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Tennessee Statutes, Title 45

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Tennessee/Statutes

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Title 45, Banks And Financial Institutions

20 chapters · 794 sections in this title.

All chapters in Title 45794 Ch 2, Banking Institutions204 Ch 3, Savings and Loan Associations139 Ch 4, Credit Unions64 Ch 5, Industrial Loan and Thrift Companies47 Ch 7, Money Transmission Modernization Act44 Ch 13, Tennessee Residential Lending, Broke…41 Ch 1, Department of Financial Institutions38 Ch 8, Small Business Investment Development29 Ch 6, Pawnbrokers27 Ch 12, Flexible Credit Act25 Ch 18, Check Cashing Act24 Ch 15, Title Pledges23 Ch 17, Deferred Presentment Services22 Ch 10, Financial Records Privacy Act19

794 sections·Filtered byTitle 45✕

Tenn. Code Ann. § 45-10-104 Requisites for disclosure — Effect of disclosure
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(a) Except as provided in § 45-10-103, a financial institution may not disclose to any person, except to the customer or the customer's agent, any financial records relating to that customer unless:(1) The customer has authorized disclosure to that person as provided in § 45-10-1…
Tenn. Code Ann. § 45-10-105 Authorization by customer
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(a) A customer may authorize disclosure of financial records pertaining to the customer by signing and dating a statement authorizing the disclosure; or, if acceptable to the financial institution, a customer may provide authorization orally. The authorization may specify:(1) The…
Tenn. Code Ann. § 45-10-106 Service of subpoena on financial institution
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(1) A subpoena authorizing the production of financial records may be served upon a financial institution only if:(1) A copy of the subpoena has been served upon the customer, if the customer is available for service, in the manner provided by law for the service of subpoena, or,…
Tenn. Code Ann. § 45-10-107 Requisites of subpoena
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(a) A financial institution shall not be required to produce financial records in response to a subpoena unless:(1) The subpoena indicates that the requirements of § 45-10-106 have been met;(2) The subpoena describes with specificity the financial records to be produced, includin…

Showing 601–650 of 794

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Tenn. Code Ann. § 45-10-108 Bond

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On motion of any affected party, and for good cause shown, the court may require the person requesting the production of any records of a financial institution in a civil action to execute a bond, with sufficient surety, in an amount deemed sufficient by the court.

Tenn. Code Ann. § 45-10-109 Expenses to be taxed as costs

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In all judicial proceedings, the reasonable expenses of a financial institution in producing records in response to a subpoena shall be taxed as costs, without regard to the amount of any bond, and in all other instances, the issuer shall pay the financial institution's reasonabl…

Tenn. Code Ann. § 45-10-110 Compliance with subpoena duces tecum

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Except as hereinafter provided, when a subpoena duces tecum is served upon a custodian of records of any financial institution in an action or proceeding in which the financial institution is not a party, and the subpoena requires the production of all or any part of the records …

Tenn. Code Ann. § 45-10-111 Wrapping and delivery of copy of records

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The copy of the records must be delivered to the issuer in the manner and location specified in the subpoena. If the subpoena does not specify a manner of delivery, then the records must be delivered by means of any method agreed upon by the issuer and the custodian, including el…

Tenn. Code Ann. § 45-10-112 Retention of records

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Upon receipt of the records, the issuer shall retain the records in a secure and confidential manner, and shall not disclose any of the records except to such persons or entities entitled to view the records in connection with the proceeding under which the subpoena was issued.

Tenn. Code Ann. § 45-10-113 Affidavit of custodian

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(a) The records shall be accompanied by an affidavit of a custodian stating in substance that:(1) The affiant is duly authorized custodian of the records and has authority to certify the records;(2) The copy is a true copy of all the records described in the subpoena; and(3) The …

Tenn. Code Ann. § 45-10-114 Copy and affidavit as evidence

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The copy of the record shall be admissible in evidence to the same extent as though the original thereof were offered and the custodian had been present and testified to the matters stated in the affidavit. The affidavit shall be admissible in evidence and the matters stated ther…

Tenn. Code Ann. § 45-10-115 Personal attendance of custodian — Form of subpoena

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(a) Where the personal attendance of the custodian is required, the subpoena duces tecum shall contain a clause that reads:“The procedure authorized pursuant to the Financial Records Privacy Act §§ 45-10-110 — 45-10-113 will not be deemed sufficient compliance with this subpoena.…

Tenn. Code Ann. § 45-10-116 Substitution of copies for original records

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In view of the property right of the financial institution in its records, original records may be withdrawn after introduction into evidence and copies substituted, unless otherwise directed for good cause by the court, judge, officer, body or tribunal conducting the hearing. Th…

Tenn. Code Ann. § 45-10-117 Delay of customer notice — Required findings — Filing by court — Disclosure

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(a) Upon application of a government authority, the customer notice required under § 45-10-106 may be delayed by an order of the chancery court of Davidson County, or the court issuing a lawful subpoena, if the presiding chancellor or judge finds that:(1) The investigation being …

Tenn. Code Ann. § 45-10-118 Disclosure relative to child support enforcement

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(a) Notwithstanding any other provisions of any law or regulation to the contrary, a financial institution shall disclose upon request to any Title IV-D child support agency of this state or any other state or territory or the federal government, their contractors or duly authori…

Tenn. Code Ann. § 45-10-119 Administrative subpoena for records relevant to financial exploitation

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(a) A financial institution shall provide access to or copies of records that are relevant to suspected actual or attempted financial exploitation, as defined in § 45-2-1202, in response to an administrative subpoena that satisfies the requirements of § 45-10-103(8) issued by the…

Tenn. Code Ann. § 45-11-101 Short title

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This chapter shall be known and may be cited as the “Financial Institutions Conversion Act of 1985.”

Tenn. Code Ann. § 45-11-102 Chapter definitions

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(1) As used in this chapter, unless the context otherwise requires:(1) “Capital stock financial institution” means a financial institution, the ownership of which rests in the holders of shares of capital stock, who may receive dividends on their shares, and who have the sole rig…

Tenn. Code Ann. § 45-11-103 Scope

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This chapter shall not be construed to modify, limit or repeal the provisions of chapter 2, part 13 of this title, or chapter 3, part 11 of this title, except as expressly stated in this chapter.

Tenn. Code Ann. § 45-11-104 Conversion of charter

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Any financial institution may apply to the commissioner for permission to convert its charter in order to do business as another type of financial institution in accordance with the procedures prescribed in this chapter.

Tenn. Code Ann. § 45-11-105 Conversion procedure

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(a) The board of directors of the converting institution shall, by a majority of the entire board, approve a plan of conversion that contains:(1) The type of financial institution that will result from the conversion;(2) The proposed name of the resulting institution;(3) The prop…

Tenn. Code Ann. § 45-11-106 Approval by stockholders of converting financial institution

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(a) To be effective, a plan of conversion for a stock-owned financial institution must be approved by the stockholders of the converting financial institution by a majority vote of the outstanding voting stock of each class at a meeting called to consider such action, which vote …

Tenn. Code Ann. § 45-11-107 Effective date of conversion — Certificate of conversion

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(a) The conversion shall, unless a later date is specified in the plan of conversion, become effective upon the filing with the commissioner of the executed plan of conversion, together with a copy of the resolution of the stockholders or members of the converting financial insti…

Tenn. Code Ann. § 45-11-108 Continuation of corporate entity

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(a) From and after the effective date of conversion, the resulting institution shall be deemed to be a continuation of the converting institution such that all property of the converting institution, including all right, title and interest in and to all property of whatsoever kin…

Tenn. Code Ann. § 45-11-109 Fees, commissions or other forms of consideration prohibited

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A director, officer, committee member, agent or senior management employee of a credit union, and immediate family members of such individuals shall not, directly or indirectly, receive a fee, commission, or other consideration, other than that person's usual salary or compensati…

Tenn. Code Ann. § 45-11-110 Powers of commissioner — Rules and regulations

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The commissioner is granted the power to promulgate substantive and procedural rules and regulations to carry out the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapte…

Tenn. Code Ann. § 45-12-101 Short title

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This chapter shall be known and may be cited as the “Flexible Credit Act.”

Tenn. Code Ann. § 45-12-102 Chapter definitions

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(1) As used in this chapter, unless the context otherwise requires:(1) “Commissioner” means the commissioner of financial institutions or the commissioner's designee;(2) (A) “Control” means possession, direct or indirect, of the power to direct or cause the direction of managemen…

Tenn. Code Ann. § 45-12-103 License required to engage in business of making flex loans — Designation of agent for service of process by nonresident licensees

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(a) No person shall engage in the business of making flex loans unless the person is licensed to make flex loans pursuant to this chapter. A person shall be deemed to be engaged in the business of making flex loans in this state if the person induces a consumer, while located in …

Tenn. Code Ann. § 45-12-104 Qualifications for licensure — Continuing nature

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(a) To qualify for a license to make flex loans, an applicant shall meet the following requirements:(1) The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and(2) The financial…

Tenn. Code Ann. § 45-12-105 Contents of written application for license

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(1) Each application for a license shall be in writing and made under oath or affirmation to the commissioner, in a form prescribed by the commissioner, and shall include the following:(1) The legal name, residence and business address of the applicant and, if the applicant is a …

Tenn. Code Ann. § 45-12-106 Application requirements

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(a) Each application for a license shall be accompanied by:(1) A filing fee of five hundred dollars ($500), which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof; provided, however, t…

Tenn. Code Ann. § 45-12-107 Investigation of applicants — Issuance of license — Posting of license — Term of license

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(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-12-106, the commissioner shall investigate to ascertain whether the requirements prescribed by § 45-12-104 have been satisfied. If the commissione…

Tenn. Code Ann. § 45-12-108 Denial of application — Hearing

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(a) If the commissioner determines that an applicant is not qualified to receive a license, 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, or if the commissi…

Tenn. Code Ann. § 45-12-109 Expiration of license — Renewal — Fees — Biennial license arrangement — Criminal history records check

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(a) Licenses issued pursuant to this chapter shall expire on December 31. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-12-104 and the payment to the commissioner a…

Tenn. Code Ann. § 45-12-110 License nontransferable and nonassignable — Change in control of licensee — Notification to department of change in place of business

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(a) A license issued pursuant to this chapter is not transferable or assignable. (b) (1) The prior written approval of the commissioner is required for the continued operation of a flex loan business whenever a change in control of a licensee is proposed. The commissioner may req…

Tenn. Code Ann. § 45-12-111 Interest, fees, and charges

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(a) Notwithstanding any other statutory limitation, a licensee authorized to make flex loans under this chapter may charge and collect interest, fees, and charges in a manner consistent with this section. (b) A licensee may charge and collect a periodic interest rate not to excee…

Tenn. Code Ann. § 45-12-112 Licensee to provide to prospective customers written explanation of interest, fees, and charges — Requirements for account-opening statement — Billing statements

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(a) A licensee shall provide each prospective customer, before consummation of a flex loan plan, a written explanation, in clear, understandable language, of the interest, fees, and charges to be charged by the licensee. The style, content and method of executing the required wri…

Tenn. Code Ann. § 45-12-113 Books, accounts and records — Limitations and requirements applicable to operation of business of making flex loans

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(a) Each licensee shall keep and use in its business any books, accounts and records the commissioner may require to effectuate this chapter and the rules promulgated pursuant to this chapter. Every licensee shall preserve the books, accounts and records for at least two (2) year…

Tenn. Code Ann. § 45-12-114 Law applicable to business of making flex loans — Licensees legally exercising powers under this chapter not in violation of statutory provisions

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The business of making flex loans in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including, but not limited to, § 47-14-104. A licensee shall not have the powers enumerated in …

Tenn. Code Ann. § 45-12-115 Promulgation of rules — Investigation and examination of licensees — Payment of expenses of investigation or examination — Exception

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(a) The commissioner may promulgate rules in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule adopted by the commissioner shall be mailed to the principal place of business of each l…

Tenn. Code Ann. § 45-12-116 Grounds for suspension or revocation of license — Revocation or suspension of multiple licenses — Hearing

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(a) The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care:(1) Failed to pay any fees, expenses, or costs imposed by the commissioner under the authority of this chapter;(…

Tenn. Code Ann. § 45-12-117 Authorized actions by commissioner upon violation of chapter or rules

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

Tenn. Code Ann. § 45-12-118 Grounds to suspend or bar a person from any position of employment, management or control of a licensee

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(a) The commissioner, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of employment, management or control of a licensee, if the commissioner finds that the:(1) Censure, suspension, …

Tenn. Code Ann. § 45-12-119 Consent orders—Emergency actions by commissioner

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(a) The commissioner may enter into a consent order 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 con…

Tenn. Code Ann. § 45-12-120 Complaints against licensees to be filed with commissioner — Investigative powers — Enforcement

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(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the licensee's regulated activities may file a written complaint with the commissioner who may investigate the complaint. (b) In the course of the investigation of the complaint, the commi…

Tenn. Code Ann. § 45-12-121 Events requiring notification by licensee to commissioner

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(1) Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state:(1) The filing for…

Tenn. Code Ann. § 45-12-122 Annual report by licensee — Confidentiality of information

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(a) Each licensee shall file an annual report with the commissioner on the date of the renewal application required in § 45-12-109 containing the following information:(1) The names and addresses of persons owning a controlling interest in each licensee;(2) The location of all pl…

Tenn. Code Ann. § 45-12-123 Multi-state automated licensing system

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

Tenn. Code Ann. § 45-12-125 Disclosure and sharing of information and material provided to multi-state automated licensing system

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(a) 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…