reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 4 - PROHIBITIONS AND ENFORCEMENT (§§ 45-13-401 — 45-13-407) › Section 45-13-402 - False or misleading advertising unlawful - Exceptions

It is unlawful for any person to place or cause to be placed any false or misleading advertising matter pertaining to mortgage loans or the availability of mortgage loans; provided, that this section shall not apply to the owner, publisher, operator or employees of any publication or radio or television station that disseminates the advertising matter.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 4 - PROHIBITIONS AND ENFORCEMENT (§§ 45-13-401 — 45-13-407) › Section 45-13-403 - Payments to contractor from proceeds of mortgage loan for home improvement

(a)
A licensed mortgage lender or mortgage loan broker shall not make any payments to a contractor or home improvement contractor from proceeds of a mortgage loan for home improvement other than:
(1)
In the form of an instrument that is payable to the borrower or jointly to the borrower and the contractor or home improvement contractor; or
(2)
At the election of the borrower by a third-party escrow agent in accordance with terms established in a written agreement signed by the borrower, the licensee and the contractor or home improvement contractor prior to the date of payment.
(b)
A licensed mortgage lender or mortgage loan broker shall not permit a contractor or home improvement contractor to be a cosigner or to act as a guarantor for a mortgage loan for home improvement.
(c)
As used in this section, "mortgage loan for home improvement" means a consumer credit mortgage loan transaction involving property located within this state regardless of the amount of the loan.
(d)
The commissioner is authorized to impose a civil penalty in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation of this section after notice and opportunity for a hearing.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 4 - PROHIBITIONS AND ENFORCEMENT (§§ 45-13-401 — 45-13-407) › Section 45-13-405 - Violations - Cease and desist orders - Penalties

(a)
If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions:
(1)
Order the person to cease and desist violating this chapter or any administrative rule issued pursuant to this chapter;
(2)
Require the refund of any interest, fees or charges collected by the person in violation of this chapter or any administrative rule issued pursuant to this chapter;
(3)
Order the person to pay the commissioner a civil monetary penalty of not more than ten thousand dollars ($10,000) for each violation of this chapter or administrative rule issued pursuant to this chapter; or
(4)
Suspend or revoke any license issued under this chapter.
(b)
For any violation of this chapter, the commissioner may deny an application for licensure or refuse to renew a license issued under this chapter. The commissioner may also, after notice and opportunity for a hearing, suspend or revoke any license issued under this chapter for failure to maintain the requirements for licensure.
(c)
When a licensee is accused of any act, omission or misconduct that would subject the licensee to disciplinary action, the licensee, with the consent and approval of the commissioner, may surrender the license and all the rights and privileges pertaining to it for a period of time established by the commissioner. A person who surrenders a license shall not be eligible for or submit any application for a license under this chapter for a period of time established by the commissioner.
(d)
A licensee is subject to disciplinary action if any officer, director, person owning twenty-five percent (25%) or more of the licensee's outstanding capital, member, partner, managing principal, branch manager, mortgage loan originator, employee or any other person who acts on behalf of the licensee violates this chapter.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 4 - PROHIBITIONS AND ENFORCEMENT (§§ 45-13-401 — 45-13-407) › Section 45-13-406 - Consent orders

(a)
The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that this chapter or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated this chapter or any rule, regulation or order promulgated or issued under this chapter.
(b)
Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c)
In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter by issuing a temporary emergency order without providing the opportunity for a prior hearing. In such cases, the commissioner shall promptly afford a subsequent hearing upon an application to rescind the emergency order that is filed with the commissioner within twenty (20) days after receipt of the notice of the commissioner's emergency action. If no such appeal is timely filed, the temporary emergency order of the commissioner shall become final.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 4 - PROHIBITIONS AND ENFORCEMENT (§§ 45-13-401 — 45-13-407) › Section 45-13-407 - Censure, suspension, or bar from industry

(a)
If the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, suspend or bar a person from any position of management, control, employment or providing services for any licensee, registrant or other person subject to the commissioner's jurisdiction, if the commissioner finds that:
(1)
The censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule, regulation or order of the commissioner; or
(2)
The person has been:
(A)
Convicted of or pled guilty to or pled nolo contendere to any crime; or
(B)
Held liable in any civil action by final judgment or any administrative judgment by any public agency.
(b)
Persons suspended or barred under this section are prohibited from participating in any business activity of a registrant or licensee and from engaging in any business activity on the premises where a registrant or licensee is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a registrant or licensee.
(c)
This section shall apply to any violation, conviction, plea or judgment after July 1, 2001.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-501 - Authority to participate in the Nationwide Mortgage Licensing System and Registry

(a)
In addition to any other duties imposed upon the commissioner by law, the commissioner is authorized to require mortgage lenders, mortgage loan brokers and mortgage loan servicers, and shall require all mortgage loan originators, to be licensed or registered, or both, through the Nationwide Mortgage Licensing System and Registry. In order to carry out this subsection (a), the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may:
(1)
Promulgate whatever rules and regulations necessary for participation in, transition to or operation of the Nationwide Mortgage Licensing System and Registry;
(2)
Establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter;
(3)
Require that applications for licensing under this chapter, as well as renewals of such licenses, be filed with the Nationwide Mortgage Licensing System and Registry;
(4)
Require that any fees required to be paid under this chapter be paid through the Nationwide Mortgage Licensing System and Registry; and
(5)
Establish for licensees deadlines for transitioning to the Nationwide Mortgage Licensing System and Registry, which authority includes the refusal to accept any applications or renewal applications not filed with the Nationwide Mortgage Licensing System and Registry after the deadlines, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of the deadlines pertaining to transitioning.
(b)
Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.
(c)
Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to the Nationwide Mortgage Licensing System and Registry, as well as all costs required by the Nationwide Mortgage Licensing System and Registry for maintaining and renewing any license issued by the commissioner on the Nationwide Mortgage Licensing System and Registry.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-502 - Nationwide Mortgage Licensing System and Registry as agent

The commissioner may use the Nationwide Mortgage Licensing System and Registry as an agent for channeling information, whether criminal or noncriminal in nature, whether derived from or distributed to the United States department of justice or any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-503 - Mortgage call reports

Each person holding a license issued under this chapter shall, pursuant to an order or direction of the commissioner, submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in the form and shall contain the information that the Nationwide Mortgage Licensing System and Registry requires.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-504 - Nationwide Mortgage Licensing System and Registry information challenge process

The commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-505 - Confidentiality

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1)
Except as otherwise provided in P.L. 110-289, § 1512 (
12 U.S.C. § 5111
), the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, 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, shall continue to apply to the information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including under §
45-1-120
;
(2)
For the purposes of subdivision (1), the commissioner is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators or other associations representing governmental agencies as established by rule, regulation or order of the commissioner;
(3)
(A)
Information or material that is subject to a privilege or confidentiality under subdivision (1) shall not be subject to:
(i)
Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(ii)
Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(B)
This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection.
(C)
This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.
Acts 2009 , ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 13 - TENNESSEE RESIDENTIAL LENDING, BROKERAGE AND SERVICING ACT (§§ 45-13-101 — 45-13-506) › Part 5 - NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY (§§ 45-13-501 — 45-13-506) › Section 45-13-506 - Report to Nationwide Mortgage Licensing System and Registry

The commissioner shall regularly report violations of this chapter by mortgage loan originators, as well as enforcement actions and other relevant information pertaining thereto, to the Nationwide Mortgage Licensing System and Registry, subject to §
45-13-505
.
Acts 2009, ch. 499, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-101 - Short title

This chapter shall be known and may be cited as the "Savings Bank Chartering Act of 1991."
Acts 1991, ch. 177, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-102 - Objective of chapter

The objective of this chapter is to facilitate the delivery of credit for home ownership, family and community purposes, and of other financial and related services, through the chartering of depository institutions known as savings banks, which shall conduct their general business strictly as savings banks in accordance with the requirements of this chapter and the regulations issued under this chapter, if any.
Acts 1991, ch. 177, § 2; 1996, ch. 768, § 28.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-103 - Commissioner of financial institutions - Authority - Savings banks - Authorized activities - Applicable law - Definitions - Deposit insurance

(a)
The commissioner of financial institutions, hereinafter referred to as the "commissioner," is authorized to provide for the organization, chartering, incorporation, examination, operation, regulation, safety and soundness of savings banks.
(b)
A savings bank may organize, convert and engage in acquisitions, mergers, consolidations, share exchanges and purchase of assets and assumption of liabilities, in the same manner as is provided for associations in chapter 3 of this title.
(c)
The commissioner may by regulation define any term used in this chapter that is not specifically defined in this chapter.
(d)
The provisions of chapter 2 of this title, and the regulations thereunder, that are applicable to commercial banks and related parties regarding insolvency, conservatorship, receivership, the termination of unsafe and unsound practices, and the enforcement of laws, regulations and orders, are likewise applicable to savings banks.
(e)
All savings banks chartered under this chapter shall be subject to this chapter and the regulations issued under this chapter, and a foreign depository institution operating in this state that meets the definition of a savings bank under § 3(g) of the Federal Deposit Insurance Act (
12 U.S.C. § 1813(g)
), as in effect as of September 1, 1990, is likewise subject to the act and regulations.
(f)
Except where the context requires otherwise, "savings bank," as used in this chapter, means a depository institution chartered pursuant to this chapter.
(g)
The deposits of each savings bank subject to this chapter must be insured by the federal deposit insurance corporation pursuant to the Federal Deposit Insurance Act.
Acts 1991, ch. 177, § 3; 1996, ch. 768, § 29.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-104 - Deposits - Borrowing and securities - Investments - Issuance of credit cards - Offices - Trust business

(a)
A savings bank may accept deposits that:
(1)
May be withdrawn on a demand or other basis;
(2)
May be negotiable instruments of the savings bank; and
(3)
It may pay interest upon.
(b)
A savings bank may borrow, give security, and issue securities, (including capital stock), notes, bonds, debentures and other obligations.
(c)
A savings bank may invest in, sell or otherwise deal in the accounts, investments and loans, in the same manner as is provided for associations in chapter 3 of this title, and the regulations issued under that chapter.
(d)
A savings bank may:
(1)
Issue credit cards, extend credit in connection therewith, and otherwise engage in or participate in credit card operations;
(2)
Establish, maintain and close offices, branches, remote service units, automated teller machines and other facilities on the same basis as savings institutions chartered under the laws of this state; and
(3)
Carry on a trust business, which may encompass acting as trustee, executor, administrator, guardian or in any other fiduciary capacity, on the same basis, and subject to the same requirements with regard to the business, as may commercial banks, trust companies and other corporations authorized under the laws of this state and the regulations under the laws to carry on the business.
Acts 1991, ch. 177, §§ 4-6; 1996, ch. 768, §§ 30, 31.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-105 - Commissioner - Survey of pertinent laws of other states - Investments and activities - Authorization of investments permissible for federal savings banks - Competitive equality

(a)
The commissioner may survey periodically the laws and regulations governing savings banks chartered under the laws of other states, and that meet the definition of a "savings bank" under § 3(g) of the Federal Deposit Insurance Act (
12 U.S.C. § 1813(g)
), as in effect as of September 1, 1990, and, based upon the best practices of such foreign savings banks, may authorize savings banks to make investments and engage in activities not otherwise permissible under this chapter; provided, that investments and activities authorized under this section may not exceed in the aggregate an amount equal to five percent (5%) of the assets of the savings bank.
(b)
The commissioner may authorize savings banks to make any investment or engage in any activity that is permissible for federal savings banks, subject to the same limitations applicable to the federal savings banks, upon the commissioner's determination that, in the absence of the authorization, savings banks chartered under this chapter may be at a significant disadvantage in their ability to compete with other depository institutions.
(c)
Subject to reasonable regulation to preserve safety and soundness, the commissioner may authorize a state bank to make any investment or engage in any activity permissible to institutions chartered under this chapter that the commissioner determines to be necessary to preserve the competitive equality between depository institutions.
Acts 1991, ch. 177, § 6; 1996, ch. 768, §§ 32, 33.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-106 - Capital requirements

Savings banks are subject to the same capital requirements as are commercial banks chartered under the laws of this state.
Acts 1991, ch. 177, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-107 - Loans to single borrower

Savings banks, with regard to the amount of loans they may make to any single borrower, are subject to the same requirements as are commercial banks chartered under the laws of this state.
Acts 1991, ch. 177, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-108 - Accounting requirements

Savings banks are subject to the same accounting requirements as are commercial banks chartered under the laws of this state.
Acts 1991, ch. 177, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-109 - Membership in federal home loan bank or federal reserve bank

Savings banks may obtain, maintain and terminate membership in a federal home loan bank or federal reserve bank, or both, meet all applicable requirements for membership, and engage in all acts incidental to membership, unless the acts are specifically prohibited by this chapter or regulations issued under this chapter.
Acts 1991, ch. 177, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-110 - Conversion to savings bank - Compliance with requirements of chapter

A depository institution that converts to a savings bank pursuant to this chapter shall have a period of time that the commissioner determines to be reasonable and prudent to conform to the requirements of this chapter and the regulations issued under this chapter, but the period shall not exceed ten (10) years from the date of conversion.
Acts 1991, ch. 177, § 11; 1996, ch. 768, § 34.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-111 - Costs, fees and assessments

Savings banks shall pay the costs, fees and assessments computed in the manner provided for commercial banks (but not for nondepository trust companies) in §
45-1-118
.
Acts 1991, ch. 177, § 12.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-112 - Revocation of charter - Grounds

(a)
The commissioner may revoke any savings bank charter issued under this chapter if the commissioner finds, after notice and an opportunity for a hearing, that the savings bank willfully and consistently has been conducting its business in a manner that is substantially and materially inconsistent with the objective of this chapter, or if in violation of this chapter or any regulations promulgated thereunder.
(b)
The commissioner shall revoke any savings bank charter issued under this chapter if the commissioner finds, after notice and an opportunity for a hearing, that the savings bank is violating §
45-14-103(g)
.
(c)
The commissioner shall issue regulations providing for the voluntary surrender of savings bank charters issued under this chapter.
Acts 1991, ch. 177, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-113 - Commissioner - Regulations

(a)
The commissioner has the power to establish regulations to:
(1)
Carry out the legislative purposes of this chapter;
(2)
Provide for the safe and sound operation of state-chartered savings banks; and
(3)
Establish from time to time reasonable fees for various applications made to the commissioner.
(b)
This chapter shall take effect whether or not the commissioner has promulgated regulations to carry out various provisions of the chapter. In the absence of regulations promulgated under this chapter, regulations promulgated under the commissioner's authority granted by this title shall be deemed effective for savings banks until and unless regulations are promulgated specifically under this chapter.
Acts 1991, ch. 177, § 14.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 14 - CHARTERING OF SAVINGS BANKS (§§ 45-14-101 — 45-14-114) › Section 45-14-114 - Void and null charters and certificates of authority

(a)
Any charter issued under this chapter shall be null and void if:
(1)
The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or
(2)
An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.
(b)
Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.
Acts 1991, ch. 177, § 16; 2001, ch. 54, § 32.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-101 - Short title

This chapter shall be known and may be cited as the "Tennessee Title Pledge Act."
Acts 1995, ch. 186, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-102 - Purpose

The making of title pledge loans vitally affects the general economy of this state and the public interest and welfare of its citizens. It is the policy of this state and the purpose of this chapter to:
(1)
Ensure a sound system of making title pledge loans through statewide licensing of title pledge lenders by the department of financial institutions;
(2)
Establish licensing requirements;
(3)
Provide for the examination and regulation of title pledge lenders by the department of financial institutions; and
(4)
Ensure financial responsibility to the public.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-104 - Authority of licensed title pledge lenders

(a)
A title pledge lender licensed pursuant to this chapter has the power to make loans of money on pledges of personal property certificates of title or on pledges of titled personal property in accordance with this chapter.
(b)
Title pledge lenders licensed pursuant to this chapter shall not have the powers enumerated in this chapter without first complying with the law regulating title pledge agreements and property pledge agreements, but title pledge lenders exercising any of the powers in compliance with this chapter's provisions shall not be deemed in violation of §
47-14-112
or §
47-14-117
. No action shall be brought by a pledgor against a title pledge lender in connection with a title pledge agreement or property pledge agreement more than one (1) year after the date of the alleged occurrence of any violation of this chapter.
Acts 1995, ch. 186, § 13; 2000, ch. 846, § 28; 2005, ch. 440, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-105 - License required - Loans made without license void

(a)
No person shall engage in the business of title pledge lending without having first obtained a license. A separate license shall be required for each location from which the business is conducted. Any person engaged in the business of title pledge lending on November 1, 2005, under a license issued by the county clerk, may continue to engage in the business without a license issued by the commissioner, until the commissioner has acted upon the application for a license, if the application is filed by December 31, 2005.
(b)
Any loan made without a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the pledgor in connection with the title pledge agreement or property pledge agreement. The person making the loan shall return to the pledgor the pledged property, the titled personal property pledged, or the fair market value of the titled personal property, and all principal, interest, and any other fees paid by the pledgor. The pledgor is entitled to receive reasonable attorney's fees and costs in any action brought by a pledgor to recover from the person making the loan, the pledged property, the titled personal property, and the principal, interest and any fees paid by the pledgor.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-107 - Suspension or revocation of license

(a)
The commissioner may, after notice and opportunity for a hearing, suspend or revoke any license, if the commissioner finds that the title pledge lender has knowingly or through lack of due care:
(1)
Engaged in conduct of a manner that would warrant the denial of an application;
(2)
Refused to permit the commissioner to make any examination authorized by this chapter;
(3)
Failed to pay any fees or assessments imposed by the commissioner under the authority of this chapter;
(4)
Committed any fraud, engaged in any dishonest activities or made any misrepresentations;
(5)
Made a false statement in the application for the license or failed to give a true reply to a question in the application;
(6)
Demonstrated incompetency or untrustworthiness to act as a title pledge lender; or
(7)
Violated any provisions of this chapter or any administrative regulation issued pursuant to this chapter, or has violated any other law in the course of the title pledge lender's dealings as a title pledge lender.
(b)
If the reason for revocation or suspension of a title pledge lender's license at any one (1) location is of general application to all locations operated by a title pledge lender, the commissioner may revoke or suspend all licenses issued to a title pledge lender.
(c)
A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing, and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Amended by 2014 Tenn. Acts, ch. 736,s 17, eff. 7/1/2015.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-111 - Rate of interest and charges - Consumer notification and disclosure form

(a)
A title pledge lender shall contract for and receive an effective rate of interest not to exceed two percent (2%) per month; additionally, the title pledge lender may charge, contract for, and receive a customary fee to defray the ordinary costs of operating a title pledge office, including, but not limited to, investigating the title, appraising the titled personal property, insuring the personal property when in the physical possession of the title pledge lender, documenting and closing the title or property pledge transaction, making required reports to local law enforcement officials, for all other services provided by the title pledge lender, advertising, for losses on title pledge or property pledge transactions, salaries, and for all other expenses incurred by the title pledge lender except those in subsection (b). The fee shall not be deemed interest for any purpose of law, and the fee may equal no more than one-fifth (1/5) of the original principal amount of the title pledge agreement or property pledge agreement, or of the total unpaid balance due at the inception of any renewal of the agreement. The interest and fees shall be deemed to be earned, due and owing as of the date of the title pledge agreement or property pledge agreement and a like sum shall be deemed earned, due and owing on the same day of each subsequent thirty-day period.
(b)
Title pledge lenders may assess and collect, as reimbursement, a repossession charge not to exceed the actual amount charged by any company or companies, attorney or attorneys and/or contractor or contractors to repossess the titled personal property and deliver the titled personal property to the storage facility of the title pledge lender.
(c)
Notwithstanding §
45-1-104
, or any other law to the contrary, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, the department of financial institutions shall promulgate rules requiring each title pledge lender to issue a standardized consumer notification and disclosure form in compliance with federal truth-in-lending laws prior to entering into any property pledge agreement or title pledge agreement wherein the pledged goods will consist of, or include, one (1) or more motor vehicles titled by this or any other state. The required style, content and method of executing the form shall be specifically prescribed by the rules and shall be designed to ensure that the pledgor, prior to entering into the agreement, receives and acknowledges an accurate and complete notification and disclosure of the itemized and total amounts of all interest, fees, charges and other costs that will or potentially could be imposed as a result of the agreement.
Acts 1995, ch. 186, § 13; 1996, ch. 718, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-112 - Right to redeem

Except as otherwise provided in this chapter, the pledgor, upon presentation of suitable identification, shall be entitled to redeem the titled personal property and/or certificate of title described therein upon satisfaction of all outstanding obligations pursuant to the title pledge or property pledge agreement and this chapter.
Acts 1995, ch. 186, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-116 - Safekeeping of titled personal property or personal property certificates of title - Insurance coverage - Damaged property

Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. "Title pledge value," for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 15.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-117 - Violations

Any person who intentionally violates any provision of this chapter commits a Class A misdemeanor.
Acts 1995, ch. 186, § 13; 1996, ch. 718, § 3; 2005, ch. 440, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-119 - Supersession of ordinances or resolutions of municipal corporations

No incorporated municipality, city or taxing district in this state shall enact an ordinance or resolution or promulgate any rules or regulations relating to this chapter. Any ordinance or resolution or rules or regulations of any municipality, city or taxing district relative to title pledge lending are superseded by this chapter.
Acts 1995, ch. 186, § 13; 2005, ch. 440, § 16.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-120 - Applicability of motor vehicle provisions

Title 55, chapter 17, shall apply to all sales and transfers of any motor vehicle acquired under this chapter.
Acts 1995, ch. 186, § 14.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-121 - Licensing through 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 licensed 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 licensing under this chapter and renewals of such licenses 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 licenses 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 in this chapter. The commissioner shall provide reasonable notice of any transition deadlines to licensees; 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 license persons under this chapter and to enforce this chapter, and nothing in this section reduces or derogates this authority and discretion.
(d)
Applicants for and holders of licenses issued under this chapter must pay all costs associated with submitting an application or transitioning a license to a multi-state automated licensing system, as well as all costs associated with maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system.
Added by 2017 Tenn. Acts, ch. 122,s 7, eff. 7/1/2017.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-122 - Agent for channeling information

The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, and whether derived from or distributed to the United States department of justice, any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter.
Added by 2017 Tenn. Acts, ch. 122,s 8, eff. 7/1/2017.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 15 - TITLE PLEDGES (§§ 45-15-101 — 45-15-123) › Section 45-15-123 - 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 title pledge lending 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 this 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 8, eff. 7/1/2017.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 16 - AUTOMATED TELLER MACHINES (§§ 45-16-101 — 45-16-104) › Section 45-16-101 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Electronic terminal" means an electronic device through which a person may initiate an electronic fund transfer to access the person's deposit, share, or other accounts or credit facility, and includes, but is not limited to, automated teller machines, cash dispensing machines, point of sale terminals, or other cash, debit, stored value, script, or cash equivalent device;
(2)
"Financial institution" means a state or national bank, savings and loan association, savings bank, or credit union that owns or operates an electronic terminal;
(3)
"Foreign access card" means any card or other device eligible for use in an electronic terminal where the foreign access card is not issued to the user by the owner or operator of the electronic terminal;
(4)
"Shared electronic network" means any system by which a person may initiate any financial transaction from an electronic terminal owned or operated by any person other than a financial institution with whom the person has a deposit, share, or other account or credit facility; and
(5)
"Usage fee" is any fee charged by the owner or operator of an electronic terminal on transactions by a holder of a foreign access card.
Acts 1996, ch. 899, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 16 - AUTOMATED TELLER MACHINES (§§ 45-16-101 — 45-16-104) › Section 45-16-102 - Usage fees authorized

An agreement to share electronic terminals or participate in a shared electronic network shall not prohibit, limit, or restrict the right of a financial institution to charge a usage fee for use of its electronic terminals, require a financial institution to limit or waive its rights or obligations under this section, or require the financial institution to otherwise distinguish or discriminate on classes or types of transactions. This section shall not limit or restrict any other fee that a financial institution may impose on its customers pursuant to any deposit, lending, or other written agreement that it has with a customer, or to any other transaction where a customer has no written agreement, but which a customer has notice of the fee.
Acts 1996, ch. 899, § 1.