reglab/housing_qa huggingface dataset:
TN Code § 45-4-201 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 2 - Organization and Operation|§ 45-4-201. Election of Directors — Terms

  At an annual meeting, the members shall elect a board of directors. The directors shall be members of the credit union. All members of the board of directors and all officers shall hold their several offices for the terms that may be provided in the bylaws.   Upon their election, the names of the members of the board of directors shall be entered in the minutes of the meeting at which they are elected, and filed in the permanent records of the credit union.
TN Code § 45-4-203 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 2 - Organization and Operation|§ 45-4-203. Choice Between Credit Committee or Loan Officers — Duties — Loans — Applications and Security

  The board of directors shall determine whether the credit union shall have a credit committee. If the board determines that the credit union shall not have a credit committee, the board of directors shall appoint one (1) or more loan officers, and the loan officer or officers shall approve or disapprove every loan or advance made by the corporation to members. If the board of directors determines that the credit union shall have a credit committee, the credit committee shall be appointed by the board of directors, report to the board of directors, serve under the terms and conditions determined by the board of directors and approve or disapprove every loan or advance made by the corporation to members, except as herein provided. The credit committee may appoint one (1) or more loan officers and delegate to the loan officer or officers the power to approve or disapprove loans. Each loan officer shall furnish to the credit committee, or, in the absence of the committee, to the board of directors, a record of each loan approved or not approved by the officer within thirty (30) days of the date of the filing of the application for the loan. No individual shall have authority to disburse funds of the credit union for any loan that has been approved by that person in capacity as a loan officer.   Every application for a loan shall be in writing, on a form prepared by the board of directors, and shall state the purpose for which the loan is desired and the security, if any, offered.   The board of directors shall establish the maximum limits for unsecured loans, subject, however, to the other provisions of this section. Endorsement of a note or assignment of shares in any credit union may be considered security in the meaning of this section. When a loan is considered by the credit committee, no loan shall be made unless it has received the unanimous approval of the members of the committee present when the loan was considered, which number shall constitute at least a majority of the committee. No loan shall be made to any member that causes the member to become indebted to the credit union in the aggregate, upon loans made to the member, in excess of ten percent (10%) of the credit union's assets, or three hundred dollars ($300), whichever is greater.   An applicant for a loan may appeal to:  The directors if the initial decision to disapprove the loan is made by the credit committee or by a loan officer in the absence of a credit committee; or   The credit committee if the initial decision to disapprove the loan is made by a loan officer.
TN Code § 45-4-204 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 2 - Organization and Operation|§ 45-4-204. [reserved.]

  No member of the credit or supervisory committee shall receive any compensation for services as a member of the committee.   As an alternative to the reimbursement for members of the board of directors in subsection (c), each member of the board of directors may be compensated subject to the following conditions:  The board shall adopt a resolution stating that the credit union requires expertise among board members for the prudent general management of the affairs, funds and records of the credit union;   Such compensation shall be payable to board members elected after the adoption of the resolution in subdivision (b)(1);   The credit union shall adopt a policy governing the participation and attendance that a board member shall comply with in order to receive compensation; and   The annual report of the credit union's income and expenses shall include board member compensation as a specific expense item.     Notwithstanding subsection (a), the board of directors may provide that the credit union shall reimburse any member of the board of directors or the credit or supervisory committee for any loss of earnings caused by time spent in the service of the credit union, in an amount that the board of directors may determine, not to exceed the amount of the lost earnings.
TN Code § 45-4-207 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 2 - Organization and Operation|§ 45-4-207. Unlawful Actions

  It is unlawful for an officer, director, employee or agent of a credit union to:  Maintain or authorize the maintenance of any account of the credit union in a manner that, to the person's knowledge, does not conform to the requirements prescribed by chapter 4 of this title, or by the commissioner;   With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report or statement of the credit union; or   Obstruct or endeavor to obstruct a lawful examination of the credit union by an officer or employee of the department of financial institutions.     A violation of this section is punishable as provided in § 45-4-208.
TN Code § 45-4-208 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 2 - Organization and Operation|§ 45-4-208. Penalty — Liability of Officers

  Any person responsible for an act or omission expressly declared to be a criminal offense by chapter 4 of this title commits:  A Class A misdemeanor; and   If the act or omission was intended to defraud, a Class E felony.     An officer, director or employee of a credit union shall be responsible for an act or omission of the credit union declared to be a criminal offense pursuant to this chapter, whenever, knowing that the act or omission is unlawful, the officer, director or employee participates in authorizing or ratifying the omission or, having the duty to take the required action, omits to do so.   Unless otherwise provided in this chapter, it shall be no defense to a criminal prosecution hereunder that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant could and should have known the facts in the proper performance of the defendant's duty.
TN Code § 45-4-301 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 3 - Membership|§ 45-4-301. Membership — Qualifications — Entrance Fee

  The membership shall consist of incorporators and persons, societies, associations, copartnerships and corporations that have been duly elected to membership and have subscribed to one (1) or more shares and have paid for the same in whole or in part, with the entrance fee as required by the bylaws, and have complied with other requirements that the certificate of organization may contain; except that a credit union shall be limited to groups having a common bond of occupation or association or to groups within a well-defined neighborhood, community, or rural district.   A credit union may charge an entrance fee as may be provided in the bylaws.
TN Code § 45-4-302 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 3 - Membership|§ 45-4-302. Expulsion or Withdrawal of Members — Settlement Thereon

  At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention.   All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member.   All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member.   The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation.
TN Code § 45-4-401 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-401. Premiums for Shares Prohibited

 Credit union shares shall in no event be sold at a premium by any credit union to its members.
TN Code § 45-4-402 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-402. Shares and Deposits of Minors

 Shares may be issued in the name of a minor and in trust in a way and manner that the bylaws may provide.
TN Code § 45-4-403 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-403. Transfer of Shares

 Fully paid-up shares of a credit union may be transferred to any person upon election to membership, upon terms that the bylaws may provide.
TN Code § 45-4-404 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-404. Accounts in Two or More Names

 Investment or other deposit accounts maintained in any credit union in the names of two (2) or more persons shall be governed by § 45-2-703.
TN Code § 45-4-405 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-405. Decedent Shareholders or Depositors

  Notwithstanding § 30-2-317, where no executor or administrator of a deceased shareholder or depositor has qualified and given notice of the qualifications of the executor or administrator to the credit union, it may, in its discretion and at any time after thirty (30) days from the death of the shareholder or depositor, pay out of all accounts or contents of safe deposit boxes maintained with it by the shareholder in an individual capacity all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate:  To the executor named in any will known to the credit union; or   In the absence of knowledge of a purported will naming a surviving executor to:  A creditor for expenses of the funeral;   A creditor for the expenses of the last illness;   The surviving spouse; and   The next of kin; and     In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(2).     The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of shares or deposits in credit unions, shall be a good and sufficient acquittance for the payment or transfer and shall constitute a valid defense in favor of the credit unions against the demands or claims of all parties.   No credit union shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
TN Code § 45-4-406 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 4 - Shares|§ 45-4-406. “Payable-on-Death” Share Accounts and Share Deposits in Trust — Powers of Attorney

 The following provisions of chapter 2 of this title are applicable to credit unions:   Section 45-2-704 relating to contracts for “payable-on-death” share accounts and share deposits in trust;   Section 45-2-707 relating to powers of attorney; and   Sections 45-2-711 and 45-2-712 relating to payment of checks.
TN Code § 45-4-502 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 5 - Powers and Duties|§ 45-4-502. Credit Union May Borrow

  A credit union has the power to borrow from any source, but the total of borrowing shall at no time exceed fifty percent (50%) of the member accounts and surplus of the borrowing credit union.   A central credit union, as defined in § 45-4-101, has the power to borrow from any source, and is not subject to the limitations of subsection (a).
TN Code § 45-4-503 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 5 - Powers and Duties|§ 45-4-503. Dividends

   Subject to the limitations contained in subsection (e), a credit union may declare dividends at rates it deems appropriate for periods and classes of accounts that the board of directors may establish.   A credit union may establish higher dividend rates for shares held in excess of specified minimum amounts.     Shares that become fully paid during the preceding dividend period shall be entitled to a proportional part of the dividend.   Dividend credit for a month may be accrued on shares that are or become fully paid during the first ten (10) days of that month.   A credit union may provide for the payment of dividends from the date of deposit or the date when shares become fully paid to the date of withdrawal of the deposits or shares, if the bylaws so provide.   No dividends shall be authorized or paid that will total more than the current earnings of the credit union after the required reserve transfer, undivided profits, and the amount held in regular reserves in excess of legal requirements unless the commissioner of financial institutions shall have granted written approval in advance of the payment of the dividends.   Notwithstanding subsection (e), central credit unions, as defined in § 45-4-101, may declare and pay dividends from net earnings at the times and for the periods that the bylaws of the central credit unions may provide.
TN Code § 45-4-504 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 5 - Powers and Duties|§ 45-4-504. Change of Chief Place of Business Upon Giving Notice

 A credit union may change its chief place of business on written notice to the commissioner of financial institutions.
TN Code § 45-4-505 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 5 - Powers and Duties|§ 45-4-505. Application for Insurance — Time Limit — Failure — Effect

  Any new credit union organized under this chapter shall, prior to commencing its operations, obtain and thereafter maintain insurance of its share and deposit balances by membership in either the state credit union share insurance corporation or the National Credit Union Association.   If it appears at any time that any credit union within this section has failed to maintain the insurance, the commissioner shall, after hearing, or opportunity for hearing, order the credit union to correct the condition and shall grant it not less than thirty (30) days to comply. Upon failure to do so, the commissioner may suspend or revoke the charter, place the credit union in involuntary liquidation and appoint a liquidating agent for the credit union under part 9 of this chapter.
TN Code § 45-4-601 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-601. Part Definitions

  As used in this part, unless the context otherwise requires:  “Installment loan” means a loan repayable in installments, whether the payments are regular or irregular, whether the payments are in substantially equal amounts or otherwise, whether the payments are made on closed-end loans or open-end loans, and whether or not interest on the loan has been precomputed; and   “Loans” are transactions involving the transfer, or the crediting, by a lender to, or for the benefit of, a borrower or another, of any amount of money, with a promise of repayment.     Other terms used in this part, not defined in this part, have the same meanings given to them by the general statute pertaining to interest and other charges by lenders or creditors.
TN Code § 45-4-602 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-602. Interest

  A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of:  The applicable formula rate; or   The rate of interest permitted to be charged by credit unions chartered by the federal government.     For installment loans, the maximum effective rate of interest shall:  Be determined in accordance with the actuarial method;   Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and   Not be affected by the prepayment of the loan, in whole or in part.
TN Code § 45-4-603 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-603. Loan Charges

 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.
TN Code § 45-4-604 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-604. Priority of Loans

  The funds of credit unions shall be used first for loans to members.   Funds of credit unions not required for loans to members may be invested as otherwise provided by law.   If available funds do not permit all loans to be made that have been approved by the credit committee or loan officer, preference shall be given to the smaller loans that have been approved.
TN Code § 45-4-605 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-605. Conditions of Lending

 A credit union may loan to its members, as provided, for the purposes and upon the security that the bylaws may provide and the credit committee shall approve.
TN Code § 45-4-606 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-606. Agricultural Loans

 A member who needs funds with which to purchase necessary supplies for growing crops may receive a loan in fixed monthly installments instead of one (1) sum.
TN Code § 45-4-607 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-607. Repayment on Any Business Day

 A borrower may repay the whole or any part of the loan on any day on which the office of the corporation is open for the transaction of business.
TN Code § 45-4-608 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-608. Loans to Directors and Committee Members

 Subject to the limitations on loans contained in § 45-4-203 and as specified in written loan policies established by the board of directors, a director or member of the credit or supervisory committee shall be allowed to borrow from the corporation.
TN Code § 45-4-609 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-609. Lien on Stock and Dividends for Debts — Cancellation and Liquidation Upon Withdrawal

  A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan made to the member and of any dues and fines payable by the member.   A credit union may, upon the resignation or expulsion of a member, cancel the shares of the member and apply the withdrawal value of the shares toward the liquidation of the member's indebtedness.
TN Code § 45-4-610 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 6 - Loans|§ 45-4-610. State Chartered Credit Unions — Power to Make Loans — Interest Rate

 Subject to the limitations on maximum effective rates of interest and service charges contained in §§ 45-4-601 — 45-4-604, a credit union chartered by the state of Tennessee has the power to make loans upon the same terms and conditions as permitted credit unions chartered by the federal government.
TN Code § 45-4-701 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 7 - Capital and Reserves|§ 45-4-701. Capital

 The capital of the credit union shall consist of the payments that have been made to it by the several members thereof on shares.
TN Code § 45-4-702 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 7 - Capital and Reserves|§ 45-4-702. Reserve Income

 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.
TN Code § 45-4-704 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 7 - Capital and Reserves|§ 45-4-704. Transfer of Dormant Account to Regular Reserve

  A credit union may transfer a dormant account to the regular reserve within thirty (30) days after written notice to the credit union member, at the credit union member's last known address as shown upon the records of the credit union, stating the credit union's intention to make the transfer, and giving the member the opportunity to request the deferral of the action or to withdraw the account prior to the transfer.   For the purposes of this section, “dormant account” means an account in an amount less than twenty-five dollars ($25.00) and to which the member has neither made a deposit nor withdrawal for a period of one (1) year preceding the date of the notice provided for herein.
TN Code § 45-4-801 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 8 - Taxes and Fees|§ 45-4-801. [reserved.]

 At the time of incorporation, every credit union shall pay the secretary of state a fee of ten dollars ($10.00).
TN Code § 45-4-803 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 4 - Credit Unions|Part 8 - Taxes and Fees|§ 45-4-803. State and Federal Credit Unions to Be Equally Subject to Taxation

 Except for taxes on property and the credit union fees provided by law, no tax levied by this state, whether privilege, excise, franchise, sales or otherwise, shall be levied upon or be applicable to any credit union chartered under the laws of this state unless and until the same tax may be legally levied upon and be applicable to federally chartered credit unions in this state, in which case the tax shall be levied upon and be applicable to the state and federally chartered credit unions.