Title 45, Banks And Financial Institutions

Every association may make, without regard to any loan limitations or restrictions otherwise imposed by this chapter, but nevertheless subject to any rules or regulations of the commissioner, any loan, secured or unsecured, that is insured or guaranteed in any manner and in any a…

(a) Loans Secured by Deposit Accounts or Capital Stock. Every association has the power to make loans secured by deposit accounts with the association to the extent of the withdrawal value thereof. Unless approved in writing by the commissioner, no association shall make a loan t…

An association that makes a loan, the proceeds of which are used or may be used by the borrower to finance the design, manufacture, construction, repair, modification, or improvement of real property for sale or lease to others, shall not be held liable to third persons for any l…

(1) As to home improvement installment loans or loans for the purchase of mobile homes or other installment loans that associations now or hereafter have the power to make, with repayment in equal, or substantially equal, monthly or other periodic installments over the term of th…

(a) An association in making an installment loan in excess of three hundred dollars ($300) may require a borrower to insure tangible personal property offered as security for the loan against any substantial risk of loss, damage or destruction for any amount not to exceed the act…

(a) (1) Associations are authorized, directed, and required to provide for and maintain a department to service the loans and properties securing the loans, including among other things:(A) Services in reference to investigating the financial standing of applicants for loans;(B) …

Every person doing a savings and loan business under the laws of this state shall be subject to supervision by the commissioner and the regulations promulgated by the commissioner. However, any regulation promulgated by the commissioner that has not been revised or amended in mor…

Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of stockholders or members, as the case may be, and of directors. Complete records of all business transacted at the home office shall be maintained at the home of…

Every association shall use forms, and keep other records, including, but not limited to, those of its stockholders or members, that the commissioner may from time to time require. Subject to any rules or regulations promulgated by the commissioner, every association shall observ…

No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person or under any title or designation that is not truly descriptive of the assets.

The commissioner, after a determination of value, may order that assets, individually or in the aggregate, to the extent that the assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to the overvaluation be set up by transfe…

Any association may cause any or all records kept by the association to be copied or reproduced by any photostatic, photographic, or microfilming process that correctly and permanently copies, reproduces, or forms a medium for copying or reproducing the original record on a film …

(a) An association may decline to disclose its books, papers and other records, except:(1) Pursuant to court order or subpoena;(2) To the commissioner and any authorized examiners, attorneys, or other employees of the department;(3) To the members of the board of directors of the…

Each association shall at least once in each year cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner. The annual audit shall cover the …

(a) Each association shall furnish the commissioner, annually, within ninety (90) days after the end of the period covered by the audit, or a shorter time that is prescribed by the commissioner, an annual written report, in the form prescribed by the commissioner, of its affairs …

(a) Monthly Reports. Every association shall, within ten (10) days after each calendar month, furnish the commissioner with a monthly report of the operations and financial condition of the association, in the form and containing the information that the commissioner prescribes. …

(a) Publication. Every association shall prepare and publish annually, on or before a date prescribed by the commissioner in a newspaper of general circulation in the county in which the home office of the association is located, a statement of its financial condition, in the for…

(a) Duty to Examine. The commissioner shall, either personally or by competent examiner or examiners appointed by the commissioner, visit and examine every association subject to the commissioner's supervision on a regular basis. (b) Requirements of Examination. On every examinat…

The commissioner is authorized, in connection with any examination or audit of any association, to cause to be made appraisals of real estate owned or held by the association as security or otherwise when specific facts or information with respect to the real estate, or when in t…

(a) Disclosure of Information. The information obtained by the commissioner or any examiner in making an examination into the affairs of the association shall be for the purpose of ascertaining the true condition of the affairs of the association, and shall not be disclosed by th…

The commissioner and any authorized examiners, attorneys, or other employees of the department shall have free access to all books, papers, and other records of an association, and to all books, papers, and other records kept by any officer, agent, or employee, relating to or upo…

(1) Charge Off Assets. In addition to other powers conferred upon the commissioner by this chapter, the commissioner has the power to require associations subject to the commissioner's supervision to:(1) Charge Off Assets. Charge off the whole or part of an asset that at the time…

(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 c…

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 Un…

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 will…

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…

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 taxe…

(a) Credit unions shall be subject to the supervision of the commissioner and shall make a report of conditions to the commissioner at least semiannually, on blank forms to be supplied by the commissioner, on the dates of the second and fifth calls made to national banks, notice …

(a) The commissioner shall either personally or by competent examiner appointed by the commissioner visit and examine every credit union subject to the commissioner's supervision at least once each year; provided, that this provision requiring examination at least once in each ye…

(a) The credit union fiscal year shall end at the close of business on December 31. (b) Special meetings of the members may be held by order of the board of directors and shall be held on request of ten percent (10%) of the members. (c) At all meetings, a member shall have but on…

(a) Seven (7) persons, residents of this state, who are all bona fide residents of this state and who have a common bond of occupation and association or reside within a well defined neighborhood, community or rural district, by complying with this chapter, may become together wi…

(a) At the time of applying for a charter of incorporation, the incorporators of the credit union shall submit, in duplicate, sets of bylaws with the acknowledgment of their adoption to the commissioner, which shall provide:(1) The date of the annual meeting, which shall be at an…

The commissioner shall approve the certificate of organization, and the bylaws, and if satisfied that the proposed field of operation is favorable to the success of the corporation and that the standing of the proposed incorporators is such as to give assurance that its affairs w…

The use by any person, corporation, association or copartnership, except corporations formed under this chapter, of any name or title that contains the words “credit union” is a Class C misdemeanor.

(a) There is created the volunteer corporate credit union, a nonprofit membership public corporation, sometimes referred to as “the corporation” in this part. (b) The corporation shall begin operations at any time within three (3) months after March 26, 1981, upon the adoption of…

(1) The general purposes of the corporation are to:(1) Aid and assist its member credit unions in providing needed service functions;(2) Provide a source for liquidity management;(3) Provide financial, custodial and related services for credit unions; associations of credit union…

(1) The corporation may:(1) Enter into contracts of any nature;(2) Sue and be sued;(3) Adopt, use and display a corporate seal;(4) Receive the payment from its members for members' shares, members' deposits, special accounts and certificates;(5) Make loans to credit unions, assoc…

This corporation shall have the sole right to use the names “volunteer state corporate central credit union,” “Volunteer Corporate Credit Union” and “VolCorp.”

Amendments to the articles, adopted by a vote of two-thirds (⅔) of the number of member credit unions who own shares, shall be filed with the commissioner, and if the commissioner approves the amendments, shall become effective upon being filed in the same manner as the original …

(a) The credit unions that adopt the articles of incorporation under § 45-4-1201 shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate. (b) The bylaws may be amended at any regular meeting of the directors, o…

Any credit union legally chartered under federal law or chartered under the laws of any state may become a member of the corporation, in accordance with provisions of this part and the bylaws, rules and regulations adopted for carrying out the purposes of this part.

On July 1, 1995, primary shares of the corporation shall automatically be converted to membership shares of the corporation.

The corporation's business shall be conducted by the directors, who shall be elected pursuant to the terms, conditions and provisions of the corporation's bylaws.

(a) The corporation is declared to be performing the functions of a credit union and shall be subject to exclusive supervision and examination in accordance with § 45-4-1002(a) by the commissioner of financial institutions. (b) The corporation shall pay an annual supervision fee …

(a) The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state. (b) Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapte…

The corporation shall be exempt from the requirements of § 45-4-505 relating to insurance of its shares and deposits.