Top Legislation - View All
Latest Action: 02/12/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill TextCompanion Bill SB0148. Banks and Financial Institutions - Requires industrial loan and thrift companies to provide detailed written statement or copy of loan contract to borrowers; prohibits industrial loan and thrift companies from disseminating false or untrue statements relative to terms upon which money may be loaned; allows commissioner of financial institutions to approve various repayment schedules. - Amends TCA Title 45, Chapter 5, Part 1 and Title 45, Chapter 5, Part 4. Fiscal Summary for HB0104 / *SB0148Increase State Expenditures - Not Significant Bill Summary for HB0104 / *SB0148 Under this bill, when a loan is made by an industrial loan and thrift company, the company must provide the borrower with a written statement or a copy of the loan contract that clearly shows: (1) The name and address of the lender and one of the borrowers;[...] show full description
Latest Action: 03/07/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill TextCompanion Bill SB0690. Banks and Financial Institutions - Imposes 25 percent tax on money orders and all other such financial instruments purchased by non-US citizens. - Amends TCA Title 67, Chapter 4. Fiscal Summary for HB0768 / *SB0690Increase State Revenues - Exceeds $500,000 Increase State Expenditures - $239,000 Recurring $105,000 One-Time Bill Summary for HB0768 / *SB0690 This bill creates a privilege tax of 25 percent of the face value of payment instruments, such as checks and money orders, purchased by a person who is not a citizen of the United States. This bill provides that a person is presumed not to be a citizen if the person does not present one of a list of specified forms of identification at the time of purchase, such as a driver license or passport. If a person fails to file any form, statement, [...] show full description
Latest Action: 02/27/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill TextBanks and Financial Institutions - Requires any person who makes a title pledge loan without a license, and who does not return collateral and any money paid by borrower, to pay interest to borrower at 10 percent per annum of amount owed. - Amends TCA Section 45-15-101; Section 45-15-102; Section 45-15-103; Section 45-15-104; Section 45-15-105; Section 45-15-106; Section 45-15-107; Section 45-15-108; Section 45-15-109 and Section 45-15-110. Fiscal Summary for HB1430 / *SB1071Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant
Latest Action: 04/24/2007 - Action Deferred in Subcommittee Utilities & Banking of Commerce to 2008 Bill TextBanks and Financial Institutions - Specifically prohibits title pledge lenders from advertising using words that are false or misleading. - Amends TCA Section 45-15-112; Section 45-15-113; Section 45-15-114; Section 45-15-115; Section 45-15-116; Section 45-15-117; Section 45-15-118; Section 45-15-119 and Section 45-15-120. Fiscal Summary for HB1431 / *SB1070Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant
Latest Action: 04/11/2007 - Request to be added as sponsor denied. Bill TextCompanion Bill SB1871. Banks and Financial Institutions - Authorizes a money transmitter licensed pursuant to title 45, chapter 7 with a net worth of over $25 million dollars to organize and own or control a credit card state bank in Tennessee; specifies that authorization for holding companies to organize, own, and control credit card state banks includes domestic holding companies. - Amends TCA Title 45, Chapter 2 and Title 45, Chapter 7. Fiscal Summary for HB1459 / *SB1871Increase State Revenues - Net Impact - Not Significant / Dept. of Financial Institutions Increase State Expenditures - Not Significant Bill Summary for HB1459 / *SB1871 Present law authorizes any domestic lender, foreign lender, or holding company to organize, own, and control a credit card state bank. Present law defines a "domestic holding company" [...] show full description
Latest Action: 04/04/2007 - Companion became Public Chapter 5 Bill TextCompanion Bill SB1211. Banks and Financial Institutions - Prohibits any bank or out-of-state bank from establishing or maintaining a branch on the premises of an affiliate that engages in commercial activities. - Amends TCA Title 45, Chapter 2. Fiscal Summary for HB1573 / *SB1211MINIMAL Bill Summary for HB1573 / *SB1211 This bill prohibits any bank or out-of-state bank from establishing or maintaining a branch in Tennessee on the property of an affiliate if the affiliate engages in commercial activities. For purposes of this bill, an "affiliate" is any company that controls, or is controlled by, or is under common control with another company. "Commercial activities" means any activities in which a bank holding company, financial holding company, national bank, or national bank subsidiary, may not engage under federal law. This bill redefines [...] show full description
Latest Action: 02/21/2007 - Passed second consideration, caption bill, held on desk - pending amdt. Bill TextBanks and Financial Institutions - Increases from 90 to 120 calendar days period of time in which application from bank without regulatory rating of 1 or 2 shall be deemed approved for branch facilities. - Amends TCA Title 45. Fiscal Summary for HB1701 / *SB1901Increase State Expenditures - Not Significant
Latest Action: 03/06/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill TextBanks and Financial Institutions - Requires banks to credit electronic transfers to a customer's account before processing a debit against that account on the same business day. - Amends TCA Title 45, Chapter 2 and Title 47, Chapter 4. Fiscal Summary for *HB2062MINIMAL
Latest Action: 04/08/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill TextCompanion Bill SB1583. Banks and Financial Institutions - Reduces maximum fees that title pledge lenders may charge from 20 percent to 15 percent of the original loan amount; requires principal reduction payments to begin at the first rather than third renewal of the loan; clarifies that routine principal reduction payment deferral is prohibited. - Amends TCA Title 45, Chapter 15, Part 1. Fiscal Summary for HB2149 / *SB1583Increase State Revenues - Not Significant Increase State Expenditures - Not Significant Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant Bill Summary for HB2149 / *SB1583 This bill revises various provisions governing title pledge loans and lenders. Under present law, a title pledge lender may charge a customary fee to defray the ordinary costs of operating [...] show full description
Latest Action: 05/07/2007 - Companion became Public Chapter 80 Bill TextBanks and Financial Institutions - Removes the exemption from the Check Cashing Act for licensed money transmitters and registered industrial loan and thrift companies; allows those entities to continue business of check cashing without a license until license granted if the entity applies for licensure by December 31, 2007; prohibits non-licensed persons from advertising engagement in the check cashing business. - Amends TCA Sections 45-18-103 and 45-18-104. Fiscal Summary for *HB2238 / SB2180Increase State Revenues - $34,800 One-Time/Dept. of Financial Institutions $29,000 Recurring/Beginning in Year 2/ Dept. of Financial Institutions Increase State Expenditures - Not Significant
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Latest Legislation - View All
Latest Action: 03/12/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill TextCompanion Bill SB2993. Banks and Financial Institutions - Prohibits lender from making high-cost loan without first receiving certification from a counselor that the borrower has received counseling on the advisability of the loan transaction. - Amends TCA Title 45, Chapter 20. Fiscal Summary for HB4142 / *SB2993Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Increase Local Revenue - Not Significant Increase Local Expenditures - Not Significant Bill Summary for HB4142 / *SB2993 Under present law, a lender may not make a high-cost home loan without first providing to the borrower notice of availability of counselors from third-party nonprofit organizations approved by the United States department of housing and urban development (HUD), a housing financing agency of this state, or the regulatory agency [...] show full description
Latest Action: 06/06/2008 - Companion became Public Chapter 968 Bill TextCompanion Bill SB4171. Credit Unions - Authorizes a credit union to convert its charter in order to do business as another type of financial institution. - Amends TCA Title 45, Chapter 11. Fiscal Summary for *HB4127 / SB4171Increase State Expenditures - Not Significant Bill Summary for *HB4127 / SB4171 ON MARCH 31, 2008, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 4171, AS AMENDED. AMENDMENT #1 requires that a plan of conversion by a credit union be approved in accordance with the membership approval process for a federally-insured credit union, to the extent such membership approval is applicable. This amendment also clarifies that rules must be promulgated in accordance with the UAPA.
Latest Action: 06/06/2008 - Public Chapter 968 Bill TextCompanion Bill HB4127. Credit Unions - Authorizes a credit union to convert its charter in order to do business as another type of financial institution. - Amends TCA Title 45, Chapter 11. Fiscal Summary for SB4171 / *HB4127Increase State Expenditures - Not Significant Bill Summary for SB4171 / *HB4127 ON MARCH 31, 2008, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 4171, AS AMENDED. AMENDMENT #1 requires that a plan of conversion by a credit union be approved in accordance with the membership approval process for a federally-insured credit union, to the extent such membership approval is applicable. This amendment also clarifies that rules must be promulgated in accordance with the UAPA.
Latest Action: 04/08/2008 - Action Deferred in Subcommittee Civil Practice and Procedure of Judiciary to Summer Study Bill TextJudgments - Prohibits execution, seizure, or attachment on personal bank account of debtor if attempted by any business entity; makes withdrawal of funds by a business from a personal bank account resulting from delinquency or non-payment an unfair or deceptive act under Consumer Protection Act. - Amends TCA Title 25; Title 26; Title 45 and Title 47. Fiscal Summary for HB4050 / *SB3857Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Increase Local Govt. Revenue - Not Significant Increase Local Govt. Expenditures - Not Significant
Latest Action: 04/16/2008 - Taken Off Notice For Calendar in: Judiciary Committee Bill TextCompanion Bill SB3916. Mortgages - Allows, under certain circumstances, an attorney to execute and record an affidavit showing that a mortgagee received full payment in accordance with the payoff statement issued by the mortgagee and, thereby, to obtain a formal deed of release of the lien on the real property. - Amends TCA Title 66, Chapter 25. Fiscal Summary for *HB3763 / SB3916MINIMAL Bill Summary for *HB3763 / SB3916 Under present law, when a debt secured by a mortgage, deed of trust, or by lien retained in a deed of conveyance of land or bill of sale, or other instrument, has been fully paid or satisfied, the mortgagee, transferee, or assignee of the mortgagee or the legal holder of the debt secured by deed of trust or lien, who has received payment or satisfaction of the debt, must satisfy the record by a formal deed of release. [...] show full description
Latest Action: 04/15/2008 - Assigned to Gen. Sub of: Senate Jud Comm. Bill TextCompanion Bill HB3763. Mortgages - Allows, under certain circumstances, an attorney to execute and record an affidavit showing that a mortgagee received full payment in accordance with the payoff statement issued by the mortgagee and, thereby, to obtain a formal deed of release of the lien on the real property. - Amends TCA Title 66, Chapter 25. Fiscal Summary for SB3916 / *HB3763MINIMAL Bill Summary for SB3916 / *HB3763 Under present law, when a debt secured by a mortgage, deed of trust, or by lien retained in a deed of conveyance of land or bill of sale, or other instrument, has been fully paid or satisfied, the mortgagee, transferee, or assignee of the mortgagee or the legal holder of the debt secured by deed of trust or lien, who has received payment or satisfaction of the debt, must satisfy the record by a formal deed of release. [...] show full description
Latest Action: 04/08/2008 - Assigned to Gen. Sub of: Senate C,L&A Comm. Bill TextJudgments - Prohibits execution, seizure, or attachment on personal bank account of debtor if attempted by any business entity; makes withdrawal of funds by a business from a personal bank account resulting from delinquency or non-payment an unfair or deceptive act under Consumer Protection Act. - Amends TCA Title 25; Title 26; Title 45 and Title 47. Fiscal Summary for *SB3857 / HB4050Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Increase Local Govt. Revenue - Not Significant Increase Local Govt. Expenditures - Not Significant
Latest Action: 04/15/2008 - Companion became Public Chapter 677 Bill TextCompanion Bill SB3413. Banks and Financial Institutions - Authorizes sale of abandoned property in safe deposit box by method approved by commissioner of financial institutions or under the UCC; updates statutory citation concerning sales under UCC. - Amends TCA Title 45, Chapter 2. Fiscal Summary for HB3613 / *SB3413Increase State Expenditures - Not Significant Bill Summary for HB3613 / *SB3413 ON FEBRUARY 11, 2008, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 3413, AS AMENDED. AMENDMENT #1 removes from this bill authorization to sell abandoned property in a safe deposit box by a method approved by the state treasurer. Under this amendment, abandoned property in a safe deposit box may be sold in a manner authorized by the commissioner of financial institutions or pursuant to the Uniform Commercial Code.
Latest Action: 04/15/2008 - Companion became Public Chapter 672 Bill TextCompanion Bill SB2748. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for HB3438 / *SB2748 MINIMAL Bill Summary for HB3438 / *SB2748 Under present law, if a fiduciary is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, then the fiduciary may make such investments either directly or in the form of interests in an open-end management investment company registered under the federal Investment Company Act, if the portfolio of the company is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations. This bill extends the types of investments such a fiduciary may [...] show full description
Latest Action: 06/06/2008 - Public Chapter 1000 Bill TextCompanion Bill SB3814. Banks and Financial Institutions - Restricts credit card solicitations to college students while on campus. - Amends TCA Title 49, Chapter 7. Fiscal Summary for HB3393 / *SB3814Other Fiscal Impact - The current fiscal impact is estimated to be minimal since existing contracts would not be impacted by the bill and institutions of higher education affected by this bill have multi-year contracts in place. However, to the extent that future contracts have to be modified as a result of the bill, the state institutions of higher education may forego future revenues. Bill Summary for HB3393 / *SB3814 This bill requires institutions of the state board of regents and the University of Tennessee that collect identifying information from students for publication in student directories to supply a form allowing students to indicate they [...] show full description
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