reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-130) › Section 45-1-130 - License, certification or registration - Notifications - Prerequisites - Website

(a)
The department and each board, commission, agency or other governmental entity created pursuant to this title shall notify each applicant for a professional or occupational license, certification or registration from the department, board, commission, agency or other governmental entity where to obtain a copy of any statutes, rules, guidelines, and policies setting forth the prerequisites for the license, certification or registration and shall, upon request, make available to the applicant a copy of the statutes, rules, guidelines, and policies.
(b)
The department and each board, commission, agency or other governmental entity created pursuant to this title shall notify each holder of a professional or occupational license, certification or registration from the board, commission, agency or other governmental entity of changes in state law that impact the holder and are implemented or enforced by the entity including newly promulgated or amended statutes, rules, policies, and guidelines, upon the issuance and upon each renewal of a holder's license, certification or registration.
(c)
The department and each board, commission, agency or other governmental entity created pursuant to this title shall establish and maintain a link or links on the entity's website to the statutes, rules, policies, and guidelines that are implemented or enforced by the entity and that impact an applicant for, or a holder of, a professional or occupational license, certification, or registration from the entity.
(d)
(1)
The department and each board, commission, agency, or other governmental entity created pursuant to this title shall allow each holder of a professional or occupational license, certification or registration from the department, board, commission, agency or other governmental entity to have the option of being notified by electronic mail of:
(A)
Renewals of the holder's license, certification or registration;
(B)
Any fee increases;
(C)
Any changes in state law that impact the holder and are implemented or enforced by the entity, including newly promulgated or amended statutes, rules, policies and guidelines; and
(D)
Any meeting where changes in rules or fees are on the agenda. For purposes of this subdivision (d)(1)(D), the electronic notice shall be at least forty-five (45) days in advance of the meeting, unless it is an emergency meeting then the notice shall be sent as soon as is practicable.
(2)
The department and each board, commission, agency or other governmental entity created pursuant to this title shall notify each holder of a license, certification or registration of the availability of receiving electronic notices pursuant to subdivision (d)(1) upon issuance or renewal of the holder's license, certification or registration.
Acts 2008, ch. 1070, § 11; 2012, ch. 952, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-201 - Short title

This part shall be known and may be cited as the "Bank Customer Dispute Resolution Act of 1981."
Acts 1981, ch. 25, § 1; T.C.A., §
45-1-301
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-202 - Commissioner authorized to mediate or arbitrate

The commissioner has the discretion to mediate or arbitrate a complaint against a state bank made by a customer of the bank.
Acts 1981, ch. 25, § 2; T.C.A., §
45-1-302
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-203 - Decision to intervene discretionary with commissioner

Upon receipt of a complaint, the commissioner shall determine whether mediation or arbitration is appropriate; however, the commissioner's decision not to resolve a complaint shall not be reviewable, and the commissioner shall not resolve a complaint unless the customer and the bank both agree to the resolution. The commissioner shall consider the amount of money in dispute, the complexity of facts and law, the ability of the customer to obtain judicial relief, and other matters that may be relevant to determine whether a dispute appropriately may be resolved by the commissioner's mediation or arbitration. The commissioner, however, shall not resolve through arbitration a complaint involving more than seven hundred fifty dollars ($750).
Acts 1981, ch. 25, § 3; T.C.A., §
45-1-303
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-204 - Informal conference or hearing - Mediation or arbitration - Award

(a)
In resolving a complaint, the commissioner may conduct an informal conference or informal hearing or may require that the parties submit written statements or sworn affidavits.
(b)
In addition, the commissioner may designate a qualified person, whether or not an employee of the department, to mediate or arbitrate the complaint.
(c)
When the commissioner conducts an informal hearing or conference, the parties are not bound by the rules of procedure and evidence pertaining to contested cases.
(d)
Upon reaching a decision, the commissioner shall notify the parties with a written award.
Acts 1981, ch. 25, § 4; T.C.A., §
45-1-304
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-205 - Award is binding - Review on appeal - Compliance orders

(a)
An award of the commissioner issued pursuant to this part shall be binding upon the parties, but either party may seek to vacate the award in any court with jurisdiction over the original subject matter, by commencing the appropriate original action against the other party within thirty (30) days of receiving a copy of the award.
(b)
Review by the court shall be de novo.
(c)
If the party against whom an award is rendered does not initiate an appeal as provided in subsection (a) and does not comply with the award, the commissioner shall consider the lack of compliance as a violation of this section and may order the party to comply as provided by §
45-1-107
.
Acts 1981, ch. 25, § 5; T.C.A., §
45-1-305
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-206 - Commissioner to notify parties of effect of award, right to appeal

The commissioner shall advise both parties in writing, at the time the award is made, that the commissioner's decision will be binding on both parties unless appealed to a court of law within thirty (30) days, as provided in §
45-1-205
.
Acts 1981, ch. 25, § 6; T.C.A., §
45-1-306
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-207 - Commissioner's rulemaking authority

The commissioner is granted the power to enact reasonable substantive and procedural rules to carry out the purposes of this part.
Acts 1981, ch. 25, § 7; T.C.A., §
45-1-307
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-208 - Legislative intent - Liberal construction

(a)
This part is enacted for the purpose of providing the citizens of this state with an informal and expeditious method of resolving customer disputes with state chartered banks.
(b)
This part is not intended to create a new agency or division within the department. It is intended that the purpose of this part be carried out primarily by existing personnel of the department, or qualified persons designated to resolve disputes by the commissioner, who will act without compensation.
(c)
This part shall be liberally construed to effect its declared purpose.
Acts 1981, ch. 25, § 8; T.C.A., §
45-1-308
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-1-209) › Part 2 - BANKING ADVISORY BOARD (§§ 45-1-201 — 45-1-209) › Section 45-1-209 - General arbitration law inapplicable

Title 29, chapter 5, part 1 does not apply to an arbitration covered by this part.
Acts 1981, ch. 25, § 9; T.C.A., §
45-1-309
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 1 - GENERAL PROVISIONS (§§ 45-2-101 — 45-2-107) › Section 45-2-104 - Equality of taxation

Except for taxes on property and the banking fees provided by law, no tax levied by this state, whether privilege, excise, franchise, sales or otherwise, shall be levied upon or be applicable to any bank chartered under the laws of this state, unless and until the same tax may be legally levied upon and be applicable to national banks in this state, in which case the tax shall be levied upon and be applicable to all the state and national banks.
Acts 1969, ch. 36, § 1 (3.701); T.C.A., § 45-233.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 1 - GENERAL PROVISIONS (§§ 45-2-101 — 45-2-107) › Section 45-2-105 - Exemption of nonprofit general welfare corporations

The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is:
(1)
Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons;
(2)
Exempt from federal taxation under
26 U.S.C. § 501(c)(3)
; and
(3)
Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging as providing a necessary service that is not otherwise generally available for those persons.
Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024.
Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 1 - GENERAL PROVISIONS (§§ 45-2-101 — 45-2-107) › Section 45-2-106 - Provisions applicable to savings and loan associations and savings banks - Conflicting laws

(a)
The following provisions of this chapter are applicable to state and federal savings and loan associations and savings banks; provided, that in the event of a conflict between the provisions and the provisions of a law on the same subject relating specifically to state or federal savings and loan associations or savings banks, the provisions of the specific law shall be controlling:
(1)
Section
45-2-703
relating to deposits in two (2) or more names;
(2)
Section
45-2-704
relating to deposits in trust;
(3)
Section
45-2-706
relating to adverse claims to deposits;
(4)
Section
45-2-707
relating to powers of attorney;
(5)
Section
45-2-806
relating to the deposit of public funds and security requirements;
(6)
Part 9 of this chapter relating to safe deposit and safekeeping; and
(7)
Part 10 of this chapter relating to fiduciary powers.
(b)
The following provisions of this chapter are applicable to state and federal savings and loan associations, savings banks, and credit unions; provided, that in the event of a conflict between the provisions and the provisions of a law on the same subject relating specifically to state or federal savings and loan associations, savings banks or credit unions, the provisions of the specific law shall be controlling:
(1)
Section
45-2-708
, relating to payment from accounts or contents of safe deposit boxes when no executor or administrator has qualified and given notice of the executor or administrator's qualifications; and
(2)
Section
45-2-710
, relating to the accrual of a civil action to enforce a claim on accounts.
Acts 1985, ch. 168, § 2; 1992, ch. 834, § 1; 2005, ch. 30, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-201 - Incorporators - Applicant requirements

(a)
A corporation seeking to conduct a banking business in Tennessee may be organized by five (5) or more incorporators, a majority of whom shall be residents of this state. The incorporators shall complete the process provided in this part and as outlined in subsection (c).
(b)
Each incorporator shall subscribe and pay in full, in cash, for common stock in a minimum amount as determined by the commissioner.
(c)
In order to provide for the organization of the business authorized to conduct banking business in Tennessee, applicants shall complete the following:
(1)
Submit a notice of intention and request for issuance of a charter for a corporation seeking to conduct banking business in Tennessee to be filed with the secretary of state as provided in §
45-2-202
;
(2)
Submit and complete an application for charter, as provided in §
45-2-204
; and
(3)
Submit and complete an application for certificate of authority, as provided in §
45-2-212
.
(d)
For purposes of this part, a bank may be organized as a corporation as provided in title 48, chapters 11-27 or as a limited liability company as provided in title 48, chapters 201-249 and as outlined in §
45-2-220
.
Acts 1969, ch. 36, § 1 (3.304); T.C.A., § 45-201; Acts 1996, ch. 768, § 5; 2006, ch. 660, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-203 - Organizational expenses

(a)
Organizational expenses shall not be paid from capital or surplus funds of the bank without the prior written consent of the commissioner.
(b)
(1)
Prior to filing the notice of intent, the incorporators shall subscribe for shares of the corporation seeking to conduct banking business in Tennessee in an amount the commissioner deems adequate to pay the organizational expenses of the proposed bank.
(2)
The expense fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed bank. Subscriptions paid by the incorporators for their shares in the proposed bank may be used to pay organizational expenses, but, in that case, shall not be commingled with funds in any account in which any non-incorporator funds have been or are to be deposited.
(c)
Payment from the expense fund for payment of broker commissions to secure subscriptions to stock shall not be permitted without prior written consent of the commissioner.
Acts 1969, ch. 36, § 1 (3.306); 1973, ch. 294, § 6; 1977, ch. 35, § 1; T.C.A., § 45-203; Acts 2006, ch. 660, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-206 - Subscription calls

After the charter for a corporation seeking to conduct banking business in Tennessee has been filed with the secretary of state, the incorporators or, if directors have been initially appointed, the directors of the proposed state bank, may call for the payment of the subscriptions. The subscriptions shall be placed into an escrow account. The incorporators or directors, as appropriate, may not remove any funds from the escrow account prior to the issuance of the certificate of authority or upon written approval from the commissioner.
Acts 1969, ch. 36, § 1 (3.309); T.C.A., § 45-206; Acts 1996, ch. 768, § 10; 2001, ch. 54, § 7; 2006, ch. 660, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-207 - Capital structure

(a)
A state bank shall have the capital structure that the commissioner deems adequate. The capital structure of an interim bank chartered pursuant to §
45-2-204(d)
shall consist of amounts as determined by the commissioner and prescribed by rule or regulation.
(b)
The commissioner may require the bank to increase its capital structure to the point deemed adequate by the commissioner before granting approval of an application for a branch office, amendment to charter, change of location or trust powers.
(c)
The issuance of preferred or convertible preferred stock shall be authorized by the commissioner. The stock shall have the preferences, powers and rights the commissioner may approve. It shall not be retired without the approval of the commissioner, and the requirement of the approval shall be stated in the stock certificates, but the commissioner may give advance approval to sinking funds payable exclusively out of earnings available for dividends.
(d)
The commissioner may direct a state bank to sell additional stock in a designated amount to remedy an impairment of capital.
(e)
The commissioner may consider the value of outstanding debentures as capital for the purpose of determining the legal lending limits of the bank.
Acts 1969, ch. 36, § 1 (3.301); 1973, ch. 294, § 6; T.C.A., § 45-207; Acts 1983, ch. 74, § 5; 1993, ch. 447, § 2; 2001, ch. 54, §§ 8, 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-208 - Capital notes and debentures

(a)
Any bank, after obtaining the prior approval of the shareholders owning two-thirds (2/3) of the stock of the bank entitled to vote and after obtaining the prior approval of the commissioner, may issue and sell its convertible or nonconvertible capital notes or debentures. Capital notes or debentures that are by their terms convertible into stock may be converted into shares of common or preferred stock in accordance with the provisions therefor as may be made in the capital notes or debentures with the approval of the commissioner.
(b)
Capital notes and debentures issued by banks shall be unsecured indebtedness of the bank and shall be subordinate to the claims of all depositors and of all other creditors of the bank, regardless of whether the claims of the depositors arose before or after the issuance of the capital notes or debentures. In order to secure the payment of the capital notes or debentures, however, provisions for sinking funds may be made. In the event of liquidation, all depositors and all other creditors of the bank shall be entitled to be paid in full before payment shall be made on account of principal or interest on the capital notes or debentures. No payment shall be made at any time on account of the principal thereof unless following the payment the aggregate of the capital, surplus and undivided profits and capital notes or debentures thereafter outstanding shall be at least equal to the aggregate immediately before the original issuance of the capital notes or debentures, or as may otherwise be expressly authorized by the commissioner. The claims of holders of capital notes or debentures shall, however, be superior to the claims of stockholders for dividends or other claims on account of shares of capital stock held by them.
(c)
The amount of outstanding capital notes and debentures issued and outstanding by any bank shall be, subject to the approval of the commissioner, treated as capital for the purpose of computing the loan limits prescribed by §
45-2-1102(a)
and for the purpose of computing investment limits prescribed by §
45-2-607(a)(9)
.
Acts 1969, ch. 36, § 1 (3.302); 1973, ch. 294, § 6; T.C.A., § 45-208.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-211 - Indemnification of officers, directors or employees

A state bank may provide for indemnification of its officers, directors or employees as provided in the Tennessee Business Corporation Act, compiled in title 48, chs. 11-27.
Acts 1969, ch. 36, § 1 (3.311); T.C.A., § 45-211; Acts 1980, ch. 549, § 1; 1994, ch. 551, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-212 - Application for certificate of authority - Contents

After the applicant has received notification from the commissioner that the application for charter has been approved and subscription proceeds have been accepted and collected for at least the minimum capital of the proposed state bank as required by the commissioner, the proposed state bank shall file a request with the commissioner for the issuance of a certificate of authority, which request shall contain:
(1)
A statement that the capital and surplus have been paid in;
(2)
The name and address of each stockholder and the number of shares held by the stockholders; and
(3)
Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-212; Acts 1996, ch. 768, § 11; 2006, ch. 660, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-213 - Return of noncomplying applications - Effect of failure to return

(a)
If the application for a certificate of authority or any accompanying documents do not comply with the requirements of this chapter and chapter 1 of this title, the commissioner shall, within ten (10) business days after the receipt thereof, return them to the incorporators, calling attention to the defect or defects in the application.
(b)
If the application and accompanying documents are not so returned within the ten-day period, they shall be deemed to have been filed with the commissioner.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-213; Acts 1996, ch. 768, § 12; 2007, ch. 29, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-214 - Time for approval or denial of application - Conditions for approval

The commissioner shall approve or deny the application for a certificate of authority within thirty (30) days after the application has been filed. The commissioner shall approve the application if:
(1)
The capital and surplus have been fully paid in cash;
(2)
Appropriate bylaws have been adopted;
(3)
Any conditions imposed by the commissioner in granting the charter have been fulfilled;
(4)
The requirements of this chapter and chapter 1 of this title have been satisfied; and
(5)
An amount of fidelity bond coverages satisfactory to the commissioner is in force.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-214; Acts 1996, ch. 768, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-215 - Approval or denial of application - Action by commissioner - Limitation of bank or trust company to fiduciary purposes and powers

(a)
If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application.
(b)
A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-216 - Forfeiture of charter for failure to obtain certificate of authority or to commence business - Restitution of improper expenditures

If no application for a certificate of authority is filed within six (6) months following the grant of a charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, or if the bank fails to commence business within six (6) months after the issuance of a certificate of authority or any additional period allowed by the commissioner, the charter shall be forfeited, and the bank shall be liquidated in accordance with the orders of the commissioner. If an improper expenditure has been made, the commissioner may order the persons who were incorporators or directors at the time to restore the sum by equal contributions.
Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-216.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-217 - Operation before receiving certificate of authority prohibited

It is a criminal offense against this chapter and chapter 1 of this title for a state bank to perform any act other than to perfect its organization, obtain and equip a place of business and otherwise prepare to do business before receiving a certificate of authority to operate.
Acts 1969, ch. 36, § 1 (3.312); T.C.A., § 45-217.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-218 - Charter amendment

(a)
A state bank shall apply to the commissioner to amend its charter or to change its location or the location of any of its branches. The change of location shall be consistent with §
45-2-614
.
(b)
An application for an amendment of the charter shall be authorized by the vote of at least a majority of the outstanding voting stock at a meeting of stockholders except as provided by §
48-20-102(1)-(7)
.
(c)
Notice of the application shall be sent to the persons and organizations that the commissioner may require.
(d)
In making a determination, the commissioner shall consider whether the public convenience and advantage would be served by granting the application and shall be guided by the standards prescribed for the approval of an application for a charter, insofar as they are reasonably applicable.
(e)
Any amendment to the charter of an incorporated bank increasing or decreasing its capital stock or otherwise must be recorded in accordance with §
45-2-205(c)
.
(f)
Any other provision of the law to the contrary notwithstanding, any bank that was exercising fiduciary powers on April 2, 1969, may continue to exercise the powers without changing any provisions of its charter.
(g)
Notwithstanding any law to the contrary, the name, address, and zip code of each incorporator does not need to be set forth in a restated charter.
Amended by 2020 Tenn. Acts, ch. 605, s 4, eff. 3/20/2020.
Acts 1969, ch. 36, § 1 (3.313); 1971, ch. 343, § 1; 1971, ch. 433, § 1; 1973, ch. 294, § 6; T.C.A., § 45-218; Acts 1994, ch. 551, § 8; 2001, ch. 54, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-219 - Charter null and void on ceasing business - Definition

Any charter issued under this chapter shall be null and void if an institution that is chartered and commences business ceases to conduct business and no business is conducted for a period of two (2) years. For the purposes of this section, "business" means:
(1)
Receiving deposits, paying out money on checks and making loans; or
(2)
Acting as a fiduciary for the purposes of a trust company.
Acts 1999, ch. 112, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 2 - ORGANIZATION OF BANKS (§§ 45-2-201 — 45-2-220) › Section 45-2-220 - Organization as a limited liability company - Rules and regulations - Applicability of limited liability company laws

(a)
Subject to the requirements and restrictions of this chapter, including, but not limited to, deposit insurance requirements where applicable, a bank or trust company may organize as a limited liability company pursuant to title 48, chapters 201-249.
(b)
The department shall have the authority to promulgate rules and regulations specifying the conditions under which a bank or trust company may organize as a limited liability company.
(c)
To the extent title 48, chapters 201-249 is consistent with and not in conflict with this chapter and the rules and regulations of the department, title 48, chapters 201-249 shall apply to a bank or trust company that has organized as a limited liability company.
Acts 2006, ch. 660, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 3 - STOCKHOLDERS (§§ 45-2-301 — 45-2-305) › Section 45-2-302 - Voting of shares

The bank may not vote shares that it holds in any capacity other than as fiduciary.
Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-220; Acts 1994, ch. 551, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 3 - STOCKHOLDERS (§§ 45-2-301 — 45-2-305) › Section 45-2-304 - Voting trusts - Approval of commissioner

(a)
No shares deposited under a voting trust agreement shall be voted by the trustees unless the agreement has been approved by the commissioner.
(b)
Approval shall be withheld, or if previously granted, revoked whenever it appears that the existence of the trust would tend to reduce competition among lending institutions or to affect adversely the character or competence of the management or the bank's policies or operation procedures.
Acts 1969, ch. 36, § 1 (3.314); 1973, ch. 294, § 6; T.C.A., § 45-222.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 3 - STOCKHOLDERS (§§ 45-2-301 — 45-2-305) › Section 45-2-305 - Stockholders relieved of double liability

Stockholders in banking institutions doing a general banking business in this state pursuant to charters granted under authority of Acts 1909, ch. 54, §§ 1-4 (compiled as §§ 3892-3895, inclusive, of the Code of 1932, and repealed by Acts 1939, ch. 106), are relieved of the double or additional individual liability to the depositors of the institutions; notwithstanding that such double liability feature may be written in the body of the charters of the banking institutions, and shown on the face of the stock certificates.
Acts 1969, ch. 36, § 1 (3.314); T.C.A., § 45-225; T.C.A., §
45-2-307
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 4 - DIRECTORS AND OFFICERS (§§ 45-2-401 — 45-2-405) › Section 45-2-403 - Fidelity bonds and other insurance - Special reserve fund

(a)
The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to the bank on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule or blanket form, and the premiums for the bonds may be paid by the bank.
(b)
The directors shall also direct and require suitable insurance protection to the bank against burglary, robbery, theft, liability and other similar insurable hazards to which the bank may be exposed in the operations of its business on the premises or elsewhere.
(c)
The directors shall be responsible for prescribing at least once in each year the amount of penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazard. The action shall be recorded in the minutes of the board of directors and be subject to the approval of the commissioner.
(d)
(1)
In lieu of providing a good and sufficient fidelity bond on all active officers and employees as required by subsection (a), a state bank with sufficient capital to assets ratio as established by the commissioner may establish a special reserve fund in such form, amount, and including such assets, as approved by the commissioner.
(2)
The commissioner shall promulgate necessary rules and regulations to implement subdivision (d)(1).
Acts 1969, ch. 36, § 1 (3.317); 1973, ch. 294, § 6; T.C.A., § 45-228; Acts 1986, ch. 865, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 4 - DIRECTORS AND OFFICERS (§§ 45-2-401 — 45-2-405) › Section 45-2-404 - Authority to declare dividends

The board of directors of a state bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two (2) years without the prior approval of the commissioner.
Acts 1969, ch. 36, § 1 (3.318); T.C.A., § 45-229; Acts 2001, ch. 54, § 13.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 4 - DIRECTORS AND OFFICERS (§§ 45-2-401 — 45-2-405) › Section 45-2-405 - Government service

(a)
Notwithstanding any law to the contrary, any officer, director, or employee of any bank may serve in any capacity in state or local government, except in any capacity with the department, or on any board, commission, or other agency of the governmental unit; provided, that the officer, director or employee has:
(1)
Disclosed to the chief executive officer of the bank and the board of directors of the bank the capacity in which the officer, director or employee is serving with the governmental unit; and
(2)
Disclosed to the chief executive officer of the governmental unit and to the appropriate board, commission or other agency the relationship to the bank.
(b)
Where there has been compliance with this section, the existence of the dual relationship shall not invalidate, or adversely affect, any sale, contract or other business transaction between the bank and the governmental unit.
(c)
As used in this section, "bank" means any state or national bank, or state or federal savings and loan association, or credit union established pursuant to chapter 4 of this title.
Acts 1983, ch. 287, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 5 - MEMBERSHIP IN FEDERAL RESERVE BANKS (§§ 45-2-501 — 45-2-505) › Section 45-2-501 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Federal Reserve Act" includes the act of congress of the United States approved December 23, 1913, as amended;
(2)
"Federal reserve bank" means the federal reserve banks created and organized under the authority of the Federal Reserve Act;
(3)
"Federal reserve board" means the federal reserve board, created and described in the Federal Reserve Act; and
(4)
"Member bank" means any national bank, state bank, or banking and trust company that has become or that becomes a member of one (1) of the federal reserve banks created by the Federal Reserve Act.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-301.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 5 - MEMBERSHIP IN FEDERAL RESERVE BANKS (§§ 45-2-501 — 45-2-505) › Section 45-2-502 - Power to subscribe to stock

Any state bank has the power to subscribe to the capital stock and become a member of a federal reserve bank.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-302.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 5 - MEMBERSHIP IN FEDERAL RESERVE BANKS (§§ 45-2-501 — 45-2-505) › Section 45-2-503 - Powers of federal reserve bank membership

A state bank that is or that becomes a member of a federal reserve bank is by this part vested with all powers conferred upon member banks of the federal reserve banks by the terms of the Federal Reserve Act as fully and completely as if the powers were here specifically enumerated and described, and all the powers shall be exercised, subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the federal reserve board made pursuant to the act. The right, however, is expressly reserved to revoke or to amend the powers herein conferred.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-303.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 5 - MEMBERSHIP IN FEDERAL RESERVE BANKS (§§ 45-2-501 — 45-2-505) › Section 45-2-504 - Reserves of Federal Reserve Act sufficient

A compliance on the part of a bank with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with those laws of this state that require banks to maintain reserves, and the bank shall not be required to carry or maintain reserves other than those required under the terms of the Federal Reserve Act.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-304.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 5 - MEMBERSHIP IN FEDERAL RESERVE BANKS (§§ 45-2-501 — 45-2-505) › Section 45-2-505 - Supervision and examinations - Disclosures to federal reserve board

The bank shall continue to be subject to the supervision and examinations required by the laws of this state, except that the federal reserve board shall have the right, if it deems necessary, to make examinations, and the authorities of this state having supervision over the bank or trust company may disclose to the federal reserve board, or to examiners duly appointed by it, all information in reference to the affairs of any bank that has become, or desires to become, a member of a federal reserve bank.
Acts 1969, ch. 36, § 1 (3.323); T.C.A., § 45-305.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-602 - Subsidiary corporations

(a)
(1)
Any bank may exercise any of its powers through the medium of a subsidiary corporation or corporations. Any and all rights conferred upon banks shall be fully applicable to the subsidiary corporations of banks. Banks shall not be permitted, however, through the use of subsidiary corporations to circumvent the restrictions imposed by §
45-2-614
. Whenever the commissioner deems it necessary, the commissioner may examine any corporation that is a subsidiary corporation of a state bank.
(2)
A bank may organize, participate in or own an ownership interest in a limited liability company, or limited liability partnership, under this section and this title.
(b)
(1)
For the purposes of this section, a minority stock ownership interest in a credit insurance company whose capital meets or exceeds the requirements of §
56-2-114
, or in an insurance holding company system as defined in §
56-11-101
, whose principal business is conducted through one (1) or more credit insurance companies whose capital meets or exceeds the requirements of §
56-2-114
, shall be deemed to be a subsidiary; provided, that the original cost of the stock ownership interest does not exceed five percent (5%) of the capital and surplus of the bank; and provided further, that no one (1) bank shall own more than five percent (5%) of the stock in the credit insurance company or insurance holding company system.
(2)
The existence and operation of any subsidiary corporation formed prior to June 9, 1981, shall not be impaired by subdivision (b)(1).
Acts 1969, ch. 36, § 1 (3.102); 1973, ch. 294, § 6; T.C.A., § 45-402; Acts 1981, ch. 253, §§ 1, 2; 1996, ch. 768, § 17.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-603 - Emergency powers

In the event of an emergency resulting from fire, act of God, attack by a foreign nation, riot, insurrection, civil disorder or any similar disaster, any bank, without regard to any restrictions imposed by this chapter and chapter 1 of this title, may take any action that it deems necessary to preserve its assets and protect the interests of its depositors, shareholders or employees including, but not restricted to, suspending business activity or obtaining the benefit of, or participating in, emergency action authorized by the government of the United States, or the state of Tennessee or its political subdivisions.
Acts 1969, ch. 36, § 1 (3.103); T.C.A., § 45-403.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-604 - Hours of operation - Days closed - Effect on transactions

(a)
A bank shall establish hours of operation it deems necessary or appropriate; provided, that a bank may not be closed for more than two (2) consecutive calendar days without the prior approval of the commissioner, except a bank, without prior approval, may be closed Saturdays, Sundays, legal holidays and during emergencies as provided in §
45-2-603
.
(b)
Nothing in any law of this state shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank because it was done or performed during any time other than regular banking hours; provided, that nothing herein shall be construed to compel any bank that by law or custom is entitled to close or suspend business for the whole or any part of any day to keep open for the transaction of business, or to perform any of the acts or transactions aforementioned, on any optional closing day or legal holiday, except at its own option.
Acts 1969, ch. 36, § 1 (3.202); 1973, ch. 294, § 6; T.C.A., § 45-405; Acts 1996, ch. 768, § 18.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-605 - Transmitting money - Dealing in foreign exchange

(a)
A bank may accept money for transmission and may transmit money.
(b)
A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers.
Acts 1969, ch. 36, § 1 (3.210); T.C.A., § 45-413.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-606 - Depositories

Any bank may, for the convenience of its customers, provide suitable receptacles on, in, or as a part of the bank premises for the deposit of money, checks and other property, and may contract with its customers, through display of appropriate notice upon the receptacles or by written notice to its customers, that the receptacles are instrumentalities of the customer and that money, checks or other property placed in them shall not be considered to be deposited with the bank until received by an employee or officer of the bank. The receptacle shall not be placed in or located on, in or about any premises where the bank cannot legally carry on the business of banking.
Acts 1969, ch. 36, § 1 (3.211); T.C.A., § 45-414.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-608 - Acceptances

(a)
A bank may accept:
(1)
A draft that has not more than six (6) months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and
(2)
A draft that has no more than three (3) months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
(b)
A bank may issue a letter of credit, but unless the authority conferred to draw upon the bank or its correspondents is limited to the drafts that a bank is authorized by this section to accept, the amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose account the credit was issued.
Acts 1969, ch. 36, § 1 (3.243); T.C.A., § 45-437.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-609 - Sale of assets in ordinary course

A bank may sell any asset in the ordinary course of business, but the sale of all or substantially all of the assets of a bank shall entitle dissenting shareholders to the rights provided by §
45-2-1309
.
Acts 1969, ch. 36, § 1 (3.244); T.C.A., § 45-438.