractor or home improvement contractor prior to the date of payment.     A licensed mortgage lender or mortgage loan broker shall not permit a contractor or home improvement contractor to be a cosigner or to act as a guarantor for a mortgage loan for home improvement.   As used in this section, “mortgage loan for home improvement” means a consumer credit mortgage loan transaction involving property located within this state regardless of the amount of the loan.   The commissioner is authorized to impose a civil penalty in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation of this section after notice and opportunity for a hearing.