reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-817 - Commissioner's power to act in certain instances

(a)
Insufficient Reserves.
If the reserves of an association fall below the level specified by this chapter or by the rules and regulations of the commissioner, the commissioner shall require the association to increase its reserves, within the time and manner prescribed by the commissioner, so as to bring the sum of the reserves to the level so required, and shall, in addition and to the extent that the commissioner deems it necessary to protect the association and the public, require the association to take any one (1) or more of the actions set forth in subsection (c).
(b)
Unsound Business Practices.
In addition to the powers conferred upon the commissioner by any other provision of this chapter, if the commissioner determines that the association is engaging or has engaged in unsound and imprudent business practices that have caused or may cause the association to be in an impaired condition, the commissioner shall have the power to take any one (1) or more of the actions set forth in subsection (c).
(c)
Powers of Commissioner.
In the event that subsections (a) or (b) are applicable to any association, the commissioner may require the association to do any one (1) or more of the following:
(1)
Increase its liquid assets and maintain the increased liquid assets at a level prescribed by the commissioner;
(2)
Cease accepting all deposit accounts, cease accepting particular classes or categories of deposit accounts or limit the amounts of particular classes or categories of deposit accounts to be accepted;
(3)
Cease all lending, lending in a particular area, or making a particular type or category of loan;
(4)
Cease or limit the purchase of loans or other investments;
(5)
Cease or limit promotional expenditures;
(6)
Convene a meeting of the board of directors of the association with the commissioner or the commissioner's delegate in attendance to accomplish the purpose of this section; and
(7)
Take other steps the commissioner deems necessary to safeguard the interests of the association and the public.
Acts 1978, ch. 708, § 3.17; T.C.A., § 45-1524.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-818 - Commissioner may order any association to discontinue any illegal practice

If the commissioner, as a result of any examination or from any report made to the commissioner, or otherwise, finds that any association or any director, officer, or employee of any association is violating its charter or bylaws, this chapter, the laws of this state or of the United States or any lawful order or regulation of the commissioner, the commissioner shall deliver to the board of directors of the association a formal written order, in which are set forth the facts known to the commissioner, demanding the immediate discontinuance of the violation and conformance with all applicable requirements of this chapter, and any rules or regulations promulgated under this chapter. The order shall be delivered in person to the home office of the association in question by the commissioner or by the commissioner's agent or shall be sent by registered or certified mail, return receipt requested, addressed to the home office of the association in question. The order shall be effective from the time of receipt of the order by the association at its home office, and shall include a notice that the person or persons affected shall have the opportunity to request a hearing. If a hearing is so requested and held, the commissioner, on the basis of the evidence presented and any matters of record in the commissioner's office, shall either continue the order in effect, modify the same, or set it aside.
Acts 1978, ch. 708, § 3.18; T.C.A., § 45-1525.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-819 - Removal of directors, officers, and employees participating in violations

The commissioner may require that any director, officer, or employee of an association, who has participated in a violation described herein, be removed from the person's position or office in the association if the action of the person or persons concerned was knowingly and willfully taken. Prior to entering an order of removal, the commissioner shall deliver a full statement of the facts and conduct to which the commissioner objects to the board of directors of the association and to the person or persons concerned, stating the commissioner's intention to enter a removal order. The statement shall be delivered in person to the home office of the association served by the director, officer, or employee by the commissioner or by the commissioner's agent or shall be sent by registered or certified mail, return receipt requested, addressed to the home office of the association. The statement shall include a notice that the person or persons affected shall have the opportunity to request a hearing. If a hearing is so requested and held, the commissioner, on the basis of the evidence presented at the hearing, may proceed to enter an order for the immediate removal of the director, officer, or employee affected, or may reprimand the individuals and/or association concerned, or may dismiss the entire matter. If no hearing is requested within the time specified, the commissioner may proceed to enter an order of removal on the basis of the facts set forth in the commissioner's original statement.
Acts 1978, ch. 708, § 3.19; T.C.A., § 45-1526.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 8 - REGULATIONS (§§ 45-3-801 — 45-3-820) › Section 45-3-820 - Reliance upon action by commissioner

No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation, or interpretation of the commissioner, notwithstanding a subsequent decision by a court invalidating the order, regulation, or interpretation.
Acts 1978, ch. 708, § 3.20; T.C.A., § 45-1527.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 9 - TAXATION (§ 45-3-901) › Section 45-3-901 - Applicable taxes and exemptions

Associations shall be subject to the franchise and excise taxes as set forth in title 67, chapter 4, parts 8 and 9 respectively, and the taxes shall be in lieu of and substitution for any and all other taxes previously levied against or on the associations; except ad valorem taxes upon real estate and tangible personal property owned by the associations and, for taxable periods beginning on and after midnight June 30, 1977, the franchise and excise taxes as set forth in title 67, chapter 4, parts 8 and 9 respectively. Members' savings accounts shall not be treated as capital stock in the franchise tax base set forth in title 67, chapter 4, part 9. The exemption from other taxes shall include taxes upon or for the use of the capital, notes, reserves, surplus, loans, accounts, and other income and profits of the associations, including income tax upon members, shareholders or account-holders, who receive dividends from the associations, and all privilege taxes of every kind imposed by the state of Tennessee. Nothing in this section shall be construed as relieving state associations of the expense of examinations as provided by §
45-3-1003(f)
.
Acts 1939, ch. 60, § 4; C. Supp. 1950, § 3898.61 (Williams, § 3918.12); Acts 1977, ch. 85, § 4; impl. am. Acts 1978, ch. 708, §§ 1.23, 3.12; T.C.A. (orig. ed.), § 45-1504; Acts 1984, ch. 558, § 2; T.C.A., §
45-3-904
.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 10 - FEES (§§ 45-3-1001 — 45-3-1004) › Section 45-3-1001 - Organization fees

Each application for authority to organize an association under this chapter shall be accompanied by an application fee of one thousand five hundred dollars ($1,500), and a fee of five hundred dollars ($500) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation.
Acts 1978, ch. 708, § 5.19; T.C.A., § 45-1719.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 10 - FEES (§§ 45-3-1001 — 45-3-1004) › Section 45-3-1002 - Fees for establishment of branch office

Each application for authority to establish a branch office by an association other than a satellite office shall be accompanied by an application fee of five hundred dollars ($500) and a fee of three hundred dollars ($300) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation. Each application for authority to establish a satellite office shall be accompanied by an application fee of three hundred dollars ($300) and a fee of two hundred dollars ($200) for investigation of the application, as well as any necessary travel and other expenses connected with the investigation.
Acts 1978, ch. 708, § 5.20; T.C.A., § 45-1720.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 10 - FEES (§§ 45-3-1001 — 45-3-1004) › Section 45-3-1003 - Other fees and expenses

(a)
Change of Location of Office or Change of Name.
The application to change the location of the home or a branch office of an association or to change the name of an association shall be accompanied by a fee of fifty dollars ($50.00).
(b)
Amendments to Charter.
Each application for approval of an amendment to the charter of any association shall be accompanied by a fee of fifty dollars ($50.00).
(c)
Mergers and Consolidations.
Each application for the merger or consolidation of two (2) or more associations shall be accompanied by a fee of three hundred dollars ($300), which fee shall be paid in equal parts by the associations proposing to merge or consolidate.
(d)
Reorganizations; Transfers of Assets; Dissolution.
Each proposed plan of reorganization, proposal for the sale of all or substantially all of the assets of an association, and each proposal of liquidation and dissolution shall be accompanied by a fee of one hundred twenty-five dollars ($125).
(e)
Conversion.
Each application for conversion of an association subject to this chapter or of a federal association shall be accompanied by a fee of five hundred dollars ($500).
(f)
Examinations.
Each association shall pay a minimum examination fee of one hundred twenty-five dollars ($125) for any examination conducted by the commissioner or the commissioner's designated representative; provided, that in the event the examination fee does not adequately cover all reasonable costs and expenses of any examination, the commissioner shall assess any association being examined all additional expenses of the examination in excess of the one hundred twenty-five dollar ($125) fee, which expenses shall include travel and other expenses and the cost to the department of the working time of its examiners or other department employees involved in the examination. The fees provided herein shall be retained by the department as expendable receipts for the division of loans.
(g)
Commissioner's Approval.
In addition to all other fees required by this chapter, the commissioner is authorized, in the commissioner's discretion, to charge a fee not exceeding ten dollars ($10.00) upon each application for the commissioner's approval, submitted pursuant to any provision of this chapter.
(h)
Other Expenses.
The commissioner is authorized to assess an association for all other reasonable costs and expenses, not otherwise set forth, incurred by the department in performing any acts in the course of its official duties and, in furtherance of its supervisory responsibilities, the acts that may pertain to the regulation and supervision of the association.
Acts 1978, ch. 708, § 5.21; T.C.A., § 45-1721; Acts 1981, ch. 416, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 10 - FEES (§§ 45-3-1001 — 45-3-1004) › Section 45-3-1004 - Commissioner's power to modify fees

The commissioner is authorized, in the commissioner's discretion, uniformly to prescribe fees in lower amounts than specified in this chapter, if the commissioner determines that the lower fees are adequate to cover the necessary and related expenses of the department.
Acts 1978, ch. 708, § 5.22; T.C.A., § 45-1722.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1101 - Amendment of charters

Every association may amend its charter in the manner set forth herein. Each proposed amendment, together with a certified copy of the authorizing resolution, shall be submitted to the commissioner for approval. If the commissioner finds that the proposed amendment is in conformity with the law, the commissioner shall, in writing, approve the amendment and shall send notice of approval of the amendment by registered or certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove any amendment within the time specified, the commissioner shall state the disapproval, together with the written reasons therefor, and send the same by registered or certified mail to the home office of the association, giving the association, if appropriate under the circumstances, the opportunity to modify or change and resubmit the proposed amendment so as to obviate the commissioner's objections. In the event that the commissioner disapproves the amendment after the resubmission by the association, the commissioner shall send written notice of the final disapproval by registered or certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed amendment by the commissioner.
Acts 1978, ch. 708, § 4.09; T.C.A., § 45-1609.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1103 - Sale of assets

An association, in one (1) transaction not in the ordinary course of its business, may sell all or substantially all of its assets, with or without its name and good will, to another association or to a federal association, in consideration of money, stock, or obligations of the purchasing association.
Acts 1978, ch. 708, § 4.11; T.C.A., § 45-1611.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1104 - Procedure to effect sale of assets

The procedure to effect a sale of all or substantially all of the assets of an association shall be as follows:
(1)
Resolution by Board of Directors.
The board of directors shall, by resolution adopted by a majority of the existing members of the board, approve the sale and set forth in the resolution the terms and conditions of the sale;
(2)
Approval by Commissioner.
The resolution approving and setting forth the terms of the proposed sale shall be submitted to the commissioner for the commissioner's approval and shall be supplemented by additional information that the commissioner may require. If the commissioner finds that the proposed sale is fair to all depositors, other creditors, and stockholders or members of the association and to any other persons concerned, and that provision has been made for the disposition of the remaining assets, if any, of the association as provided in this chapter for voluntary liquidation, then the commissioner shall, in writing, approve the sale and shall send notice of approval by certified mail to the home office of the association not less than thirty (30) days after its receipt by the commissioner. Should the commissioner disapprove all or any part of the sale, the commissioner shall state the disapproval, together with the written objections therefor, and send the same by certified mail to the home office of the association, giving an opportunity to the association to amend the terms or conditions of the sale and resubmit the resolution so as to obviate the objections. In the event that the commissioner disapproves the proposed sale after the resubmission, the commissioner shall send written notice of the final disapproval by certified mail to the home office of the association. Failure to send notice of approval or disapproval within the time specified shall be deemed to constitute approval of the proposed sale by the commissioner; and
(3)
Approval by Stockholders or Members.
Upon approval of the proposed sale by the commissioner, the same shall be submitted to a vote at any annual or special meeting of the stockholders or members. The proposed sale shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A proposal for the voluntary liquidation of the association shall be submitted to the stockholders at the same meeting or at any adjournment thereof, or at any later meeting called for that purpose in accordance with this chapter concerning voluntary liquidation. A certified report of the proceedings setting forth the terms of the proposed sale, the number of votes present in person or by proxy and the number of votes for and against any proposal, respectively, shall be filed with the commissioner.
Acts 1978, ch. 708, § 4.12; T.C.A., § 45-1612.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1106 - Conversion of state capital stock association or federal association to state mutual association

Any state capital stock association or any federal association, if otherwise permitted by federal law and regulations, may become a state mutual association by following the procedures set forth in §
45-3-1105
and any rules and regulations promulgated by the commissioner.
Acts 1978, ch. 708, § 4.14; T.C.A., § 45-1614.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1107 - Conversion from state to federal association

Any association subject to this chapter may become a federal association pursuant to the laws and regulations of the United States and in accordance with the following procedure:
(1)
Approval by Board of Directors.
The board of directors of the state association shall approve a plan of conversion by resolutions adopted by majority vote of the existing members of the board;
(2)
Approval by Commissioner.
The plan of conversion shall not be submitted to the stockholders or members until approved in writing by the commissioner. The commissioner shall approve or disapprove the plan subject to the same requirements and in the same manner as is provided by §
45-3-1105
and any rules or regulations of the commissioner;
(3)
Submission to Stockholders or Members.
In the event the commissioner does approve the plan of conversion, the plan shall be submitted to an annual or special meeting of the stockholders or members. The plan of conversion shall be approved upon receiving the affirmative vote, in person or by proxy, of at least two-thirds (2/3) of the outstanding voting stock or votes of members. A certified report of the proceedings of the meeting shall be filed promptly with the commissioner; and
(4)
Further Action.
Within three (3) months after the date of the meeting, the association shall take further action, in the manner prescribed and authorized by the laws and regulations of the United States, that makes it a federal association. Three (3) copies of the charter issued by the federal home loan bank or three (3) copies of a certificate showing the organization of the association as a federal association certified by the secretary or an assistant secretary of the federal home loan bank board shall be filed with the commissioner. A failure to file the documents with the commissioner shall not affect the validity of the conversion. Upon the grant to any association of a charter by the federal home loan bank board, the association shall no longer be subject to the supervision and control of the commissioner as provided by this chapter.
Acts 1978, ch. 708, § 4.15; T.C.A., § 45-1615.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1108 - Plan of conversion - Mandatory and permissive requirements

(a)
Mandatory Provisions.
The plan of conversion shall provide as follows:
(1)
Each depositor shall receive a deposit account in the converted association equal in amount to the depositor's account in the converting association; provided, that if the conversion contemplates a purchase of capital stock by deposit account holders in the converting association, then the plan may provide that all or a proportionate part of each deposit account, if the deposit account holder so elects, shall be credited or otherwise applied to the purchase of stock in the capital stock association;
(2)
In the event of a conversion from a state mutual association or federal association to a state capital stock association, no capital stock shall be issued to any deposit account holder free of charge, and each deposit account holder shall be entitled to receive rights to purchase the capital stock;
(3)
In the event of a conversion from a state capital stock association to a state mutual association or federal association, the plan of conversion shall show how the rights of the stockholders to a return of capital shall be effected;
(4)
The plan of conversion shall show with particularity the business purpose to be accomplished by the conversion; and
(5)
The plan of conversion shall contain other information and be in the form required by the commissioner to enable the commissioner to determine whether the plan is fair and equitable and that the interests of deposit account holders, creditors, stockholders, or members and the public are adequately protected.
(b)
Permissive Provisions.
A plan of conversion shall not be considered unfair or inequitable merely because it contains provisions that provide that:
(1)
Deposit account holders shall have a right to purchase shares of capital stock at the fair market value thereof;
(2)
Deposit account holders shall or shall not have preemptive rights to all stock proposed to be issued;
(3)
Stockholders shall have the option of accepting a redemption of their shares of stock in return for cash or other property or that the value of the shares of stock may be converted into one (1) or more deposit accounts in the name of the stockholder;
(4)
Employment contracts are provided for officers and employees of the converted association; or
(5)
Not more than fifteen percent (15%) of the capital stock proposed to be issued pursuant to the plan of conversion is reserved by the association for stock options for officers and employees.
Acts 1978, ch. 708, § 4.16; T.C.A., § 45-1616.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 11 - VOLUNTARY CORPORATE CHANGES (§§ 45-3-1101 — 45-3-1110) › Section 45-3-1109 - Effect of conversion

When an association subject to this chapter or a federal association effects a conversion in accordance with this chapter, the corporate existence of the association shall not be interrupted, but the identity of the association shall continue, together with all of the obligations and liabilities of the association, and all of its rights, franchises, and interests in and to every kind of property shall continue without the necessity of a deed or other transfer. Any reference to the association before conversion, contained in writing, whether executed or effective before or after the conversion, shall be deemed a reference also to the association after conversion, if not inconsistent with the other provisions of the writing. No pending action or other judicial or administrative proceeding to which the association is a party shall be abated or discontinued by reason of the conversion, but the same may be prosecuted to final judgment, order, or decree in the same manner as if the conversion had not occurred.
Acts 1978, ch. 708, § 4.17; T.C.A., § 45-1617.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 12 - REORGANIZATION AND LIQUIDATION (§§ 45-3-1201 — 45-3-1204) › Section 45-3-1202 - Requirements of reorganization plan

(a)
Plan of Reorganization.
A plan of reorganization shall not be approved by the commissioner unless:
(1)
The plan is feasible and fair to all classes of depositors, other creditors and stockholders, or members;
(2)
The plan assures the removal of any director, officer, or employee responsible for any unsound or unlawful action or the existence of an impaired condition; and
(3)
Any merger or consolidation provided by the plan conforms to the requirements of this chapter.
(b)
Modification of Plan.
Whenever, in the course of reorganization, supervening conditions render the plan unfair or its execution impractical, the commissioner may modify the plan or liquidate the association. The action shall be taken by order upon appropriate notice of opportunity to request a hearing as provided in this chapter.
Acts 1978, ch. 708, § 5.02; T.C.A., § 45-1702.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 12 - REORGANIZATION AND LIQUIDATION (§§ 45-3-1201 — 45-3-1204) › Section 45-3-1204 - Appointment of receiver

(a)
The commissioner, after taking possession of an association for any of the purposes set forth, may, upon application to and approval by the court in which the notice of possession was filed, place the possession of the association in a receiver.
(b)
Without limitation to the scope of the powers and responsibilities of a receiver under any law of this state, the receiver shall have all the rights, powers, duties, and obligations granted to the commissioner in possession.
Acts 1978, ch. 708, § 5.04; T.C.A., § 45-1704.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1301 - Unauthorized conduct of savings and loan business

(a)
It is unlawful for any person not authorized pursuant to this chapter, directly or indirectly, to carry on a savings and loan business within this state, or falsely and with intent to defraud, to act as a savings and loan association, or to represent that the person is acting for an association, or to use an artificial or corporate name that is the name of an existing association.
(b)
A violation of this section is a Class B misdemeanor.
Acts 1978, ch. 708, § 5.05; T.C.A., § 45-1705; Acts 1989, ch. 591, § 112.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1302 - Receipt of deposits while in an impaired condition

(a)
It is unlawful for an association, directly or indirectly, to receive any deposit while in an impaired condition, except with the express written consent of the commissioner, or for an officer, director, agent, or employee of an association who knows, or in the proper performance of the person's duties should know, of the impaired condition, directly or indirectly, to receive or authorize the receipt of the deposits.
(b)
A violation of this section is a Class B misdemeanor.
Acts 1978, ch. 708, § 5.06; T.C.A., § 45-1706; Acts 1989, ch. 591, § 112.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1303 - Unlawful concealment of transactions

(a)
It is unlawful for a director, officer, agent, or employee of an association, directly or indirectly, to conceal or endeavor to conceal any transaction of the association from any officer, director, agent, or employee of the association or from the commissioner, any examiner, or other employee of the department to whom it should properly be disclosed.
(b)
A violation of this section is a Class C misdemeanor.
Acts 1978, ch. 708, § 5.07; T.C.A., § 45-1707; Acts 1989, ch. 591, § 113.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1304 - Improper maintenance of accounts - False or deceptive entries and statements

(a)
It is unlawful for any director, officer, agent, or employee of an association, directly or indirectly, to:
(1)
Maintenance of Accounts.
Maintain or authorize the maintenance of any account of the association in a manner that, to the person's knowledge, does not conform to the requirements prescribed by this chapter;
(2)
False Entries, etc.
With intent to deceive, make any false or misleading statement or entry or omit any statement or entry that should be made in any book, account, report, or statement of the association; or
(3)
Obstruction of Examination.
Obstruct or endeavor to obstruct a lawful examination of the association by the commissioner, an examiner, or other employee of the department.
(b)
A violation of this section is a Class B misdemeanor.
Acts 1978, ch. 708, § 5.08; T.C.A., § 45-1708.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1305 - Unlawful payments of penalties and judgments

Except as otherwise expressly permitted by this chapter, it is a Class B misdemeanor for an association, directly or indirectly, to pay a fine or penalty imposed by law upon any other person or any judgment against the person, or to reimburse, directly or indirectly, any person by whom the fine, penalty, or judgment has been paid, except in settlement of its own liability or in connection with the acquisition of property against which the judgment is a lien.
Acts 1978, ch. 708, § 5.09; T.C.A., § 45-1709.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1306 - False reports

It is a Class B misdemeanor for any official, examiner, or other employee of the department to knowingly and willingly make on oath a false report as to the result of any examination.
Acts 1978, ch. 708, § 5.10; T.C.A., § 45-1710.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1307 - False swearing

It is a Class C misdemeanor for any person to willfully and knowingly swear or affirm falsely when being examined under oath by any examiner or by the commissioner, or a hearing examiner in regard to any matter.
Acts 1978, ch. 708, § 5.11; T.C.A., § 45-1711.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1308 - Unlawful disclosure of information

It is a Class C misdemeanor for any official, examiner, or other employee of the department to disclose any information concerning an association or any director, officer, agent, or of the association, obtained in the course or as a result of the performance of official duties, other than disclosure that is required by this chapter.
Acts 1978, ch. 708, § 5.12; T.C.A., § 45-1712.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1309 - Director acting to detriment of association

It is a Class B misdemeanor for any director of an association to concur in any vote or act of the directors of the association if the director knows or has reason to know that the vote or act is intended to:
(1)
Place the association in an impaired condition;
(2)
Cause the association to pay dividends on its outstanding capital stock in violation of law;
(3)
Cause a reduction of the capital stock of an association in violation of law;
(4)
Cause the association to receive or discount any note or other evidence of debt in payment of capital stock required to be paid; or
(5)
Apply any of the funds of the association, except as permitted by law, directly or indirectly, to the purchase of shares of its own capital stock.
Acts 1978, ch. 708, § 5.13; T.C.A., § 45-1713.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1310 - Appropriation of property and false entries

It is a Class B misdemeanor for any officer, director, agent, or employee of an association to, directly or indirectly:
(1)
Knowingly, or with intent to defraud, receive or possess any of its property otherwise than in payment of a just demand, and omit to make, or cause the omission of, a full and true entry thereof in the books and accounts of the association;
(2)
Knowingly concur in the omission of any material entry in its books or accounts; or
(3)
Knowingly cause to be published a false representation that the association is in a better financial condition than it actually is.
Acts 1978, ch. 708, § 5.14; T.C.A., § 45-1714.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1311 - Defamation of business reputation

It is a Class B misdemeanor for any person to knowingly make, utter, circulate, or transmit to any other person or persons, any statement untrue in fact, derogatory to the financial condition of any association subject to this chapter, or any federal association in this state, with intent to injure the financial institution, or who shall counsel, aid, procure, or induce another to originate, make, utter, transmit, or circulate the untrue statement, with like intent.
Acts 1978, ch. 708, § 5.15; T.C.A., § 45-1715.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1312 - Commissioner to submit violations to district attorney general

The commissioner shall submit to the district attorneys general for the respective counties of this state any criminal violation of any provisions of this chapter known by the commissioner to have occurred in the county.
Acts 1978, ch. 708, § 5.16; modified; T.C.A., § 45-1716.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1313 - Criminal sanctions for violations

(a)
Except as otherwise specifically provided in this chapter, any person responsible for an act or omission expressly declared to be a criminal offense by any provision of this chapter commits:
(1)
A Class C misdemeanor; or
(2)
If the act or omission was intended to defraud, a Class E felony.
(b)
Any director, officer, agent, or employee of an association is deemed responsible for an act or omission of the association declared by this chapter to be a criminal offense whenever, knowing that the act or omission is unlawful, the director, officer, agent or employee participates in authorizing, executing, ratifying or concealing the act or omission.
(c)
Unless otherwise provided by this chapter, it is no defense to a criminal prosecution under this chapter that the defendant did not know the facts establishing the criminal character of the act or omission charged if the defendant reasonably could and should have known the facts in the proper performance of the defendant's duties.
Acts 1978, ch. 708, § 5.17; T.C.A., § 45-1717; Acts 1989, ch. 591, §§ 39, 113.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 13 - PROHIBITED ACTS (§§ 45-3-1301 — 45-3-1314) › Section 45-3-1314 - Injunction

Whenever a violation of any provision of this chapter by any association or any director, officer, agent, or employee of the association is threatened or impending such that immediate and substantial injury to the association or to its depositors or stockholders will ensue, a court of competent jurisdiction shall, upon suit of the commissioner, issue an injunction restraining the violation.
Acts 1978, ch. 708, § 5.18; T.C.A., § 45-1718.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 14 - RECIPROCAL SAVINGS INSTITUTION ACT (§§ 45-3-1401 — 45-3-1404) › Section 45-3-1401 - Short title

This part shall be known and may be cited as the "Tennessee Reciprocal Savings Institution Act."
Acts 1985, ch. 268, § 1; 1990, ch. 650, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 14 - RECIPROCAL SAVINGS INSTITUTION ACT (§§ 45-3-1401 — 45-3-1404) › Section 45-3-1403 - Acquisitions by out-of-state savings and loan holding companies or out-of-state associations

(a)
An out-of-state savings and loan holding company or out-of-state association that does not have a Tennessee association subsidiary (other than a Tennessee association subsidiary that was acquired either pursuant to § 123 of the Garn-St. Germain Depository Institutions Act of 1982 (
12 U.S.C. § 1730a(m)
) [repealed], or comparable provisions in state law, or in the regular course of securing or collecting a debt previously contracted in good faith) may acquire a Tennessee savings and loan holding company or a Tennessee association with the approval of the commissioner.
(b)
The out-of-state savings and loan holding company or out-of-state association shall submit to the commissioner an application for approval of the acquisition, which application shall be approved only if:
(1)
The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit Tennessee savings and loan holding companies and Tennessee associations to acquire associations and savings and loan holding companies in that state; and
(2)
The commissioner determines that the laws of the state in which the out-of-state savings and loan holding company or out-of-state association making the acquisition has its principal place of business permit the out-of-state savings and loan holding company or out-of-state association to be acquired by the Tennessee savings and loan holding company or Tennessee association sought to be acquired.
Acts 1985, ch. 268, § 1; 1990, ch. 650, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 14 - RECIPROCAL SAVINGS INSTITUTION ACT (§§ 45-3-1401 — 45-3-1404) › Section 45-3-1404 - Branch banks and subsidiaries

Notwithstanding any other provision of law to the contrary, a resulting institution may create and operate branch banks or subsidiaries in any county where the merging or converting association had branch offices or subsidiaries in existence or had applications for branches filed pending approval by the appropriate authority on April 23, 1985.
Acts 1985, ch. 268, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1501 - Short title

This part shall be known and may be cited as the "Tennessee Mutual Savings and Loan Holding Company Act."
Acts 1989, ch. 354, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1502 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Commissioner" means the commissioner of financial institutions;
(2)
"Principal place of business" of a mutual savings and loan holding company means the state in which the total deposits of all offices of all subsidiaries are the largest as shown by the most recent reports of condition filed with state or federal regulatory authorities;
(3)
"Savings and loan mutual holding company" means any company that, directly or indirectly, or acting in concert with one (1) or more other persons or through one (1) or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing more than twenty-five percent (25%) of the voting shares or rights of any association or savings bank or savings and loan holding company or controls in any manner, whether by holding of proxies or otherwise, the election of a majority of the directors of the institution. Notwithstanding the foregoing, no holding company shall be deemed to have control of or over a savings institution or holding company:
(A)
By virtue of its ownership or control of shares in a fiduciary capacity arising in the ordinary course of its business;
(B)
By virtue of its ownership or control of shares acquired by it in connection with its underwriting of securities that are held only for a period of time that will permit the sale of the shares upon a reasonable basis;
(C)
By virtue of its holding any shares as collateral taken in the ordinary course of securing a debt or other obligation;
(D)
By virtue of its ownership or control of shares acquired in the ordinary course of collecting a debt or other obligation previously contracted in good faith, until five (5) years after the date acquired; or
(E)
By virtue of its voting rights with respect to shares of any savings institution or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation;
(4)
"Subsidiary," whether of an individual or a company, means any company that is controlled by the person or by a company that is a subsidiary of the person by virtue of this part; and
(5)
"Tennessee mutual holding company" means a savings and loan holding company whose principal place of business is in Tennessee and that is not controlled, directly or indirectly, by another savings and loan holding company whose principal place of business is outside Tennessee.
Acts 1989, ch. 354, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1503 - Savings and loan holding companies and their subsidiaries - Registration requirements

Each savings and loan holding company and each subsidiary of the holding company shall register with the commissioner within one hundred eighty (180) days after July 3, 1989, or within ninety (90) days after becoming a mutual savings and loan holding company, whichever is later. Each mutual savings and loan holding company and each subsidiary of the holding company shall register on forms prescribed by the commissioner, which shall include information with respect to the financial condition, ownership, management, and inter-company relations of the mutual holding company and its subsidiaries and related matters that the commissioner deems necessary or appropriate to carry out the purposes of this part.
Acts 1989, ch. 354, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 15 - MUTUAL SAVINGS AND LOAN HOLDING COMPANY ACT (§§ 45-3-1501 — 45-3-1508) › Section 45-3-1504 - Mutual savings and loan holding companies and their subsidiaries - Reports - Examination - Fees

With respect to each mutual savings and loan holding company and each subsidiary of the holding company, the following shall apply:
(1)
Each mutual savings and loan holding company and each subsidiary of the holding company shall file with the commissioner reports required by the commissioner. The reports shall be in the form that the commissioner prescribes. Each report shall contain information concerning the operations of each mutual savings and loan holding company and subsidiary that the commissioner may require;
(2)
Each mutual savings and loan holding company shall maintain books and records prescribed by the commissioner;
(3)
Each mutual savings and loan holding company and each subsidiary of the holding company shall be subject to examination that the commissioner prescribes;
(4)
Each mutual savings and loan holding company under this part may engage in activities that the commissioner by regulation may establish not inconsistent with any applicable federal law;
(5)
Each mutual savings and loan holding company operating under this part shall pay and be assessed by the commissioner fees and charges as may be necessary to cover the cost of its examination and supervision under this part; and
(6)
The commissioner is empowered to promulgate reasonable rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the purpose of establishing fees to support the registration, examination, and supervision of companies under this part, including fees for the costs of application and issuance of a charter.
Acts 1989, ch. 354, § 4.