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Tennessee Statutes, Title 47

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Tennessee/Statutes

← All Tennessee coverage

Title 47, Commercial Instruments And Transactions

34 chapters · 1,335 sections in this title.

All chapters in Title 471,335 Ch 18, Consumer Protection346 Ch 25, Trade Practices195 Ch 9, Secured Transactions153 Ch 2, Sales103 Ch 26, Weights and Measures93 Ch 3, Negotiable Instruments68 Ch 8, Investment Securities52 Ch 7, Uniform Commercial Code — Documents …45 Ch 4, Bank Deposits and Collections41 Ch 14, Interest Rates Generally25 Ch 10, Uniform Electronic Transactions24 Ch 1, Uniform Commercial Code — General Pr…23 Ch 50, Miscellaneous Provisions21 Ch 13, Assignments for Benefit of Creditors20

17 sections·Filtered byTitle 47✕Ch 30✕

Tenn. Code Ann. § 47-30-101 Short title
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This chapter is known and may be cited as the “Tennessee Reverse Mortgage Innovation Act.”
Tenn. Code Ann. § 47-30-102 Chapter definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Authorized lender” or “lender” means:(A) A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee;(B) The Tennesse…
Tenn. Code Ann. § 47-30-103 Authorized lenders — Designation — Application
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(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 designat…
Tenn. Code Ann. § 47-30-104 Compliance — Noncomplying loans unenforceable — Counseling
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(a) A reverse mortgage loan contract must conform to the requirements of this chapter. A reverse mortgage loan, home equity conversion loan, mortgage, or deed of trust that fails to comply with this chapter is unenforceable as to all interest, service fees, and insurance premiums…

Tenn. Code Ann. § 47-30-105 Contract for the payment of interest

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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 occurrenc…

Tenn. Code Ann. § 47-30-106 Contract may require borrower to pay certain taxes, premiums and assessments

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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 bor…

Tenn. Code Ann. § 47-30-107 Fees — Calculation of outstanding loan balance — Prepayment

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(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…

Tenn. Code Ann. § 47-30-108 Amount owed by borrower when loan is due — Enforcement of debt

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(a) When a 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 balanc…

Tenn. Code Ann. § 47-30-109 Provision of information to the commissioner

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(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 …

Tenn. Code Ann. § 47-30-110 Lender to provide borrower with name of agent to answer inquiries — Annual statement of account

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(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…

Tenn. Code Ann. § 47-30-111 Lender's default — Applicability

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(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…

Tenn. Code Ann. § 47-30-112 Borrower's default — Terms and conditions

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(1) 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 bo…

Tenn. Code Ann. § 47-30-113 Notice of foreclosure — Continuation of interest

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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 initia…

Tenn. Code Ann. § 47-30-114 Future advances — Exemption from other law

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(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 t…

Tenn. Code Ann. § 47-30-115 Prohibited acts

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(1) 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 throug…

Tenn. Code Ann. § 47-30-116 Rules — Notice of violation — Penalties — Civil actions

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(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 stat…

Tenn. Code Ann. § 47-30-117 Intent to authorize and modernize reverse mortgage loans

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(a) 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 ot…