reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1105 - Amendments to articles

(a)
Amendments to the articles, adopted by a vote of two-thirds (2/3) of the number of member credit unions present at an annual meeting or a special meeting called for that purpose, shall be filed with the commissioner and, if approved by the commissioner, shall become effective upon being filed in the same manner as the original articles.
(b)
Any credit union that becomes a member of the corporation under §
45-4-1107(c) or (d)
shall be entitled to vote on any proposed amendments arising after the credit union becomes a member, and the credit unions present shall be included when ascertaining whether the requisite two-thirds (2/3) vote of the proposed amendment has been met.
Acts 1974, ch. 577, § 5; T.C.A., § 45-1839; Acts 1983, ch. 93, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1106 - Bylaws

(a)
The credit unions that adopt the articles of incorporation under §
45-4-1101
shall also subscribe and submit to the commissioner of financial institutions for approval, the initial bylaws under which the corporation shall operate.
(b)
The bylaws may be amended at any regular meeting of the directors, or special meeting of the directors called for that purpose, by a vote of two-thirds (2/3) of the entire board.
Acts 1974, ch. 577, § 6; T.C.A., § 45-1840; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1109 - Administrative fees

(a)
(1)
A regular annual administrative fee, not to exceed one percent (1%) of the member credit union's shares, accounts and certificates, shall be levied by the corporation. The corporation may raise, lower or waive the annual administrative fee when the corporation and the commissioner of financial institutions agree that the total funds of the corporation justify or require the change.
(2)
At the option of the board of directors of the corporation, the corporation may exclude from its calculation of the administrative fee required by subsection (a) the shareholdings and deposits of shareholders and depositors of member credit unions that either are not protected or guaranteed by the corporation or that are in excess of the primary amount of loss to be protected or guaranteed by the corporation pursuant to §
45-4-1102(1)
.
(b)
The corporation may return to its member credit unions or credit against future annual administrative fees that portion of annual administrative fees paid into the corporation by its members in excess of the corporation's requirements for administrative expenses, losses, loss provisions, retained earnings and reserves. The return or credit of excessive administrative fees may be made by the corporation in accordance with risk rating categories established by the board of directors, or as a proportional part of the administrative fee paid, as the board of directors may deem appropriate.
(c)
(1)
The basis for calculating the administrative fee due the ensuing year shall be the member credit union's shares, accounts and certificates as of either:
(A)
December 31; or
(B)
The date, if different, upon which the member credit union's fiscal year ends.
(2)
The corporation shall determine, as to each member credit union, which of the dates specified in subdivision (c)(1) shall be used to calculate the member credit union's administrative fee. The corporation shall additionally determine the date the annual administrative fee is due and payable.
Acts 1974, ch. 577, § 9; 1976, ch. 705, § 1; 1978, ch. 553, §§ 2, 4; T.C.A., § 45-1843; Acts 1981, ch. 89, § 3; 1982, ch. 603, §§ 3, 4; 1984, ch. 715, §§ 5-7; 1985, ch. 18, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1110 - Directors

(a)
The corporation's business shall be conducted by the incorporators who shall serve until the organizational meeting of the corporation, at which time directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the corporation's business shall be conducted by the directors.
(b)
Directors shall not be compensated for their services as directors, but may be reimbursed for reasonable expenses in connection with corporation business.
Acts 1974, ch. 577, § 10; T.C.A., § 45-1844.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1111 - Supervision of corporation

(a)
The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner. A copy of the annual examination report shall be transmitted as soon as practicable to the corporation and to the supervisory agency of each jurisdiction of which one (1) or more credit unions have become members under §
45-4-1107(c) or (d)
, and the latter also shall be entitled to further information reasonably necessary in connection with the examination.
(b)
The corporation shall not be subject to regulation or control by the department of commerce and insurance, and the statutes of the state governing the operation of insurance companies, including, but not limited to, title 56, shall not be applicable to the corporation.
(c)
Nothing in this part shall create any liability upon the state for the payment of any funds to any member credit union by reason of the acts or omissions of the corporation created hereunder, nor shall the state be required to pay any loss to any member credit union in the event the corporation shall be unable to pay the loss.
Acts 1974, ch. 577, § 11; T.C.A., § 45-1845; Acts 1983, ch. 93, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1112 - Examination of credit unions by corporation - Effect of failure to pay assessments

(a)
The commissioner of financial institutions shall promptly forward to the corporation copies of all examination reports of all member credit unions. The cost of furnishing these copies shall be paid by the corporation.
(b)
The corporation, in addition, may require independent audits and investigations of any member credit union in order to learn of the financial condition of the credit union as it relates to share insurance. The audits shall be at the corporation's expense; provided, that the member credit union shall pay the expense of an annual audit as required by the corporation; provided, that the foregoing proviso shall not conflict with the rules of the commissioner.
(c)
If the corporation ascertains evidence of carelessness, unsound practices or mismanagement of any member credit union that appears to adversely affect the solvency or liquidity of the credit union or threaten undue loss to the corporation, the corporation may order that corrective actions be taken, or after due notice and hearing, as provided in the bylaws, revoke the credit union's membership in the corporation. The corporation may also recommend to the commissioner or the supervisory agency of the state of each credit union that becomes a member under §
45-4-1107(c) or (d)
, that the credit union be liquidated.
(d)
If any member credit union fails to pay any assessment lawfully required under this part, the corporation shall notify the commissioner or the supervisory agency of the state of each credit union that becomes a member under §
45-4-1107(c) or (d)
, and the commissioner or the supervisory agency shall forthwith notify the credit union in writing. The failure of the credit union to make the payment within fifteen (15) days after the written notice may subject the credit union to the sanctions set forth in subsection (c).
Acts 1974, ch. 577, § 12; T.C.A., § 45-1846; Acts 1981, ch. 89, § 4; 1983, ch. 93, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1113 - Administrative review

(a)
If a Tennessee credit union is aggrieved by a decision or order of the corporation or the commissioner, or if the corporation is aggrieved by a decision or order of the commissioner or of a supervisory agency, the Tennessee credit union or corporation shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review by the Tennessee credit union board of appeals, which may stay enforcement of the decisions or orders pending administrative review.
(b)
The Tennessee credit union board of appeals shall consist of three (3) members: the commissioner or the commissioner's appointee; one (1) appointee of the corporation; and one (1) appointee of the attorney general and reporter. Directors, officers, and employees of the corporation shall be ineligible to serve on the Tennessee credit union board of appeals. The Tennessee credit union board of appeals shall enact reasonable bylaws and rules of procedure necessary to provide for administrative review.
(c)
(1)
Judicial review of decisions or orders of the corporation shall not be available unless the aggrieved party has sought administrative review under this section, and a final decision has been made by the credit union board of appeals.
(2)
Any action for judicial review shall be pursuant to §
27-8-101
solely upon the record of the board of appeals and shall be brought in a court of general or equity jurisdiction, without the intervention of a jury, within six (6) months after the date of final decision of the credit union board of appeals, and shall be brought only in Hamilton County.
Acts 1974, ch. 577, § 13; T.C.A., § 45-1847; Acts 1986, ch. 558, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 11 - SHARE INSURANCE CORPORATION (§§ 45-4-1101 — 45-4-1114) › Section 45-4-1114 - Exemption from taxation

The corporation is declared to be performing a public function on behalf of those citizens of the state whose shares and deposits, with respect to which the corporation is organized, are to be protected and to be a public instrumentality of the state of Tennessee for those purposes. Accordingly, the corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom, and all notes, bonds, debentures and other obligations issued by it, and the income therefrom shall be exempt from all taxation in the state of Tennessee. Also, for purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment thereto or substitution therefor, notes, bonds, debentures and other obligations issued by the corporation shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state of Tennessee.
Acts 1974, ch. 577, § 14; T.C.A., § 45-1848.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1201 - Corporation created - Articles of incorporation

(a)
There is created the volunteer corporate credit union, a nonprofit membership public corporation, sometimes referred to as "the corporation" in this part.
(b)
The corporation shall begin operations at any time within three (3) months after March 26, 1981, upon the adoption of articles of incorporation by the duly authorized representatives of not less than fifteen (15) credit unions chartered and existing under the laws of Tennessee. The articles of incorporation shall be subject to the approval of the commissioner, shall be filed with the secretary of state and with the commissioner of financial institutions, and shall be recorded in the register's office of Hamilton County.
Acts 1981, ch. 76, § 1; 1983, ch. 94, § 1; impl. am. 1983, ch. 216, §§ 1-9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1202 - Purposes

The general purposes of the corporation are to:
(1)
Aid and assist its member credit unions in providing needed service functions;
(2)
Provide a source for liquidity management;
(3)
Provide financial, custodial and related services for credit unions; associations of credit unions; and corporations, organizations or agencies owned or operated by a credit union or credit unions; and
(4)
Provide management for mergers and joint ventures and for other credit unions.
Acts 1981, ch. 76, § 2; 1984, ch. 714, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1204 - Use of name exclusive

This corporation shall have the sole right to use the names "volunteer state corporate central credit union," "Volunteer Corporate Credit Union" and "VolCorp."
Acts 1981, ch. 76, § 4; 1995, ch. 23, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1205 - Amendments to articles of incorporation

Amendments to the articles, adopted by a vote of two-thirds (2/3) of the number of member credit unions who own shares, shall be filed with the commissioner, and if the commissioner approves the amendments, shall become effective upon being filed in the same manner as the original articles.
Acts 1981, ch. 76, § 5; 1995, ch. 23, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1206 - Bylaws

(a)
The credit unions that adopt the articles of incorporation under §
45-4-1201
shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate.
(b)
The bylaws may be amended at any regular meeting of the directors, or at a special meeting of the directors called for that purpose by vote of two-thirds (2/3) of the entire board.
Acts 1981, ch. 76, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1207 - Membership - State credit unions, federal credit unions and foreign credit unions

Any credit union legally chartered under federal law or chartered under the laws of any state may become a member of the corporation, in accordance with provisions of this part and the bylaws, rules and regulations adopted for carrying out the purposes of this part.
Acts 1981, ch. 76, § 7; 1995, ch. 23, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1208 - Primary shares - Dividends - Withdrawing credit unions

On July 1, 1995, primary shares of the corporation shall automatically be converted to membership shares of the corporation.
Acts 1981, ch. 76, § 8; 1983, ch. 94, §§ 2, 3; impl. am. 1983, ch. 216, §§ 1-9; 1987, ch. 100, § 4; 1995, ch. 23, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1209 - Directors

The corporation's business shall be conducted by the directors, who shall be elected pursuant to the terms, conditions and provisions of the corporation's bylaws.
Acts 1981, ch. 76, § 9; 1985, ch. 16, §§ 1, 2; 1986, ch. 558, § 5; 1995, ch. 23, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1210 - Supervision by commissioner of financial institutions - Fee

(a)
The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and an annual examination by the commissioner of financial institutions.
(b)
The corporation shall pay an annual supervision fee equal in amount to one-half (1/2) of the fee calculated to be due in accordance with §
45-4-1002(c)
from a noncorporate credit union having assets equal in amount to the corporation.
Amended by 2015 Tenn. Acts, ch. 241, s 2, eff. 4/24/2015.
Acts 1981, ch. 76, § 10; 1984, ch. 714, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1211 - Tax status of corporation - Status of its bonds and other obligations

(a)
The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state.
(b)
Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment thereto or substitution therefor, notes, bonds, debentures and other obligations issued by the corporation shall be deemed to be securities issued by a state-chartered credit union as more specifically defined in §
48-1-103(a)(5)
.
Acts 1981, ch. 76, § 11.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1212 - Exemption from share and deposit insurance

The corporation shall be exempt from the requirements of §
45-4-505
relating to insurance of its shares and deposits.
Acts 1981, ch. 76, § 12.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 12 - VOLUNTEER CORPORATE CREDIT UNION (§§ 45-4-1201 — 45-4-1213) › Section 45-4-1213 - Exemption from annual meetings and reserves

The corporation shall be exempt from the requirements applicable to noncorporate credit unions relating to the date of its annual meetings and reserves.
Acts 1983, ch. 94, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 19 - MISCELLANEOUS PROVISIONS (§§ 45-4-1901 — 45-4-1904) › Section 45-4-1901 - Bureau of information maintained by commissioner of financial institutions

It is the duty of the commissioner to:
(1)
Organize and conduct a bureau of information in regard to credit unions and maintain an educational campaign in the state, looking to the promotion and organization of credit unions; and
(2)
Upon application of three (3) persons, residing in the state, furnish without cost printed information and blank forms that may be necessary for the formation and establishment of any local credit union in the state and, upon written request of seven (7) residents of the state, expressing a desire to form a local credit union in their particular locality, proceed as promptly as convenient to the locality and to advise and assist the organizers to perfect their organization and to submit to the commissioner their recommendations in the matter of incorporating the credit union in question.
Acts 1923, ch. 68, § 9; Shan. Supp. § 2198a14; Code 1932, § 3842; Acts 1967, ch. 227, § 1; Acts 1973, ch. 294, § 6; T.C.A. (orig. ed.), §§ 45-1801, 45-4-1201.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 19 - MISCELLANEOUS PROVISIONS (§§ 45-4-1901 — 45-4-1904) › Section 45-4-1902 - Conversion of state credit union into federal credit union

A state credit union may be converted into a federal credit union by complying with the following requirements:
(1)
A majority of the directors of the state credit union shall first approve the proposition for conversion and the date set for a vote by the members of the state credit union either at a regular meeting or by written ballot to be filed before the date set for the vote. Written notice of the proposition and of the date set for the vote shall then be delivered in person to each member, or mailed to each member at the address for the member appearing on the records of the credit union, not more than thirty (30) nor less than seven (7) days prior to the date. Approval of the proposition for conversion shall be by the affirmative vote of a majority of the members who vote on the proposal. The written notice of the proposition shall in boldfaced type state the issue that will be decided by a majority of the members who vote;
(2)
A statement of the results of the vote, verified by the affidavits of the president or vice president and of the secretary, shall be filed with the commissioner of financial institutions within ten (10) days after the vote is taken;
(3)
Promptly after the vote is taken and in no event later than ninety (90) days thereafter, if the proposition for conversion was approved by the vote, the credit union shall take action that may be necessary under the federal Credit Union Act to make it a federal credit union, and within ten (10) days after receipt of the federal credit union charter, there shall be filed with the commissioner a copy of the charter thus issued. Upon filing, the credit union shall cease to be a state credit union; and
(4)
Upon ceasing to be a state credit union, the credit union shall no longer be subject to this chapter. The successor federal credit union shall be vested with all the assets and shall continue to be responsible for all the obligations of the state credit union to the same extent as though the conversion had not taken place.
Acts 1963, ch. 31, § 1; 1973, ch. 294, § 6; 1978, ch. 633, § 1; 1979, ch. 86, § 10; T.C.A., §§ 45-1831, 45-4-1202; Acts 1993, ch. 56, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 4 - CREDIT UNIONS (§§ 45-4-101 — 45-4-1904) › Part 19 - MISCELLANEOUS PROVISIONS (§§ 45-4-1901 — 45-4-1904) › Section 45-4-1903 - Conversion of federal credit union into state credit union

A federal credit union, organized under the federal Credit Union Act, may be converted into a state credit union by:
(1)
Complying with all federal requirements requisite to enabling it to convert to a state credit union or cease being a federal credit union;
(2)
Filing with the commissioner proof of compliance, satisfactory to the commissioner;
(3)
Filing with the commissioner the articles of incorporation and bylaws required by state credit unions; and
(4)
The commissioner, when satisfied that all of the requirements, and all other requirements of the state Credit Union Act have been complied with, shall issue a certificate of approval of the charter of incorporation and of the bylaws. Upon approval, the federal credit union shall become a state credit union as of the date it ceases to be a federal credit union. The state credit union shall be vested with all of the assets and shall continue to be responsible for all of the obligations of the federal credit union to the same extent as though the conversion had not taken place.
Acts 1963, ch. 31, § 2; 1973, ch. 294, § 6; T.C.A., §§ 45-1832, 45-4-1203.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-101 - Purpose and construction

(a)
This chapter is adopted for the purpose of revising and restating the Industrial Loan and Thrift Companies Act, to the end that the people of this state may have available the facilities and resources of regulated lending institutions to meet their needs for loans at rates and charges reasonably commensurate with economic realities.
(b)
This chapter shall be liberally construed to effectuate its declared purpose, and to that end, no charge authorized under this chapter shall be construed as interest or a loan charge that is not defined and denominated as such.
(c)
The procedural provisions of this chapter shall be construed in pari materia with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to the end that all proceedings under this chapter to which the Uniform Administrative Procedures Act applies shall be governed by the Uniform Administrative Procedures Act, with this chapter construed as supplemental thereto. Only where there is an express conflict shall this chapter be deemed to control.
Acts 1979, ch. 204, § 25; T.C.A., § 45-2025.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-103 - Requirement of registration

(a)
Except as otherwise provided by this chapter, no person shall engage in business as an industrial loan and thrift company or industrial bank or industrial investment company without obtaining from the commissioner a certificate of registration as herein provided.
(b)
A separate certificate of registration shall be required for each office or other place from which the business is conducted. However, loans secured by real property are not required to be closed at an office where the registrant making the loan is registered; but the loans may be closed at the office of any attorney at law licensed to practice in Tennessee or at the office of a title insurance company or title insurance agency licensed to do business in Tennessee; provided, that the closing location is within this state and within one hundred (100) miles of any registered office of the registrant making the loan.
Acts 1979, ch. 204, § 2; T.C.A., § 45-2002; Acts 1983, ch. 274, § 9; 1993, ch. 133, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-104 - Scope of chapter

This chapter applies only to persons engaged in business as industrial loan and thrift companies or industrial banks or industrial investment companies. Neither the requirement of registration nor any other provision of this chapter shall apply to any state or national bank, other than industrial banks, any state or federal savings and loan association, any state or federal credit union, any insurance company, or any other person engaged in the business of making loans whose activities in so doing are subject to supervision and regulation by a state or federal administrative agency; nor shall the requirement of registration or any other provision of this chapter apply to licensed pawnbrokers, or to any person engaged in the sale of goods or services as a licensed pawnbroker.
Acts 1979, ch. 204, § 3; T.C.A., § 45-2003; Acts 1983, ch. 274, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-105 - Persons registered under former law

Any person holding a certificate of registration under this chapter as of May 16, 1983, shall be deemed, as of that date, to be registered as an industrial loan and thrift company hereunder, without the necessity of reapplying or paying any additional fees.
Acts 1979, ch. 204, § 24; T.C.A., § 45-2024; Acts 1983, ch. 274, § 11.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-106 - Violation of provisions a misdemeanor - Penalty

Any person who willfully violates this chapter commits a Class C misdemeanor.
Acts 1979, ch. 204, § 23; T.C.A., § 45-2023; Acts 1989, ch. 591, § 113.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 1 - GENERAL PROVISIONS (§§ 45-5-101 — 45-5-107) › Section 45-5-107 - Delegation to industrial loan and thrift companies division

The commissioner may by order delegate the powers and duties under this chapter to the assistant commissioner for the industrial loan and thrift companies division that are appropriate for the effective administration of this chapter.
Acts 1983, ch. 274, § 12.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-201 - General qualifications for registration

(a)
In order to qualify for registration as an industrial loan and thrift company, a person must:
(1)
Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2)
If a natural person or a partnership, have a net worth of at least twenty-five thousand dollars ($25,000) for each office or place of business to be registered;
(3)
If a corporation, be either:
(A)
Organized under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, to transact business as an industrial loan and thrift company; or
(B)
Organized and existing under the laws of some other jurisdiction, holding a certificate of authority to transact business in this state from the secretary of state under the Tennessee Business Corporation Act and authorized to transact business as an industrial loan and thrift company or to engage in a similar business in the jurisdiction of its incorporation; and
(4)
Whether foreign or domestic, have a total stated capital and surplus of at least twenty-five thousand dollars ($25,000) for each certificate of registration.
(b)
In order to qualify for registration as an industrial investment company or industrial bank, a person must:
(1)
Demonstrate experience, character and general fitness as to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly;
(2)
Have a capital structure in accordance with §
45-5-603
;
(3)
Be organized under the Tennessee Business Corporation Act to transact business as an industrial bank or industrial investment company, as the case may be;
(4)
Have a name that does not include the word "bank" or any word deceptively similar thereto; and
(5)
Comply with the requirements of part 6 of this chapter.
Acts 1979, ch. 204, § 4; T.C.A., § 45-2004; Acts 1983, ch. 274, § 13; 1994, ch. 551, § 19.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-203 - Expiration of registration certificates - Renewal - Fees - Evidence that surety bond adjusted - Continuing education and testing - Biennial registration

(a)
A certificate of registration issued pursuant to this chapter expires on December 31. A certificate of registration may be renewed for the ensuing twelve-month period upon application by the registrant showing continued compliance with the requirements of §
45-5-201
and payment of the nonrefundable supervision fee, as provided in §
45-1-118(i)
. A registrant making timely and complete application and payment for renewal of its certificate of registration may continue to operate under its existing certificate of registration until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee must be sent to the department on or before December 31, but no earlier than November 1, of each year.
(b)
A registrant submitting an application for renewal of a certificate of registration expiring on March 31, 2018, must pay the supervision fee as provided in §
45-1-118(i)
. The completed renewal application and payment must be sent to the department on or before March 1, 2018. A renewal certificate of registration with a beginning effective date of April 1, 2018, expires on December 31, 2018.
(c)
As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the registrant shall file with its renewal application evidence that its surety bond is adjusted in accordance with §
45-5-202(c)
.
(d)
As a condition of renewal of a certificate of registration for a registrant that makes or proposes to make residential mortgage loans, the commissioner may adopt rules to require that any of the individuals identified pursuant to §
45-5-202(e)
successfully complete continuing education course requirements. The rules pertaining to continuing education requirements, as well as those pertaining to any testing or education requirements, or both, under §
45-5-202
, may include criteria for content, accreditation of sponsors and programs, computation of credit, special cases and exemptions, general compliance procedures and sanctions for noncompliance.
(e)
The commissioner may establish a biennial registration arrangement for the filing of the application for renewal of the certificate of registration, but in no case shall the supervision fee be payable for more than one (1) year at a time.
Amended by 2017 Tenn. Acts, ch. 122,Sec.s3, eff. 7/1/2017 and s 2 eff. 4/1/2018.
Amended by 2014 Tenn. Acts, ch. 736,s 4, eff. 7/1/2015.
Acts 1979, ch. 204, § 6; T.C.A., § 45-2006; Acts 1984, ch. 698, § 2; 2001, ch. 165, § 5; 2009, ch. 499, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-204 - Denial of applications for registration

(a)
If the commissioner determines that an applicant is not qualified to receive a certificate of registration, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b)
If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the certificate of registration should be granted.
(c)
The hearing shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a certificate of registration shall be on the applicant. Decisions of the commissioner on the hearings shall be subject to review under the Uniform Administrative Procedures Act.
Acts 1979, ch. 204, § 7; T.C.A., § 45-2007.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-205 - Suspension or revocation of certificates of registration

(a)
The commissioner may, after notice and opportunity for a hearing, suspend or revoke any certificate of registration if the commissioner finds that the registrant has knowingly or without exercising due care:
(1)
Failed to pay any fees or assessments imposed by the commissioner under the authority of this chapter; or
(2)
Violated any provision of this chapter or of any rule or regulation issued under this chapter.
(b)
A hearing shall be held on twenty (20) days' notice, in writing, setting forth the time and place and a concise statement of the facts alleged to sustain a suspension or revocation, which hearing shall be full, fair and public. The suspension or revocation and its effective date shall be set forth in a written order accompanied by conclusions of law, findings of fact and the reasons for the suspension or revocation, and a copy shall forthwith be delivered to the registrant. The order, findings, conclusions and any transcript of the evidence considered by the commissioner shall be filed with the public records of the department of financial institutions.
(c)
If a registrant operates more than one (1) office, any suspension or revocation of its certificate of registration shall be directed only against the office or offices that the commissioner may find in violation of this chapter.
(d)
Suspension or revocation of a certificate of registration shall not affect the validity of any existing loan contracts made under this chapter, or the validity of any investment certificates or thrift certificates issued in accordance with this chapter.
Amended by 2014 Tenn. Acts, ch. 736,s 5, eff. 7/1/2015.
Acts 1979, ch. 204, § 19; T.C.A., § 45-2019; Acts 1983, ch. 274, § 14; 2001, ch. 165, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-206 - Lost certificates of registration - Substitutions

In the event that a certificate of registration issued under this chapter is lost or destroyed, the person to whom the certificate of registration was issued may, upon payment of a fee prescribed by the commissioner, obtain a substitute certificate of registration, upon furnishing proof satisfactory to the commissioner that the certificate of registration has become lost or destroyed.
Acts 2004, ch. 747, § 11.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-208 - Multi-state automated licensing system

(a)
In addition to any other powers imposed upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be registered through a multi-state automated licensing system. Pursuant to this authority, the commissioner may:
(1)
Promulgate any rules reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system;
(2)
Establish relationships or enter into agreements reasonably necessary for participation in, transition to, or operation of a multi-state automated licensing system. The agreements may include, but are not limited to, operating agreements, information sharing agreements, interstate cooperative agreements, and technology licensing agreements;
(3)
Require that applications for registration under this chapter and renewals of such registrations be filed with a multi-state automated licensing system;
(4)
Require that any fees required to be paid under this chapter be paid through a multi-state automated licensing system;
(5)
Establish deadlines for transitioning registrations to a multi-state automated licensing system. The commissioner may deny any applications or renewal applications not filed with a multi-state automated licensing system after the deadlines have passed, notwithstanding any other deadlines established elsewhere in this chapter. The commissioner shall provide reasonable notice of any transition deadlines to registrants; and
(6)
Take such further actions as are reasonably necessary to give effect to this section.
(b)
Nothing in this section authorizes the commissioner to require a person who is not subject to this chapter to submit information to, or participate in, a multi-state automated licensing system.
(c)
Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to register persons under this chapter and to enforce this chapter. Nothing in this section reduces or derogates that authority and discretion.
(d)
Applicants for and holders of registrations issued under this chapter must pay all costs associated with submitting an application or transitioning a registration to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any registration issued by the commissioner on a multi-state automated licensing system.
Added by 2017 Tenn. Acts, ch. 122,s 4, eff. 7/1/2017.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 2 - REGISTRATION OF COMPANIES (§§ 45-5-201 — 45-5-209) › Section 45-5-209 - Privacy or confidentiality of shared information

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1)
The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, continue to apply to the information or material after it has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with consumer finance industry oversight authority without the loss of privilege or confidentiality protections provided by federal or state law, including the protection available under §
45-1-120
;
(2)
For purposes of subdivision (1), the commissioner may enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies, as established by rule, regulation, or order of the commissioner;
(3)
Information or material that is subject to a privilege or confidentiality protection under subdivision (1) is not subject to:
(A)
Disclosure under any federal or state law governing disclosure to the public of information held by an officer or agency of the federal government or the respective state; or
(B)
Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless the person to whom such information or material pertains, in the person's discretion, waives any applicable privilege held by a multi-state automated licensing system, in whole or in part;
(4)
This section supersedes any inconsistent provisions of title 10, chapter 7, part 5, pertaining to the records open to public inspection; and
(5)
This section does not apply to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public.
Added by 2017 Tenn. Acts, ch. 122,s 4, eff. 7/1/2017.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 3 - POWERS OF REGISTERED COMPANIES (§§ 45-5-301 — 45-5-305) › Section 45-5-303 - Names used by registrants - Rules governing advertisements

(a)
Every registrant under this chapter may use the words "industrial loan and thrift company" or any part of those words in its corporate name. It is unlawful for any registrant organized after July 1, 1968, and qualified under this chapter, to use as a part of its company name the words "savings and loan." Each company organized prior to July 1, 1968, and using such words as part of its corporate name, as a condition precedent to its registration or reregistration under this chapter, shall agree to include with each use of its corporate name in advertising the issuance and sale of certificates of investment, in lettering at least two-thirds (2/3) the size of the lettering in its name and directly beneath its name so as to be plainly visible, the following addendum: "not federally insured."
(b)
Nothing in this chapter shall be construed to deny the use or alteration of any name of any company registered under the former Industrial Loan and Thrift Companies Act on July 1, 1979.
(c)
The commissioner is authorized and directed to adopt rules governing the advertisements of registrants under this chapter in order to prevent confusion as to the different categories of registrants under this chapter and between the registrants and other financial institutions.
Acts 1979, ch. 204, § 14; T.C.A., § 45-2014; Acts 1983, ch. 274, § 17; 1989, ch. 591, § 113.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 5 - INDUSTRIAL LOAN AND THRIFT COMPANIES (§§ 45-5-101 — 45-5-612) › Part 3 - POWERS OF REGISTERED COMPANIES (§§ 45-5-301 — 45-5-305) › Section 45-5-304 - Investment certificates

(a)
A registrant shall not issue investment certificates until:
(1)
The registrant has qualified as an industrial investment company and furnishes evidence to the commissioner that it meets the capital requirements specified in §
45-5-603
;
(2)
The registrant gives notice to the commissioner that the registrant intends to issue investment certificates, which notice shall specify the number and total dollar amount of certificates to be offered and the terms of the offering;
(3)
The registrant files the forms, documents, and receipts to be used by the registrant with the commissioner; and
(4)
The registrant furnishes proof that the offering and sale of the investment certificates is covered by an effective registration under the Tennessee Securities Act, compiled in title 48, chapter 1, part 1, or that the securities division of the department of commerce and insurance has reviewed the proposed offering and determined that it is exempt from registration.
(b)
A registrant may use the forms, documents and receipts that have been filed with the commissioner until the commissioner gives the registrant notice that they do not meet the requirements of this chapter or that the registrant has not complied with other applicable laws.
(c)
Each investment certificate shall have printed thereon in at least ten-point bold-face type the following: "not federally insured."
(d)
Except with the prior written approval of the commissioner, a registrant shall use the proceeds from the issuance and sale of investment certificates only in the conduct of its business.
(e)
A registrant shall not use the terms "banking hours," "banking room," or other similar banking terms in connection with advertising the issuance and sale of investment certificates. Each piece of the advertisement shall bear the full name of the registrant.
Acts 1979, ch. 204, § 15; T.C.A., § 45-2015; Acts 1983, ch. 274, § 18.