reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-517 - Lien on accounts

(a)
Any association shall have a lien, without further agreement or pledge, upon all accounts owned by any depositor to whom or on whose behalf the association has made an advance of money by loan or otherwise.
(b)
(1)
Upon the default in the repayment or satisfaction thereof, the association may, after giving ten (10) days' written notice to the depositor, cancel on its books all or any part of the accounts owned by the depositor and apply the value of the accounts in payment on account of the obligation. After the ten-day notice is given, the depositor may withdraw only the funds that are in excess of the amount of the lien.
(2)
The depositor shall have thirty (30) days after receipt of the notice within which to object in writing to the validity of the lien. If the depositor objects within that period, the association must, within sixty (60) days after the date of receipt by the association of the objection, file a legal action to enforce the lien and shall be entitled to collect the reasonable expense of the action, including attorney fees.
(c)
An association may by written instrument waive its lien in whole or in part on any account.
(d)
Any association may accept a pledge of an account or accounts of the association owned by a depositor other than the borrower as additional security for any loan secured by an account or by real estate, or by both.
Acts 1978, ch. 708, § 2.17; T.C.A., § 45-1417; Acts 1988, ch. 581, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-518 - Interest on accounts

(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the beginning of the accounting period, plus additions to the account made during the period, less amounts previously withdrawn and noticed for withdrawal, which for interest purposes shall be deducted from the latest previous additions to the account, computed at the declared rate for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.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-519 - Withdrawal

(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.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-520 - Redemption of accounts

(a)
At any time funds are on hand for the purpose, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its deposit accounts on an interest date by giving thirty (30) days' notice by registered mail addressed to each affected depositor at the depositor's last address as recorded on the books of the association.
(b)
(1)
No association shall redeem any of its accounts when the association is in an impaired condition or when it has any delinquent applications for withdrawal on file that have not been paid in full.
(2)
The redemption price of an account shall be the withdrawal value of the account redeemed, or such greater price as determined by the board of directors.
(3)
If the notice of redemption has been duly given, and if on or before the redemption date the funds necessary for the redemption has been set aside so as to be and continue to be available therefor, interest upon the accounts called for redemption shall cease to accrue from and after the interest date specified as the redemption date, and all rights with respect to the accounts shall immediately, after the redemption date, terminate, except only any right of depositors of record to receive the redemption price without additional accrual of interest after the redemption date.
(c)
All account books or other evidence of deposit accounts that have been validly called for redemption must be tendered for payment within seven (7) years from the date of redemption designated in the redemption notice; otherwise, they shall be cancelled, the funds set aside for the accounts shall become the property of the association, and all claims of the former depositors against the association shall be barred forever.
Acts 1978, ch. 708, § 2.20; T.C.A., § 45-1420.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-521 - Statute of limitations on accounts

(a)
All claims shall be barred in this state on any inactive account; provided, that at least sixty (60) days before the claim becomes barred, the association shall mail by registered or certified mail a notice of the imminent barring of all claims to the depositor at the depositor's last known address.
(b)
(1)
For the purposes of this section, "inactive account" means an account with respect to which there has been an absence for at least seven (7) years of:
(A)
Additions to the account other than creditings of interest;
(B)
Withdrawals from the account; and
(C)
Written communication from the depositor.
(2)
In the case of an account that provides for a specified contractual time, the seven (7) years shall commence on the maturity date of the account.
Acts 1978, ch. 708, § 2.21; T.C.A., § 45-1421.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-522 - Final adjustment of statements of account

(a)
(1)
When a statement of account has been rendered by an association to a depositor or has been mailed to the depositor's last known address, showing the condition of the depositor's account, the account shall, after the period of six (6) years from the date of the rendition of the statement, in the event no objection to the statement in writing has been theretofore made by the depositor or suit brought to correct same, be deemed finally adjusted and settled and its correctness conclusively presumed, and the depositor shall thereafter be barred from questioning the account for any cause.
(2)
Associations shall accordingly not be required to preserve or keep their records or files relating thereto for a longer period than six (6) years.
(b)
Nothing in this section shall be construed to relieve the depositor from the duty imposed by law of exercising due diligence in the examination of the account and vouchers, if any, accompanying the statement, when rendered by the association and of immediate notification to the association upon discovery of any error in the statement, nor from the legal consequences of neglect of that duty.
(c)
Nothing herein shall be construed as exempting associations from compliance with title 66, chapter 29 to the extent applicable.
Acts 1983, ch. 191, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-523 - Association deposits and collections

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.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-524 - Payment and negotiation of check when no estate has been opened or the estate has been closed

(a)
(1)
Notwithstanding §
30-2-317
, where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the savings institution, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the savings institution for payment or collection, the savings institution may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate:
(A)
To the executor named in any will known to the savings institution whether probated or not;
(B)
To any personal representative appointed by a court whether active or discharged; or
(C)
In the absence of knowledge of a purported will naming a surviving executor or an administrator to the:
(i)
Surviving spouse; or
(ii)
Next of kin.
(2)
In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1).
(b)
The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, or of any spouse or next of kin acknowledging the negotiation, payment or transfer of funds of a check, standing in the name of the person whose estate the fiduciary represents, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the savings institution against the demands or claims of all parties.
(c)
The negotiation or payment of a check under this section without an endorsement of the payee or with the endorsement of a person authorized by this section to negotiate the check shall not be a violation of or give rise to any claim under title 47, chapter 3 or 4.
(d)
No savings institution shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2016 Tenn. Acts, ch. 804,Secs.s7, s8, s9 eff. 4/14/2016.
Acts 2014, ch. 597, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-525 - Acknowledgement or affidavit - Guaranty

(a)
A savings institution shall require any persons seeking to cash checks payable to a decedent as provided in §
45-2-711
to deliver to the savings institution an affidavit, given under the penalty of perjury, in a form acceptable to the savings institution or in a form that, at the minimum, contains the following:
(1)
The name of the decedent;
(2)
The decedent's date of death;
(3)
The amount and payor of any checks, if the funds are from checks or electronic payments;
(4)
The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and
(5)
If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall:
(A)
Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and
(B)
Affirmatively state that:
(i)
There are no unpaid creditors of the decedent;
(ii)
There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and
(iii)
The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(b)
A savings institution may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in §
45-2-708
, to deliver to the savings institution an affidavit, given under penalty of perjury in a form acceptable to the savings institution as provided in subsection (a).
(c)
A savings institution may require any person who obtains funds from a deposit account pursuant to §
45-2-708
or to negotiate checks pursuant to §
45-2-711
to provide an indemnity and guarantee to the savings institution in the amount of the funds obtained.
Acts 2014, ch. 597, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 6 - INVESTMENTS (§§ 45-3-601 — 45-3-603) › Section 45-3-602 - Investments in real estate

(a)
Business Property.
Every association has the power to invest in real property or interests in real property that the board of directors may deem necessary for the conduct of the business of the association, which, for the purposes of this chapter, shall be deemed to include the ownership of stock of a wholly owned subsidiary corporation having as its exclusive activity the ownership and management of the property or interests, but the amount so invested shall not exceed the net worth of the association; provided, that the commissioner may authorize a greater amount to be so invested.
(b)
Purchase of Real Estate.
Every association has the power to invest an amount not exceeding the lesser of its net worth or five percent (5%) of its assets in the purchase of real estate in its primary lending area for the purpose of producing income or for inventory and sale or for improvement, including the erection of buildings on the real estate, for sale or rental purposes, and the association may hold, sell, lease, operate, or otherwise exercise the rights of an owner as to the property. Marketable title to all real estate acquired under this subsection (b) shall be taken and held in the name of the association, and the title shall immediately be recorded in accordance with the laws of this state.
Acts 1978, ch. 708, § 2.28; T.C.A., § 45-1428.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 6 - INVESTMENTS (§§ 45-3-601 — 45-3-603) › Section 45-3-603 - Dealing with successors in interest

In the case of any investment made by an association in a real estate or other loan, in the event the ownership of the real estate or other collateral security, or any part of the real estate or other collateral security, becomes vested in a person other than the party or parties originally executing the security instrument, and if there is not an agreement in writing to the contrary, an association may, without notice to the party or parties, deal with the successor or successors in interest with reference to the mortgage and the debt thereby secured in the same manner as with the party or parties, and may forebear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereunder, without discharging or in any way affecting the original liability of the party or parties thereunder or upon the debt thereby secured.
Acts 1978, ch. 708, § 2.31; T.C.A., § 45-1431.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 7 - LOANS (§§ 45-3-701 — 45-3-707) › Section 45-3-702 - Insured or guaranteed loans

Every association may make, without regard to any loan limitations or restrictions otherwise imposed by this chapter, but nevertheless subject to any rules or regulations of the commissioner, any loan, secured or unsecured, that is insured or guaranteed in any manner and in any amount by the United States or any instrumentality thereof.
Acts 1978, ch. 708, § 2.25; T.C.A., § 45-1425.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 7 - LOANS (§§ 45-3-701 — 45-3-707) › Section 45-3-703 - Other loans

(a)
Loans Secured by Deposit Accounts or Capital Stock.
Every association has the power to make loans secured by deposit accounts with the association to the extent of the withdrawal value thereof. Unless approved in writing by the commissioner, no association shall make a loan to any person if the loan is secured in whole or in part by issued and outstanding shares of capital stock of any kind or class of the association.
(b)
Improvement Loans.
Every association has the power to make property improvement loans made pursuant to any title of the National Housing Act, as the act may be amended from time to time, and to make other loans, secured or unsecured, to homeowners and other property owners for the maintenance, repair, alteration, modernization, landscaping, improvement, including new construction, furnishing or equipping of their properties, subject to limitations, terms, and conditions that may be established by rules and regulations of the commissioner.
(c)
Mobile Home Loans.
Every association has the power to make loans made for the purpose of mobile home financing, subject to limitations and conditions prescribed by the commissioner, including, but not limited to, any limitations as to the maximum amount of all the loans by each association.
(d)
Loans Secured by Loans.
Every association has the power to make loans secured by the pledge of loans or investments of a type in which the association is authorized to invest; provided, that the loans or investments so pledged shall be subject to all requirements that would be applicable were the association to originate the loans or investments.
(e)
Other Loans.
Every association has the power to invest in other loans not specifically referred to in this section if the powers are granted to federal associations in Tennessee, in the manner that the commissioner may by rule permit.
(f)
Participation - Power to Hold and Sell Loans.
The power granted to every association to make loans pursuant to this chapter also includes the power to participate with other lenders in the making of the loans, and includes the power to hold and sell the loans at the times and upon the terms and conditions that the board of directors of each association determines.
Acts 1978, ch. 708, § 2.26; T.C.A., § 45-1426.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 7 - LOANS (§§ 45-3-701 — 45-3-707) › Section 45-3-704 - Construction lenders liability

An association that makes a loan, the proceeds of which are used or may be used by the borrower to finance the design, manufacture, construction, repair, modification, or improvement of real property for sale or lease to others, shall not be held liable to third persons for any loss or damage occasioned by any defect in the real property so designed, manufactured, constructed, repaired, modified, or improved, or for any loss or damage resulting from the failure of the borrower to use due care in the design, manufacture, construction, repair, modification, or improvement of the real property, unless the loss or damage is a result of an act of the association outside the scope of the activities of a lender of money that is tantamount to assuming direct and active responsibility for, or assuring the structural integrity of, the design, manufacture, construction, repair, modification, or improvement of the property or unless the association has been a party to misrepresentation with respect to the real property.
Acts 1978, ch. 708, § 2.27; T.C.A., § 45-1427.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 7 - LOANS (§§ 45-3-701 — 45-3-707) › Section 45-3-706 - Insurance protection for home improvement installment loans

(a)
An association in making an installment loan in excess of three hundred dollars ($300) may require a borrower to insure tangible personal property offered as security for the loan against any substantial risk of loss, damage or destruction for any amount not to exceed the actual value of the property or the approximate amount of the loan, whichever is lesser, and for a term and upon conditions that are reasonable and appropriate considering the nature of the property and maturity and other circumstances of the loan; provided, that the insurance is sold by a licensed agent, broker or solicitor, and the borrower may furnish the borrower's own insurance policy.
(b)
The association may also request as security for any loan obligation in excess of three hundred dollars ($300) insurance on the life of the borrower or one (1) of them, if there are two (2) or more. The initial amount of credit life insurance shall not exceed the total amount repayable under the total amount of the indebtedness. Not more than one (1) policy of life insurance may be written in connection with any installment loan transaction unless requested by the borrower, comaker or endorser.
(c)
In accepting any insurance provided for in this section as security for a loan, the association may deduct the premiums for the insurance from the proceeds of the loan, and remit the premiums to the insurance company writing the insurance and any gain or advantage to the association or any employee, officer, director, agent, affiliate, or associate from the insurance or its sale shall not be considered an additional or further charge or interest in connection with any loan made hereunder.
(d)
Every insurance policy or certificate written in connection with a loan transaction pursuant to this section shall provide for cancellation of coverage and a refund of the premium unearned upon the discharge of the loan obligation for which the insurance is security without prejudice to any claim existing at the time of discharge. Whenever insurance is written in connection with a loan transaction, the association shall deliver, or cause to be delivered, to the borrower a policy, certificate or other memorandum that shows the coverages and the costs of coverage, if any, to the borrower within thirty (30) days from the date of the loan.
Acts 1968, ch. 590, § 2; 1974, ch. 698, § 5; T.C.A., § 45-1414; Acts 1978, ch. 708, § 6.01; T.C.A., §§ 45-1438, 45-3-514.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 7 - LOANS (§§ 45-3-701 — 45-3-707) › Section 45-3-707 - Department to service loans - Service charge

(a)
(1)
Associations are authorized, directed, and required to provide for and maintain a department to service the loans and properties securing the loans, including among other things:
(A)
Services in reference to investigating the financial standing of applicants for loans;
(B)
The enforcement of all contractual requirements of borrowers, including insurance, maintenance, repairs, delinquencies, defaults, and continuing security; and
(C)
Taxes, assessments and other governmental levies;
(2)
(A)
In their contracts with borrowers, the associations are authorized to provide for and collect a service fee, the amount of which shall in no event exceed two and one-half percent (21/2%) per annum of the unpaid balance of the loan, to be used in defraying the expense of providing and maintaining the service department, including the portion of the association's overhead expense that is fairly incurred by and in connection with the maintenance of the department; provided, that the service fee shall be in addition to legal interest and the actual expenses incurred in making, securing, and closing the loan, and shall not be collected as interest or compensation for the use of the money loaned, but shall be used in defraying the expense of maintaining the department and in servicing the loans, as contemplated herein; and provided further, that the service fee shall not be collected from borrowers who make deposit account loans.
(B)
The service fee may be made payable in periodic installments running throughout the life of the loan or at the initial closing of the loan. Any service charge collected at the time the loan is closed may be retained regardless of when the loan is paid.
(C)
The service fee payable in periodic installments may be retained in the following manner:
(i)
If the loan is paid within one (1) year from the date same is made, the service fee may be retained or collected for the full year; or
(ii)
Where the loan is paid after the period of one (1) year, the service fee shall be retained or collected only to the date of payment.
(b)
It is the duty of the commissioner, at the time of making annual examinations of associations making real estate loans, to determine whether associations making real estate loans, as herein authorized, are charging fees in excess of the amount reasonably required to defray the expense of servicing loans and in maintaining the service department contemplated herein; and, in the event it is found that the provisions herein are being violated, it shall be the duty of the commissioner to take necessary action, under the law, to prevent the associations from continuing the illegal acts.
Acts 1978, ch. 708, § 2.30; T.C.A., § 45-1430.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-801 - Supervision of associations

Every person doing a savings and loan business under the laws of this state shall be subject to supervision by the commissioner and the regulations promulgated by the commissioner. However, any regulation promulgated by the commissioner that has not been revised or amended in more than five (5) years may be waived by the commissioner, in the commissioner's discretion, as the commissioner deems necessary or appropriate to maintain a competitive balance among state chartered savings and loan associations, state chartered savings banks, federally chartered savings and loan associations and federally chartered savings banks.
Acts 1978, ch. 708, § 3.01; T.C.A., § 45-1508; Acts 1996, ch. 768, § 27.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-802 - Books and records

Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of stockholders or members, as the case may be, and of directors. Complete records of all business transacted at the home office shall be maintained at the home office. Records of business transacted at any branch office may be kept at the branch office; provided, that control records of all business transacted at each branch office or agency shall be maintained at the home office.
Acts 1978, ch. 708, § 3.02; T.C.A., § 45-1509.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-803 - Forms - Records - Accounting practices

Every association shall use forms, and keep other records, including, but not limited to, those of its stockholders or members, that the commissioner may from time to time require. Subject to any rules or regulations promulgated by the commissioner, every association shall observe accounting principles and practices that are in accordance with generally accepted accounting principles and practices.
Acts 1978, ch. 708, § 3.03; T.C.A., § 45-1510.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-804 - Misdescription of assets

No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person or under any title or designation that is not truly descriptive of the assets.
Acts 1978, ch. 708, § 3.04; T.C.A., § 45-1511.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-805 - Charging off or setting up reserves against bad assets

The commissioner, after a determination of value, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to the overvaluation be set up by transfers from surplus, undivided profits or reserves.
Acts 1978, ch. 708, § 3.05; T.C.A., § 45-1512.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-806 - Reproduction and destruction of records

Any association may cause any or all records kept by the association to be copied or reproduced by any photostatic, photographic, or microfilming process that correctly and permanently copies, reproduces, or forms a medium for copying or reproducing the original record on a film or other durable material. In the event of the loss or destruction of the original record, the copy or reproduction shall be deemed to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification, or certified copy shall, for all purposes, be deemed a facsimile, exemplification or certified copy of the original record.
Acts 1978, ch. 708, § 3.06; T.C.A., § 45-1513.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-807 - Confidentiality of records

(a)
An association may decline to disclose its books, papers and other records, except:
(1)
Pursuant to court order or subpoena;
(2)
To the commissioner and any authorized examiners, attorneys, or other employees of the department;
(3)
To the members of the board of directors of the association; or
(4)
To the holder of a deposit account, or a member or a stockholder to the extent of records concerning the deposit holder's, member's, or stockholder's respective account only.
(b)
A stockholder may make written request for access to other books, papers, and records of the association for any proper purpose, in which event the association may request a determination from the commissioner as to whether a proper purpose exists, and the determination of the commissioner shall be conclusive.
(c)
A stockholder may include in the stockholder's written request that a communication be transmitted to the stockholders of the association, and upon payment of reasonable costs therefor, the association shall cause the communication to be transmitted to the stockholders immediately, subject to regulation by the commissioner.
Acts 1978, ch. 708, § 3.07; T.C.A., § 45-1514.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-808 - Annual audit

Each association shall at least once in each year cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner. The annual audit shall cover the twelve (12) months ending on the last day of its fiscal year, unless the commissioner prescribes a different period for any association.
Acts 1978, ch. 708, § 3.08; T.C.A., § 45-1515.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-809 - Annual report

(a)
Each association shall furnish the commissioner, annually, within ninety (90) days after the end of the period covered by the audit, or a shorter time that is prescribed by the commissioner, an annual written report, in the form prescribed by the commissioner, of its affairs and operations, which shall include a complete statement of its financial condition, certified by the president or a vice president and attested by the secretary or an assistant secretary, including two (2) signed copies of the report of the auditor showing the result of the audit, and including a balance sheet of the association as of the date of the audit and a statement of the income and expenses of the association during the year ending with the date of the audit.
(b)
The balance sheet and statement of income and expenses shall be certified by the auditor making the audit.
(c)
The commissioner may require other information in the annual report that the commissioner deems necessary to provide the commissioner with information as to all aspects of the financial condition of the association and may prescribe the scope of the annual audit, and require the auditor to furnish the commissioner with information additional to that contained in the report of the auditor.
(d)
The commissioner may also require that copies of the annual report be mailed to stockholders or members in the form and manner that the commissioner prescribes.
Acts 1978, ch. 708, § 3.09; T.C.A., § 45-1516.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-810 - Additional and special reports

(a)
Monthly Reports.
Every association shall, within ten (10) days after each calendar month, furnish the commissioner with a monthly report of the operations and financial condition of the association, in the form and containing the information that the commissioner prescribes.
(b)
Special Reports.
The commissioner may call for a special report from any association, in the form and containing the information that the commissioner prescribes.
Acts 1978, ch. 708, § 3.10; T.C.A., § 45-1517.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-811 - Financial statements

(a)
Publication.
Every association shall prepare and publish annually, on or before a date prescribed by the commissioner in a newspaper of general circulation in the county in which the home office of the association is located, a statement of its financial condition, in the form and containing the information prescribed by the commissioner as of the last business day of its previous fiscal year. It is the duty of the commissioner to see that each association has published its statement in accordance with the form prescribed, and to check the published statement, using the newspaper clipping furnished the commissioner by the association, with the annual report of the association filed with the commissioner. If the statement is not published by the association, the commissioner shall, at the expense of the association, publish the statement.
(b)
Discrepancies; Republication; Penalties.
In the event there are discrepancies in the published statement of the association and the annual report furnished to the commissioner, and if, in the opinion of the commissioner, the discrepancies are due to clerical errors, it shall be the duty of the commissioner to notify the association to publish its statement so as to conform with the annual report filed with the commissioner, and it shall be the duty of the association to make the republication. If, in the opinion of the commissioner, the discrepancies in the published statement and annual report are not due to clerical errors, it shall be the duty of the commissioner forthwith to publish a true and correct statement as shown by the annual report filed with the commissioner, stating in the publication that the published statement of the association did not conform to the annual report on file with the commissioner, and it shall be the duty of the association to pay the cost and expenses of the publication by the commissioner. Any association that fails or refuses to pay the cost and expenses of the publication by the commissioner of any statement of the association made pursuant to the requirements of this section, shall forfeit to the state one hundred dollars ($100), in addition to the costs and expenses of the publication, which sum the commissioner shall sue for and recover in the name of the state in any court having jurisdiction.
Acts 1978, ch. 708, § 3.11; T.C.A., § 45-1518.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-813 - Commissioner authorized to have appraisals made at expense of association

The commissioner is authorized, in connection with any examination or audit of any association, to cause to be made appraisals of real estate owned or held by the association as security or otherwise when specific facts or information with respect to the real estate, or when in the commissioner's opinion the association's policies, practices, operating results, and trends, give evidence that an association's appraisals may be excessive, that lending or investment may be of a marginal nature, that appraisal policies and practices may not conform with generally accepted and established professional standards, or that real estate held by the association for any purpose is overvalued. In lieu of causing the appraisals to be made, the commissioner may accept any appraisal caused to be made by the federal home loan bank board, or by the federal savings and loan insurance corporation or other insuring agency approved by the commissioner under this chapter. Unless otherwise ordered by the commissioner, appraisal of real estate in connection with any examination or audit pursuant to this section shall be made by a professional appraiser or appraisers selected by the commissioner, and the cost of the appraisal shall be paid promptly by the association directly to the appraiser or appraisers upon receipt by the association of a statement of the cost bearing the written approval of the commissioner. A copy of the report of each appraisal caused to be made by the commissioner pursuant to this section shall be furnished to the association within a reasonable time, not to exceed sixty (60) days following the completion of the appraisals, and may be furnished to the insuring agency.
Acts 1978, ch. 708, § 3.13; T.C.A., § 45-1520.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-814 - Disclosure of information - Reports as evidence

(a)
Disclosure of Information.
The information obtained by the commissioner or any examiner in making an examination into the affairs of the association shall be for the purpose of ascertaining the true condition of the affairs of the association, and shall not be disclosed by the party making the examination to any person, except that the examiner shall make a report of the condition of the affairs of the association ascertained from the examination to the commissioner and except that the commissioner may take action as a result of the report as provided by this chapter. The commissioner may in the commissioner's discretion disclose reports of examination to other state financial institutions regulatory agencies.
(b)
Unlawful Disclosure.
It is unlawful for the commissioner or any examiner, attorney or other employee of the department to make or report to any person any list of names of the depositors, debtors, or stockholders of any association, or to disclose to any person information as to who are the depositors, debtors, or stockholders or the amounts of the several deposits, debts or shares of stock owned by any stockholder, except as provided by this chapter.
(c)
Reports as Evidence.
In the event the commissioner takes possession of the business and affairs of any association as authorized by this chapter, the report of the commissioner, or examiner relating to the association on file in the office of the commissioner, may be used in any court, either by the commissioner or examiner or by the association, as evidence to the extent that the same is competent as evidence, or as an aid in arriving at the true condition of the association.
Acts 1978, ch. 708, § 3.14; T.C.A., § 45-1521; Acts 1986, ch. 556, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-815 - Access to records - Summons - Oaths and examination of witnesses

The commissioner and any authorized examiners, attorneys, or other employees of the department shall have free access to all books, papers, and other records of an association, and to all books, papers, and other records kept by any officer, agent, or employee, relating to or upon which any records of its business were kept, and may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents, or employees of the association, service organization, or any other person in relation to its affairs, transactions, and condition, and may require and compel the production of records, books, papers, contracts, or other documents by court order, if not voluntarily produced.
Acts 1978, ch. 708, § 3.15; T.C.A., § 45-1522.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-816 - Additional supervisory powers

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