reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1110 - Registration fees

The annual cost to register a serviceperson shall be set by rule pursuant to §
43-1-703
. For each service agency employing more than two (2) registered servicepersons, the annual fee shall be set by rule pursuant to §
43-1-703
. The service agency registration fee shall not exempt the agency or individual from paying the required serviceperson registration fee. If an agency has more than one (1) office or branch, each office or branch shall be licensed in accordance with this section.
Amended by 2015 Tenn. Acts, ch. 485,s 29, eff. 7/1/2015.
Acts 1997, ch. 311, § 3; 2002, ch. 640, § 22.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1111 - Reciprocal agreements

The commissioner may enter into an informal reciprocal agreement with any other state or states with similar registration policies whereby the registered servicepersons and the registered service agencies of the party states are granted reciprocal authority of certification of standards and testing equipment.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1112 - Revocation of certificate of registration

(a)
The commissioner is authorized to suspend or revoke a certificate of registration for good cause, which includes, but is not limited to: taking of unfair advantage of an owner of a device; failure to have test equipment or standards certified; failure to use adequate testing equipment; failure to adjust commercial or law enforcement devices to comply with Handbook 44 subsequent to service, repair, or installation; or failure to accurately and completely submit required forms to the state weights and measures office in the manner prescribed.
(b)
The commissioner is authorized to suspend or revoke the license of any registered serviceperson/registered service agency:
(1)
When, after a formal or informal hearing held following ten (10) days notice to the licensee, the commissioner is satisfied that the licensee has violated any provision of this part or of any regulation under this part; provided, that:
(A)
Upon such hearing the person cited may be heard in person or with counsel, or both, may present evidence, and may cross-examine witnesses;
(B)
A full and complete record of such hearing shall be recorded and any party to the proceedings, upon request, shall be supplied with a transcript of such proceedings at the usual cost; and
(C)
The commissioner is hereby authorized, at the commissioner's discretion, to appoint and designate a hearing officer who shall preside at the hearing in the place or in the absence of the commissioner. The hearing officer has the power and authority to conduct the same, to administer oaths, and make findings of fact, conclusions of law, and the proposed order based thereon. If the commissioner concurs, the commissioner shall issue the order, or may upon review of the record make such findings, conclusions and issue such order as in the commissioner's discretion the record justifies;
(2)
When the licensee has been convicted in any court of competent jurisdiction of violating any provision of this part or of any regulation under this part; or
(3)
When the licensee is convicted of any felony.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1113 - Revocation proceedings

If the commissioner suspends or revokes a serviceperson/service agency license, the revokee may appeal the decision through the appropriate court of law in Davidson County.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1114 - Criminal penalties

Any person who personally or through such person's servant or agent, or as the servant or agent of another person, commits any prohibited acts in this part or pursuant regulations or violates any other provision of this part commits a Class C misdemeanor.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1115 - Restraining orders and injunctions

The commissioner is authorized to apply to any court of competent jurisdiction for a restraining order, or a temporary or permanent injunction, restraining any person from violating any provision of this part.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1116 - Warning in lieu of criminal or civil penalties

Nothing in this part shall be construed as requiring the commissioner to report for the institution of proceedings under this part, minor violations of this part, whenever the commissioner believes that the public interest will be adequately served in the circumstances by a suitable oral or written notice or warning.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1117 - Rulemaking power of commissioner

The commissioner is authorized to enforce this part and the commissioner may issue from time to time reasonable rules and regulations for the enforcement of this part, which shall have the force and effect of law. All rules and regulations under this part shall be promulgated by the commissioner, pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 26 - WEIGHTS AND MEASURES (§§ 47-26-101 — 47-26-1118) › Part 11 - SERVICEPERSON REGISTRATION (§§ 47-26-1101 — 47-26-1118) › Section 47-26-1118 - Publications

The commissioner may publish, from time to time as the commissioner deems appropriate, and may supply upon request, lists of registered servicepersons and registered service agencies.
Acts 1997, ch. 311, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-102 - Securing of future advances authorized

A mortgage may provide that it secures not only existing indebtednesses or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory, or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of the mortgage, even though no advance is made at the time of the execution of the mortgage and even though no indebtedness is outstanding at the time any advance is made.
Acts 1987, ch. 137, § 2.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-103 - Priority of advances

(a)
The following advances relate back to the time of the recording of the mortgage, and are prior and superior to subsequent encumbrances and conveyances:
(1)
All advances, whether obligatory or optional, made under an open-end mortgage in accordance with this chapter;
(2)
All obligatory advances made under any mortgage securing a revolving credit agreement that is not an open-end credit agreement and under any obligatory or optional extension, renewal or amendment of such revolving credit agreement; provided, that no optional extension, renewal or amendment shall increase the advances entitled to priority under this subdivision (a)(2) above the maximum amount entitled to priority under the original revolving credit agreement; and
(3)
All obligatory advances made under any other mortgage securing future advances.
(b)
All obligatory advances made pursuant to an optional increase in the credit limit of a revolving credit agreement that is not an open-end credit agreement and pursuant to any obligatory or optional extension, renewal or amendment of such increase shall relate back to the time of the recording of the mortgage securing such revolving credit agreement and are prior and superior to subsequent encumbrances and conveyances unless the mortgagee has actual notice of an intervening conveyance or encumbrance prior to increasing the credit limit. If the mortgagee has actual notice of an intervening conveyance or encumbrance prior to increasing the credit limit, all such obligatory advances shall relate back to the time of the increase. For the purpose of this subsection (b), "actual notice" means knowledge in fact from any source by any means.
(c)
Optional advances made under any mortgage securing future advances, other than an open-end mortgage, are superior in priority to any intervening conveyance or encumbrance unless the mortgagee has actual notice of the intervening conveyance or encumbrance prior to exercising the mortgagee's option to make the advance. For the purpose of this subsection (c), "actual notice" means knowledge in fact from any source by any means.
Acts 1987, ch. 137, § 3; 1994, ch. 590, §§ 4, 5.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-104 - Prerequisites for priority status

(a)
All open-end mortgages, in order to have the priority provided in §
47-28-103
, must contain the following:
(1)
A statement or other notice conspicuously identifying the mortgage as an open-end mortgage;
(2)
A provision fixing a stated term for the duration of the open-end credit agreement, which term and any extension thereof made pursuant to the provisions of the mortgage shall not exceed a total of thirty (30) years from the date of the original execution thereof;
(3)
A provision fixing a maximum limit on the total amount of principal indebtedness to be secured by the mortgage at any time, i.e., the credit limit, which limit shall include precomputed interest and other precomputed charges validly included in such principal amount, but shall not include other interest, loan charges, commitment fees, brokerage commissions, and other charges validly made pursuant to the mortgage, including but not limited to, those made or incurred in protecting the efficacy of the security, including, without limitation, payment of taxes or insurance premiums, or expenses incurred in the collection of the debt or the enforcement of the mortgage;
(4)
A conspicuous notice to the borrower of the borrower's right pursuant to this chapter to reduce the limit on the maximum amount of total principal indebtedness to be secured under the mortgage, but the inclusion of such notice in an open-end credit agreement separate from the mortgage shall be deemed compliance with this subdivision (a)(4); and
(5)
A provision, either in the mortgage or in the open-end credit agreement, governing the duty of the borrower to return checks, credit cards, or other devices to obtain further advances on the service by the borrower of a notice of limitation, upon notice from the creditor pursuant to the terms of the open-end credit agreement.
(b)
All mortgages securing future advances which may be obligatory and which are for commercial purposes, in order to have the priority provided in §
47-28-103
, must contain a statement or other notice identifying the mortgage as securing obligatory advances and as being for commercial purposes.
Acts 1987, ch. 137, § 4; 2005, ch. 16, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-105 - Reduction in credit limit - Notice of limitation

(a)
The credit limit under an open-end mortgage may be reduced by the borrower, whether the advances to be made thereunder are obligatory or optional, to an amount not less than the amount of principal indebtedness shown on the most recent statement of the borrower's account received by the borrower from the creditor, plus the amount of any advances initiated by the borrower subsequent to that statement.
(b)
(1)
In order to effectuate such a reduction in the credit limit, the borrower must:
(A)
Serve a notice of limitation on the creditor substantially in accordance with the provisions of the mortgage and of this chapter; and
(B)
On or before the effective date of the notice, file a copy thereof for recordation in the appropriate register's office as an amendment to the mortgage.
(2)
Upon the recording of a notice of limitation in the appropriate register's office, the notice of limitation becomes irrevocable, and shall not be modified, amended, or rescinded.
(c)
In order to be effective, any such notice of limitation must be in substantial compliance with the following requirements:
(1)
It must name the creditor on whom the notice is served;
(2)
It must state specifically the reduced credit limit;
(3)
It must state the effective date of such limitation, which date cannot be sooner than one (1) regular business day after the date of the service of the notice;
(4)
It must name all parties to the open-end credit agreement and the mortgage securing the same;
(5)
It must identify with reasonable specificity the real property subject to the mortgage;
(6)
It must give any account number assigned to the account of the open-end credit agreement; and
(7)
It must be signed by all persons principally obligated to repay advances under the open-end credit agreement.
(d)
From and after the service of such a notice of limitation, the borrower shall not request or demand any further advances under the open-end credit agreement that exceed the credit limit stated in the notice, and the creditor will be relieved and released from any obligation or commitment to make advances thereunder that exceed that reduced credit limit.
Acts 1987, ch. 137, § 5.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-106 - Obligations of borrower

The serving and recording of a notice of limitation shall not relieve the borrower from the obligation to pay any amounts due or to become due the creditor, or from the performance of any other obligations under the open-end mortgage, or the agreement which it secures, or any note evidencing obligations thereunder.
Acts 1987, ch. 137, § 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-107 - Service of notice

Under this chapter a notice is served on the creditor when it is in fact received by the creditor at the address specified in the mortgage; or if no address is so specified, in the case of an open-end credit agreement, to the address to which requests or demands for advances are to be sent; and in all other cases to the address at which payments on the mortgage are to be made.
Acts 1987, ch. 137, § 7.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-108 - Priority of advances

(a)
Any advance made by the creditor:
(1)
Before the effective date of any notice of limitation from the borrower, made in accordance with this chapter; or
(2)
In response to a request or demand initiated by the borrower prior to the service of an effective notice of limitation, made in accordance with this chapter,
shall be entitled to the same priority as other advances made under that agreement, even though that advance increases the total amount of principal indebtedness beyond the credit limit fixed in that notice of limitation.
(b)
Any advance made by a creditor after the effective date of a notice of limitation (except for advances made in response to requests or demands initiated by the borrower prior to the service of an effective notice of limitation) that exceeds the credit limit stated in the notice shall not be entitled to priority over a conveyance or encumbrance recorded on or before the date of the service of the notice of limitation.
(c)
An advance is made by the creditor when the borrower becomes obligated to repay it.
Acts 1987, ch. 137, § 8.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-109 - Increases or advances exceeding contract limits or not covered by contract

Notwithstanding the limitations specified in any mortgage, or imposed by a borrower by means of serving and recording a notice of limitation:
(1)
Any increase in the principal balance of an indebtedness secured by any mortgage as a result of negative amortization or deferred interest;
(2)
Any advance which the creditor is obligated under the terms of the mortgage or related agreement or undertaking to make to a third party, or any disbursement made by a creditor pursuant to the terms of the mortgage to protect the efficacy of the creditor's security, including, without limitation, payment of taxes, insurance premiums, or expenses incurred in making repairs to the property or in the collection of the debt or the enforcement of the mortgage;
(3)
Any advance made under a construction or home improvement loan agreement contained or referred to in the mortgage; and
(4)
Interest on such advances or disbursements,
shall be secured by the mortgage, even though the mortgage does not specifically provide for future advances, or the advances or disbursements cause the amount of the total indebtedness to exceed the principal amounts stated in the mortgage, or to exceed the credit limit under an open-end mortgage. The priority of the lien of the mortgage, including any advance, increase, or disbursement described in this section, shall be the same as if such advance, increase or disbursement was made on the date of the recordation of the mortgage.
Acts 1987, ch. 137, § 9.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 28 - OPEN-END MORTGAGES AND MORTGAGES SECURING FUTURE ADVANCES (§§ 47-28-101 — 47-28-110) › Section 47-28-110 - Applicability and construction of chapter

This chapter applies to all loan or credit agreements and mortgages entered into from and after June 30, 1987. No provision herein shall be construed to:
(1)
Invalidate a provision of any mortgage or contract entered into prior to June 30, 1987;
(2)
Deny or curtail the right to a release of lien where the obligation it secures has been fully paid or satisfied; or
(3)
Deny or curtail the right to a partial release except in the case of an open-end mortgage.
Acts 1987, ch. 137, § 10.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 29 - COLLECTION OF BAD CHECKS (§§ 47-29-101 — 47-29-103) › Section 47-29-102 - Handling charge

When any check, draft, or order is not paid by the drawee because the maker or drawer did not have an account with or sufficient funds on deposit with the financial institution, or the draft, check, or order has an incorrect or insufficient signature thereon, the payee of such check, draft, or order is authorized to assess a handling charge against such maker or drawer in an amount not to exceed thirty dollars ($30.00).
Acts 1988, ch. 868, § 5; 2005, ch. 349, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 29 - COLLECTION OF BAD CHECKS (§§ 47-29-101 — 47-29-103) › Section 47-29-103 - Remedies cumulative

The remedies provided under this chapter shall be in addition to and not in lieu of any rights and remedies available under the Uniform Commercial Code as provided in chapters 1-9 of this title.
Acts 1988, ch. 868, § 5.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-101 - Short title

This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act."
Acts 1993, ch. 410, § 2.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-103 - Authorized lenders - Designation - Application

(a)
No person, firm, or corporation shall engage in the business of making reverse mortgage loans, unless such person, firm, or corporation is an authorized lender.
(b)
The Tennessee housing development agency, and any bank, savings institution, or credit union, shall be designated an authorized lender by providing notice, not less than thirty (30) days prior to making any home equity conversion loan or reverse mortgage loan, to the commissioner of its intent to make such loans and stating an effective date. This notification shall be made on a form prescribed by the commissioner and shall contain all information required by the commissioner and contain evidence that the applicant is an approved Fannie Mae or HUD lender. The commissioner may object to the notice by denying the designation prior to the effective date and shall state in the objection any reasons therefor.
(c)
Any person, firm, or corporation not included in subsection (b) shall file an application for authorization to make reverse mortgage loans, in writing, to the commissioner and in the form prescribed by the commissioner. The application shall contain the name and complete business address or addresses of the applicant and contain evidence that the applicant is an approved Fannie Mae or HUD lender. The application shall also include such information the commissioner deems necessary to evaluate the applicant. Such information may include, but is not limited to, affirmation of financial solvency, all capitalization requirements that are required by the commissioner, and the character, personal experience and business plan of the applicant. The application shall be accompanied by a nonrefundable fee, payable to the commissioner in an amount established by rule. If the commissioner approves the application, the commissioner shall designate the applicant as an authorized lender.
(d)
The commissioner shall maintain a list of authorized lenders.
Acts 1993, ch. 410, §4; 1997 , ch. 286, § 4.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-104 - Compliance - Noncomplying loans unenforceable - Counseling

(a)
No authorized lender shall issue a reverse mortgage loan contract unless it complies with all requirements for participation in HUD's Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the federal housing administration or other similar federal agency or is a Fannie Mae Reverse Mortgage Loan.
(b)
Any home equity conversion loan, reverse mortgage loan, mortgage or deed of trust which fails to comply with this chapter is unenforceable as to all interest, service fees, and insurance premiums incurred on the loan.
(c)
Prior to accepting an application for a home equity conversion loan, an authorized lender shall refer the borrower to a counselor and shall receive certification from the counselor that all borrowers have received counseling.
Acts 1993, ch. 410, §5; 1997 , ch. 286, § 5.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-105 - Contract for the payment of interest

Notwithstanding any other law to the contrary, the parties to a reverse mortgage loan may contract for the payment of interest at a rate which does not exceed the rate permitted for home loans under chapter 15 of this title. Interest shall be deferred until the earliest occurrence of one (1) or more events specified in the reverse mortgage loan contract. Payment of interest on deferred interest shall be as agreed upon by the parties to the contract. The parties may agree that the deferred interest may be added to the outstanding balance of the loan.
Acts 1993, ch. 410, § 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-106 - Contract may require borrower to pay certain taxes, premiums and assessments

A reverse mortgage loan contract may provide that it is the primary obligation of the borrower to pay some or all of the property taxes, hazard insurance premiums, private or federal mortgage insurance premiums, and assessments, in a timely manner, and that the failure of the borrower to make these payments and to provide evidence of payment to the lender may constitute grounds for default of the loan. A reverse mortgage loan contract shall state that if a borrower fails to pay property taxes, insurance premiums, or assessments, the lender may choose, at the lender's option, to pay the amounts due, charge them to the loan, and recalculate regularly scheduled payments under the loan to account for the increased outstanding loan balance.
Acts 1993, ch. 410, § 7.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-107 - Fees - Calculation of outstanding loan balance - Prepayment

(a)
If a reverse mortgage loan contract allows for a change in the payments or payment options, the lender may charge a reasonable fee when payments are recalculated.
(b)
The reverse mortgage loan contract may provide for:
(1)
A monthly service fee;
(2)
A fee for mortgage insurance premiums, which may be collected monthly or in advance. These fees shall not exceed the monthly service fee or insurance premium permitted by HUD for participation in the Home Equity Conversion Mortgage Program or by Fannie Mae for a Fannie Mae Reverse Mortgage Loan;
(3)
Repair administration fee, which complies with Fannie Mae guidelines or HUD regulations; and
(4)
An equity share, including shared appreciation, if the transaction is a Fannie Mae Reverse Mortgage Loan of any principal amount notwithstanding §
47-24-102
.
(c)
The outstanding loan balance shall be calculated by adding the current totals of items described in subdivisions (c)(1)-(4), and subtracting the current totals of all reverse mortgage loan payments made by the borrower to the lender:
(1)
The sum of all disbursements made by the lender to the borrower, or to another party on the borrower's behalf;
(2)
All taxes, assessments, hazard insurance premiums, mortgage insurance premiums, monthly service fees, and other similar charges paid to date by the lender under §
47-30-106
and not reimbursed by the borrower within sixty (60) days of the date payment was made by the lender;
(3)
All actual closing costs the borrower has deferred, if a deferral provision is contained in the loan agreement; and
(4)
The total accrued interest to date.
(d)
Prepayment of the reverse mortgage loan, in whole or part, is permitted without penalty at any time during the term of the loan.
Acts 1993, ch. 410, §8; 1997 , ch. 286, § 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-108 - Amount owed by borrower when loan is due - Enforcement of debt

(a)
When a reverse mortgage loan, other than a Fannie Mae Reverse Mortgage Loan, becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house, then the amount owed by the borrower shall not be greater than:
(1)
The fair market value of the house, minus sale costs; or
(2)
The outstanding balance of the loan,
whichever amount is less.
(b)
If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than:
(1)
The outstanding balance of the loan; or
(2)
The percentage of the fair market value, minus sale costs, as provided in the contract;
whichever amount is less.
(c)
The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.
Acts 1993, ch. 410, §9; 1997 , ch. 286, § 7.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-109 - Provision of information to the commissioner

(a)
On forms prescribed by the commissioner, all authorized lenders shall provide all of the following information to the commissioner for dissemination to all counselors who provide counseling to prospective reverse mortgage borrowers:
(1)
The borrower's rights, obligations, and remedies with respect to the borrower's temporary absence from the home, late payments by the lender, and payment default by the lender;
(2)
Conditions or events that require the borrower to repay the loan obligation;
(3)
The right of the borrower to mortgage less than the full value of the home, if permitted by the reverse mortgage loan contract;
(4)
Either the projected total annual percentage rate, as defined in §
47-30-102
, or a table of projected "Total Annual Loan Cost Rates" calculated in accordance with § 226.33 of Regulation Z (
12 CFR 226.33
) of the Federal Truth in Lending Act,
15 USC § 1601
et seq. applicable under various loan terms and appreciation rates and interest rates applicable at sample ages of borrowers;
(5)
Standard closing costs;
(6)
All service fees to be charged during the term of the loan; and
(7)
Other information required by the commissioner.
(b)
Within ten (10) business days after application is made by a borrower, but not less than twenty (20) business days before closing of the loan, lenders shall provide applicants with the same information required in subsection (a), shall inform applicants that reverse mortgage counseling is required before the loan can be closed, and shall provide the names and addresses of counselors listed with HUD or Fannie Mae.
Acts 1993, ch. 410, §10; 1997 , ch. 286, § 9.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-110 - Lender to provide borrower with name of agent to answer inquiries - Annual statement of account

(a)
At the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender's employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning the designated employee or agent changes.
(b)
On an annual basis and when the loan becomes due, the lender shall issue to the borrower, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:
(1)
The outstanding balance of the loan at the beginning of the statement period;
(2)
Disbursements to the borrower;
(3)
The total amount of interest added to the outstanding balance of the loan;
(4)
Any property taxes, hazard insurance premiums, mortgage insurance premiums, or assessments paid by the lender;
(5)
Payments made to the lender;
(6)
The total mortgage balance owed to date; and
(7)
The remaining amount available to the borrower in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one (1) or more lump sum amounts.
Acts 1993, ch. 410, § 11.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-111 - Lender's default - Applicability

(a)
A lender's failure to make loan advances to the borrower under the reverse mortgage loan contract shall be deemed the lender's default of the contract. Upon the lender's default, the lender shall forfeit any right to collect interest or service charges under the contract. The lender's right to recovery at loan maturity shall be limited to the outstanding balance as of the date of default, minus all interest. Lenders may also be subject to other default penalties established by the commissioner.
(b)
Subsection (a) shall not apply if the lender has previously declared the borrower in default under §
47-30-112
, or if the lender makes the required loan advance within the time stated in the mortgage contract or within thirty (30) days of receipt of notice from the borrower that the loan advance was not received.
Acts 1993, ch. 410, § 12.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-112 - Borrower's default - Terms and conditions

A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one (1) or more of the following terms and conditions:
(1)
The borrower fails to maintain the residence as required by the contract;
(2)
The borrower sells or otherwise conveys title to the home to a third party;
(3)
The borrower dies and the home is not the principal residence of the surviving borrower;
(4)
The home is not the principal residence of at least one (1) of the borrowers for a period of twelve (12) consecutive months for reasons of physical or mental illness;
(5)
For reasons other than physical or mental illness, the home ceases, without prior written permission from the lender, to be the principal residence of the borrower for a period of ninety (90) consecutive days and is not the principal residence during such period of another borrower under the loan;
(6)
The borrower fails to pay property taxes, hazard insurance premiums, mortgage insurance premiums, service fees or assessments under §
47-30-106
; or
(7)
The mortgage or deed of trust ceases to constitute a first lien on the property securing the reverse mortgage loan.
Acts 1993, ch. 410, §13; 1997 , ch. 286, § 10.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-113 - Notice of foreclosure - Continuation of interest

When a borrower's obligation to repay the reverse mortgage loan is triggered under §
47-30-112
, in addition to all rights conferred upon owners and borrowers under title 35, chapter 5, the lender must give the borrower not less than sixty (60) days' notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the sixty-day period.
Acts 1993, ch. 410, § 14.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-114 - Future advances - Exemption from other law

(a)
A reverse mortgage may provide that it secures not only existing indebtedness or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of the mortgage, even though no advance is made at the time of the execution of the mortgage and even though no indebtedness is outstanding at the time any advance is made.
(b)
All advances made under a reverse mortgage, whether obligatory or optional, relate back to the time of the recording of the mortgage, and are prior and superior to subsequent encumbrances and conveyances, if made in accordance with this chapter.
(c)
All reverse mortgages, in order to have the priority provided in this section, must contain a statement or notice essentially equivalent to that set forth in §
47-30-102
.
(d)
A reverse mortgage or reverse mortgage loan made in accordance with this chapter is exempt from chapter 28 of this title.
Acts 1993, ch. 410, § 15.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-115 - Prohibited acts

Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan:
(1)
Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise;
(2)
Failing to disburse funds in accordance with the terms of the reverse mortgage loan contract or other written commitment;
(3)
Improperly refusing to issue a release of a mortgage;
(4)
Engaging in any action or practice that is unfair or deceptive, or that operates a fraud on any person;
(5)
Contracting for or receiving shared appreciation, except that this subdivision (5) shall not apply to any Fannie Mae Reverse Mortgage Loan;
(6)
Closing a reverse mortgage loan without receiving certification from a counselor that the borrower has received counseling on the advisability of a reverse mortgage loan and the appropriate reverse mortgage loan for the borrower; or
(7)
Failing to comply with this chapter.
Acts 1993, ch. 410, §16; 1997 , ch. 286, § 11.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-116 - Rules - Notice of violation - Penalties - Civil actions

(a)
The commissioner shall adopt rules necessary to implement and enforce this chapter. Upon finding probable cause to believe that an authorized lender or any other person, firm, or corporation is in violation of this chapter, or of any law or any rule or regulation of this state, the United States, or an agency of the state or the United States, the commissioner shall, after affording reasonable notice and opportunity to be heard to the lender, order the lender to cease and desist from the violation.
(b)
If a lender fails to comply with or appeal the commissioner's cease and desist order, the lender is subject to a civil penalty of one thousand dollars ($1,000) for each violation that is the subject of the cease and desist order. The penalty imposed under this section is in addition to and not in lieu of penalties available under any other law applicable to a reverse mortgage lender.
(c)
Upon a finding that a reverse mortgage lender has violated this chapter, the commissioner may revoke, temporarily or permanently, the authority of the lender to make reverse mortgage loans.
(d)
A person damaged by a lender's actions may file an action in civil court to recover actual and punitive damages. Attorneys' fees shall be awarded to a prevailing borrower. Nothing in this chapter shall limit any statutory or common law right of a person to bring an action in court for any act, nor shall this chapter limit the right of the state to punish a person for the violation of any law.
Acts 1993, ch. 410, § 17.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-117 - Legislative intent - Construction with other laws

It is the intent of the general assembly to authorize reverse mortgage loans under the provisions, terms and conditions imposed by this chapter. Nothing in this chapter shall be construed to apply to or restrict any loan, mortgage, or deed of trust which is valid under any other provision.
Acts 1993, ch. 410, § 18.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 30 - HOME EQUITY CONVERSION MORTGAGES (§§ 47-30-101 — 47-30-118) › Section 47-30-118 - Fannie Mae Reverse Mortgage Loans

(a)
When a Fannie Mae Reverse Mortgage Loan becomes due, the amount owed by the borrower shall not be greater than:
(1)
The fair market value of the house; or
(2)
The outstanding balance of the loan, including any equity share, if applicable under the terms of the contract,
whichever is less.
(b)
The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.
Acts 1997 , ch. 286, § 8.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 31 - TOBACCO MANUFACTURERS' ESCROW FUND (§§ 47-31-101 — 47-31-103) › Section 47-31-101 - Short title

This chapter shall be known and may be cited as the "Tennessee Tobacco Manufacturers' Escrow Fund Act of 1999."
Acts 1999, ch. 278, § 2.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-101 - Short title

This chapter shall be known and may be cited as the "Residential Closing Funds Distribution Act of 2005."
Acts 2005, ch. 273, § 2.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-103 - Application

(a)
This chapter applies to transactions involving loans made by mortgage lenders utilizing settlement agents, which loans shall be secured by deeds of trust or mortgages on real estate, on the following:
(1)
Dwellings containing not more than four (4) residential units, regardless of the purpose of such dwellings;
(2)
Vacant lots zoned or designated for use as residential property; or
(3)
Agricultural land.
(b)
This chapter does not apply to transactions involving loans made by mortgage lenders on:
(1)
Commercial real estate; or
(2)
Industrial or other real estate not included in subsection (a).
Acts 2005, ch. 273, § 4.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-104 - Disbursement of loan funds to settlement agent

(a)
A mortgage lender, mortgage loan broker, mortgage loan servicer, or other person shall, at or before loan closing, cause disbursement of loan funds, in one (1) of the forms identified in §
47-32-102(3)
, to the settlement agent.
(b)
In any transaction in which the borrower may exercise a right of rescission under the federal Truth-in-Lending Act, compiled in
15 U.S.C. § 1601
et seq., and applicable federal regulations and interpretations, a mortgage lender, mortgage loan broker, mortgage loan servicer, or other person, shall cause disbursement of loan funds to the settlement agent not later than the first business day after the expiration of the rescission period.
Acts 2005, ch. 273, § 5.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-105 - Disbursement of funds by settlement agent from escrow or settlement account

(a)
No settlement agent shall disburse any funds from an escrow or settlement account in connection with a mortgage loan transaction identified in §
47-32-103(a)
, until:
(1)
Disbursement of loan funds, designated for said mortgage loan, has been received by the settlement agent;
(2)
Such additional funds necessary to be provided by the borrower or other third party to fully fund the transaction have been received. All additional funds required by this subdivision (a)(2) in excess of one thousand dollars ($1,000), shall be provided to the settlement agent in one (1) of the forms identified in §
47-32-102(3)
; and
(3)
All documents required to complete the transaction have been executed and are deemed suitable for recording.
(b)
In any transaction in which the borrower may exercise a right of rescission under the federal Truth-in-Lending Act, compiled in
15 U.S.C. § 1601
et seq., and the settlement agent has received loan funds prior to or on the first business day after the time the rescission right has expired, the settlement agent shall not disburse any settlement proceeds earlier than the first day after the expiration of the rescission period, and the settlement agent has determined that the borrower has not exercised the right of rescission.
Acts 2005, ch. 273, § 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-106 - Noncompliance

Failure to comply with this chapter shall not affect the validity or enforceability of any loan documents.
Acts 2005, ch. 273, § 7.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 32 - RESIDENTIAL CLOSING FUNDS DISTRIBUTION ACT OF 2005 (§§ 47-32-101 — 47-32-107) › Section 47-32-107 - Violations - Liability - Penalties - Frivolous actions

(a)
Any party violating this chapter is liable to any other party suffering a loss due to such violation, for any actual damages sustained, plus reasonable attorneys' fees. In addition, any party in violation of this chapter shall pay to the other party or parties suffering a loss an amount equal to one thousand dollars ($1,000), or double the amount of interest payable on the mortgage loan for the first sixty (60) days after the loan closing, whichever amount is greater.
(b)
Any party may bring an action in chancery court for declaratory or injunctive relief to prevent any violations of this chapter.
(c)
In any private action commenced under this chapter, upon finding that the action is frivolous, without legal or factual merit, or brought for the purpose of harassment, the court may require the person instituting the action to indemnify the defendant for any damages incurred, including reasonable attorneys' fees and costs.
Acts 2005, ch. 273, § 8.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 33 - LIBOR DISCONTINUANCE AND REPLACEMENT ACT (§§ 47-33-101 — 47-33-104) › Section 47-33-101 - Short title

This chapter is known and may be cited as the "LIBOR Discontinuance and Replacement Act."
Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.