Title 45, Banks And Financial Institutions

Any person holding a certificate of registration under this chapter as of May 16, 1983, shall be deemed, as of that date, to be registered as an industrial loan and thrift company hereunder, without the necessity of reapplying or paying any additional fees.

Any person who willfully violates this chapter commits a Class C misdemeanor.

The commissioner may by order delegate the powers and duties under this chapter to the assistant commissioner for the industrial loan and thrift companies division that are appropriate for the effective administration of this chapter.

(a) In order to qualify for registration as an industrial loan and thrift company, a person must:(1) Demonstrate experience, character and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and…

(a) In order to obtain a certificate of registration, a person must file an application with the commissioner on forms approved and furnished by the commissioner, giving the information that the commissioner may reasonably require in order to determine the qualifications of the a…

(a) A certificate of registration issued pursuant to this chapter expires on December 31. A certificate of registration may be renewed for the ensuing twelve-month period upon application by the registrant showing continued compliance with the requirements of § 45-5-201 and payme…

(a) If the commissioner determines that an applicant is not qualified to receive a certificate of registration, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial. (b) If the commissioner denies an application…

(a) The commissioner may, after notice and opportunity for a hearing, suspend or revoke any certificate of registration if the commissioner finds that the registrant has knowingly or without exercising due care:(1) Failed to pay any fees or assessments imposed by the commissioner…

In the event that a certificate of registration issued under this chapter is lost or destroyed, the person to whom the certificate of registration was issued may, upon payment of a fee prescribed by the commissioner, obtain a substitute certificate of registration, upon furnishin…

(a) Effective July 31, 2009, no registrant shall make a residential mortgage loan unless each individual that acts as a mortgage loan originator with respect to the loan has obtained a mortgage loan originator license under chapter 13, part 3 of this title, and has been sponsored…

(a) In addition to any other powers imposed upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be registered through a multi-state automated licensing system. Pursuant to this authority, the commissioner may:(1) Promulgate a…

(1) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:(1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated l…

(1) Any registrant under this chapter has the power to:(1) Lend money, with or without security, and to take as security real or personal property, or both;(2) (A) Charge interest:(i) On loans where the amount financed is less than one hundred dollars ($100), at a nominal rate no…

(1) No registrant under this chapter has the power to:(1) Receive deposits of money subject to check, payable on demand, or payable unconditionally at a fixed time; or to use the word “bank” or “banking,” “trust company” or other term commonly used to describe a banking corporati…

(a) Every registrant under this chapter may use the words “industrial loan and thrift company” or any part of those words in its corporate name. It is unlawful for any registrant organized after July 1, 1968, and qualified under this chapter, to use as a part of its company name …

(a) A registrant shall not issue investment certificates until:(1) The registrant has qualified as an industrial investment company and furnishes evidence to the commissioner that it meets the capital requirements specified in § 45-5-603;(2) The registrant gives notice to the com…

(a) With respect to all insurance offered, sold or procured pursuant to the powers given registrants under § 45-5-301(4) and (5):(1) The insurance shall be written by an agent and with a company authorized to do business in Tennessee, or under a group policy issued by a company a…

(a) (1) With respect to loans where the amount financed is less than one hundred dollars ($100), this chapter permits, but does not require, interest to be contracted for by way of discount. Interest may also be contracted for at an effective rate that results in the same amount …

(a) With respect to loans where the total amount of the loan is less than one hundred dollars ($100):(1) If the loan is precomputed and is prepaid in full, by refinancing or otherwise, more than thirty (30) days prior to its original maturity date, the borrower shall be entitled …

(a) No registrant under this chapter has the power to charge loan charges other than, or in amounts greater than, the following:(1) (A) Registrants may charge a service charge in an amount equal to five percent (5%) of the total amount of the loan, which charge may be deducted in…

The remedies of borrowers, the limitations on actions of borrowers, the defenses available to borrowers and to registrants, and the procedures applicable in the actions with respect to interest and loan charges under this chapter shall be those as prescribed by the general statut…

When a judgment is based on a note or loan contract hereunder fixing a rate of interest within the limits provided herein, that judgment shall bear interest at the rate so fixed.

(a) Each registrant shall be subject to the supervision of the commissioner. (b) The commissioner is authorized to make and enforce reasonable rules and regulations necessary and proper for the administration, enforcement and interpretation of this chapter. (c) In adopting the ru…

The costs for an examination or investigation of registrants shall be assessed pursuant to § 45-1-118(i). An unregistered person subject to the certificate of registration requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to…

(a) Each registrant shall file an annual report with the commissioner by July 31 of each year, containing the following information:(1) The names and addresses of persons owning controlling interest in the registrant;(2) The location of all places of business operated by the regi…

(1) If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any administrative rule issued pursuant to this chapter, the commissioner may take any or all of the following actions:(1) Order the person to cease and desist v…

(a) A change in control of a registrant shall require thirty (30) days prior notice in writing to the commissioner. However, in the case of a publicly traded corporation, notification shall be made in writing within thirty (30) days of a change or acquisition of control of a regi…

(a) If the crime or civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, s…

(1) Within fifteen (15) days of the occurrence of any one (1) of the events listed in this section, a registrant shall file a written report with the commissioner describing the event and its expected impact on the activities of the registrant:(1) The filing for bankruptcy or reo…

All books and records required to be preserved by any regulation of the commissioner or required by any federal statute, regulation, or regulatory guideline, as applicable to each registrant, shall be preserved and made available to the commissioner, as provided in this chapter, …

(a) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms cont…

In addition to the supervision and examination for compliance with this chapter as herein provided, industrial banks and industrial investment companies shall also be supervised and examined as banks for the protection of holders of investment and thrift certificates. To that end…

Chapter 2, part 15 of this title, pertaining to the liquidation, dissolution and reorganization of state banks, is fully applicable to industrial banks and industrial investment companies.

(a) To be registered as an industrial bank and to be authorized to issue thrift certificates, an industrial bank must have the capital structure required of state banks. (b) To be registered as an industrial investment company and to be authorized to issue investment certificates…

For the purpose of providing for the insurance of thrift certificates, chapter 2, part 8 of this title shall be fully applicable to qualified industrial banks and to thrift certificates issued by them, and for that purpose, the word “bank” as used in that part includes “industria…

(1) An industrial bank shall not issue thrift certificates until and unless:(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;(2) It has filed the forms, documents and receipts to be used by it i…

In addition to the other rulemaking powers conferred upon the commissioner by this title, the commissioner is authorized and directed to adopt rules governing the issuance, offering and sale of investment certificates by industrial investment companies or thrift certificates by i…

In order to protect the interests of holders of thrift certificates, in addition to the other provisions of chapters 1 and 2 of this title made applicable by this chapter to industrial banks, the following sections are applicable to industrial banks as to state banks generally: §…

Any industrial loan and thrift company holding a certificate of registration under this chapter may convert to an industrial bank or to an industrial investment company by meeting the qualifications for operating as an industrial bank or industrial investment company as provided …

(a) Any industrial loan and thrift company holding a certificate of registration under this chapter that has converted into an industrial bank may, with the approval of the commissioner, be merged into a state bank in accordance with the procedures contained in § 45-2-1304 if the…

Any outstanding investment certificates of an industrial loan and thrift company or of an industrial investment company that converts to operation as an industrial bank or any outstanding investment certificates of an industrial bank may be converted to thrift certificates, if th…

The commissioner is authorized and directed to adopt a schedule of fees to cover the reasonable costs of examination and supervision and of the processing of conversion applications provided for in this part. Failure to pay any such fee shall be cause for suspension or revocation…

(a) (1) The general assembly finds and declares that the ownership of industrial banks by non-Tennessee bank holding companies or other non-Tennessee corporations is not of benefit to the people and economy of this state and will result in the drain of capital from Tennessee.(2) …