All Banks And Financial Institutions Legislation - Tennessee
HB4142
Latest Action: 03/12/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill Text Companion 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 Comment on Bill Latest Action: 06/06/2008 - Companion became Public Chapter 968 Bill Text Companion 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. SB4171
Latest Action: 06/06/2008 - Public Chapter 968 Bill Text Companion 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. HB4050
Latest Action: 04/08/2008 - Action Deferred in Subcommittee Civil Practice and Procedure of Judiciary to Summer Study Bill Text Judgments - 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 HB3763
Latest Action: 04/16/2008 - Taken Off Notice For Calendar in: Judiciary Committee Bill Text Companion 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 SB3916
Latest Action: 04/15/2008 - Assigned to Gen. Sub of: Senate Jud Comm. Bill Text Companion 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 SB3857
Latest Action: 04/08/2008 - Assigned to Gen. Sub of: Senate C,L&A Comm. Bill Text Judgments - 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 Text Companion 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. HB3438
Latest Action: 04/15/2008 - Companion became Public Chapter 672 Bill Text Companion 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 HB3393
Latest Action: 06/06/2008 - Public Chapter 1000 Bill Text Companion 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 HB3330
Latest Action: 05/15/2008 - Taken Off Notice For Calendar in: Study Committee Sub-committee of Budget Bill Text Companion Bill SB3567. Banks and Financial Institutions - Creates six-member special joint study committee on home loan foreclosures. - Amends TCA Title 25; Title 26; Title 29; Title 45 and Title 47. Fiscal Summary for HB3330 / *SB3567Increase State Expenditures - $1,700 Each One-Day Meeting Bill Summary for HB3330 / *SB3567 This bill creates the Committee to Study Foreclosure Prevention. The special study committee would consist of three members of each house of the general assembly to be appointed by their respective speakers. Each speaker would be required to include in the speaker's appointees at least one member of the judiciary committee for the appointing speaker's house. The committee would be required to study the increasing incidence of home loan foreclosure in Tennessee and to make recommendations designed to lessen the [...] show full description SB3567
Latest Action: 01/23/2008 - Passed second consideration, Referred to Senate Delayed Bill Comm Bill Text Companion Bill HB3330. Banks and Financial Institutions - Creates six-member special joint study committee on home loan foreclosures. - Amends TCA Title 25; Title 26; Title 29; Title 45 and Title 47. Fiscal Summary for *SB3567 / HB3330Increase State Expenditures - $1,700 Each One-Day Meeting Bill Summary for *SB3567 / HB3330 This bill creates the Committee to Study Foreclosure Prevention. The special study committee would consist of three members of each house of the general assembly to be appointed by their respective speakers. Each speaker would be required to include in the speaker's appointees at least one member of the judiciary committee for the appointing speaker's house. The committee would be required to study the increasing incidence of home loan foreclosure in Tennessee and to make recommendations designed to lessen the [...] show full description SB3580
Latest Action: 03/05/2008 - Assigned to Gen. Sub of Senate C,L&A Comm. Bill Text Banks and Financial Institutions - Limits fee that high-cost home loan lenders may charge for third or subsequent pay-off statement provided to borrow in 12-month period to $10.00. - Amends TCA Title 45 and Title 62, Chapter 13. Fiscal Summary for SB3580 / *HB3188MINIMAL SB3814
Latest Action: 06/06/2008 - Companion became Public Chapter 1000 Bill Text Companion Bill HB3393. Banks and Financial Institutions - Restricts credit card solicitations to college students while on campus. - Amends TCA Title 49, Chapter 7. Fiscal Summary for *SB3814 / HB3393Other 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 *SB3814 / HB3393 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 HB3258
Latest Action: 04/08/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill Text Consumer Protection - Prohibits a financial institution from recovering funds paid to a customer who cashed a check, based on a scam, drawn against a non-existent bank account. - Amends TCA Title 45 and Title 47. Fiscal Summary for *HB3258 / SB3546Increase State Expenditures - Not Significant SB3546
Latest Action: 01/23/2008 - Passed second consideration, Referred to Senate C,L&A Comm. Bill Text Consumer Protection - Prohibits a financial institution from recovering funds paid to a customer who cashed a check, based on a scam, drawn against a non-existent bank account. - Amends TCA Title 45 and Title 47. Fiscal Summary for SB3546 / *HB3258Increase State Expenditures - Not Significant HB3041
Latest Action: 02/13/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill Text Companion Bill SB2674. Banks and Financial Institutions - Restricts the amount of penalty interest a credit card state bank may charge a cardholder and makes an interest rate increase applied to a credit card account prospective only. - Amends TCA Title 45. Fiscal Summary for HB3041 / *SB2674Increase State Expenditures - Not Significant Bill Summary for HB3041 / *SB2674 Present law limits the amount of interest that a bank may charge and collect with respect to extensions of credit made on credit card accounts, to an annual rate not exceeding 21 percent per year or at an equivalent daily, weekly, monthly, or quarterly rate. In addition to the authorized interest charges, a bank may charge and collect with respect to credit card accounts additional types of fees and charges that are agreed upon between the bank and the cardholder, in amounts that [...] show full description HB3188
Latest Action: 04/01/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill Text Banks and Financial Institutions - Limits fee that high-cost home loan lenders may charge for third or subsequent pay-off statement provided to borrow in 12-month period to $10.00. - Amends TCA Title 45 and Title 62, Chapter 13. Fiscal Summary for *HB3188 / SB3580MINIMAL SB3413
Latest Action: 04/15/2008 - Public Chapter 677 Bill Text Companion Bill HB3613. 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 *SB3413 / HB3613Increase State Expenditures - Not Significant Bill Summary for *SB3413 / HB3613 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. SB2993
Latest Action: 01/23/2008 - Passed second consideration, Referred to Senate C,L&A Comm. Bill Text Companion Bill HB4142. 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 *SB2993 / HB4142Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Increase Local Revenue - Not Significant Increase Local Expenditures - Not Significant Bill Summary for *SB2993 / HB4142 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 SB3142
Latest Action: 02/12/2008 - Assigned to Gen. Sub of: Senate Tax Sub Committee of F,W&M. Bill Text Taxes, Franchise - Increases franchise and excise tax credit for financial institutions donating to the Tennessee rural development opportunity fund from 10 percent of contribution to 12.5 percent of contribution. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for SB3142 / *HB2636Decrease State Revenue - $250,000 SB2748
Latest Action: 04/15/2008 - Public Chapter 672 Bill Text Companion Bill HB3438. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for *SB2748 / HB3438 MINIMAL Bill Summary for *SB2748 / HB3438 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 HB2636
Latest Action: 02/20/2008 - Assigned to Subcommittee Budget of FW&M Bill Text Taxes, Franchise - Increases franchise and excise tax credit for financial institutions donating to the Tennessee rural development opportunity fund from 10 percent of contribution to 12.5 percent of contribution. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for *HB2636 / SB3142Decrease State Revenue - $250,000 SB2674
Latest Action: 01/16/2008 - Passed second consideration, Referred to Senate C,L&A Comm. Bill Text Companion Bill HB3041. Banks and Financial Institutions - Restricts the amount of penalty interest a credit card state bank may charge a cardholder and makes an interest rate increase applied to a credit card account prospective only. - Amends TCA Title 45. Fiscal Summary for *SB2674 / HB3041Increase State Expenditures - Not Significant Bill Summary for *SB2674 / HB3041 Present law limits the amount of interest that a bank may charge and collect with respect to extensions of credit made on credit card accounts, to an annual rate not exceeding 21 percent per year or at an equivalent daily, weekly, monthly, or quarterly rate. In addition to the authorized interest charges, a bank may charge and collect with respect to credit card accounts additional types of fees and charges that are agreed upon between the bank and the cardholder, in amounts that [...] show full description HB2062
Latest Action: 03/06/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill Text Banks 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 HB2149
Latest Action: 04/08/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill Text Companion 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 SB2180
Latest Action: 05/07/2007 - Public Chapter 80 Bill Text Banks 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 SB2180 / *HB2238Increase 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 Latest Action: 05/07/2007 - Companion became Public Chapter 80 Bill Text Banks 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 Latest Action: 04/20/2007 - Companion became Public Chapter 29 Bill Text Financial Institutions, Dept. of - Clarifies that if the commissioner does not return an application for a certificate of authority to the applicant for corrections within the 10-day period after receipt, the application is deemed to have been filed; removes a bank's bonding company as a party that may receive information related to an examination of the bank; clarifies that the commissioner may disclose information regarding "suspected criminal violations" instead of "criminal violations." - Amends TCA Section 45-2-1603 and Section 45-2-213(b). Fiscal Summary for *HB2239 / SB2181Increase State Expenditures - Not Significant SB2181
Latest Action: 04/20/2007 - Public Chapter 29 Bill Text Financial Institutions, Dept. of - Clarifies that if the commissioner does not return an application for a certificate of authority to the applicant for corrections within the 10-day period after receipt, the application is deemed to have been filed; removes a bank's bonding company as a party that may receive information related to an examination of the bank; clarifies that the commissioner may disclose information regarding "suspected criminal violations" instead of "criminal violations." - Amends TCA Section 45-2-1603 and Section 45-2-213(b). Fiscal Summary for SB2181 / *HB2239Increase State Expenditures - Not Significant HB1622
Latest Action: 04/18/2007 - Companion became Public Chapter 24 Bill Text Companion Bill SB1046. Trusts - Makes numerous technical corrections to present law regarding trusts, such as duties of trustees and charitable trusts. - Amends TCA Title 35. Fiscal Summary for HB1622 / *SB1046MINIMAL Bill Summary for HB1622 / *SB1046 This bill revises various provisions of the Tennessee Uniform Trust Code, including the following: (1) Under present law, a charitable organization expressly designated to receive distributions under the terms of a charitable trust or a person appointed to enforce a trust created for the care of an animal or another noncharitable purpose has the rights of a qualified beneficiary. This bill removes the provision for a person appointed to enforce a trust created for the care of an animal or noncharitable purpose having the rights of a qualified beneficiary. This bill also specifies that the [...] show full description HB1573
Latest Action: 04/04/2007 - Companion became Public Chapter 5 Bill Text Companion 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 HB1701
Latest Action: 02/21/2007 - Passed second consideration, caption bill, held on desk - pending amdt. Bill Text Banks 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 HB1431
Latest Action: 04/24/2007 - Action Deferred in Subcommittee Utilities & Banking of Commerce to 2008 Bill Text Banks 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 HB1459
Latest Action: 04/11/2007 - Request to be added as sponsor denied. Bill Text Companion 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 HB1430
Latest Action: 02/27/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill Text Banks 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 SB1071
Latest Action: 02/28/2007 - Assigned to Gen. Sub of Senate C,L&A Comm. Bill Text Banks 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 *SB1071 / HB1430Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant SB1046
Latest Action: 04/18/2007 - Public Chapter 24 Bill Text Companion Bill HB1622. Trusts - Makes numerous technical corrections to present law regarding trusts, such as duties of trustees and charitable trusts. - Amends TCA Title 35. Fiscal Summary for *SB1046 / HB1622MINIMAL Bill Summary for *SB1046 / HB1622 This bill revises various provisions of the Tennessee Uniform Trust Code, including the following: (1) Under present law, a charitable organization expressly designated to receive distributions under the terms of a charitable trust or a person appointed to enforce a trust created for the care of an animal or another noncharitable purpose has the rights of a qualified beneficiary. This bill removes the provision for a person appointed to enforce a trust created for the care of an animal or noncharitable purpose having the rights of a qualified beneficiary. This bill also specifies that the [...] show full description SB1211
Latest Action: 04/04/2007 - Public Chapter 5 Bill Text Companion Bill HB1573. 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 *SB1211 / HB1573MINIMAL Bill Summary for *SB1211 / HB1573 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 SB1583
Latest Action: 04/24/2007 - Assigned to Gen. Sub of: Senate C,L&A Comm. Bill Text Companion Bill HB2149. 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 *SB1583 / HB2149Increase State Revenues - Not Significant Increase State Expenditures - Not Significant Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant Bill Summary for *SB1583 / HB2149 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 SB1871
Latest Action: 04/04/2007 - Public Chapter 6 Bill Text Companion Bill HB1459. 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 *SB1871 / HB1459Increase State Revenues - Net Impact - Not Significant / Dept. of Financial Institutions Increase State Expenditures - Not Significant Bill Summary for *SB1871 / HB1459 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 SB1901
Latest Action: 03/27/2007 - Assigned to Gen. Sub of Senate C,L&A Com. Bill Text Banks 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 *SB1901 / HB1701Increase State Expenditures - Not Significant SB1159
Latest Action: 06/06/2007 - Public Chapter 286 Bill Text Mortgages - Specifies that the definition of "commercial real estate" used in the Residential Closing Funds Distribution Act of 2005 applies only in that part. - Amends TCA Section 47-32-102. Fiscal Summary for SB1159 / *HB0680MINIMAL SB1070
Latest Action: 02/28/2007 - Assigned to Gen. Sub of Senate C,L&A Comm. Bill Text Banks 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 *SB1070 / HB1431Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant SB0690
Latest Action: 02/26/2007 - Assigned to Gen. Sub of Senate C,L&A Comm. Bill Text Companion Bill HB0768. 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 *SB0690 / HB0768Increase State Revenues - Exceeds $500,000 Increase State Expenditures - $239,000 Recurring $105,000 One-Time Bill Summary for *SB0690 / HB0768 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 HB0680
Latest Action: 06/06/2007 - Companion became Public Chapter 286 Bill Text Mortgages - Specifies that the definition of "commercial real estate" used in the Residential Closing Funds Distribution Act of 2005 applies only in that part. - Amends TCA Section 47-32-102. Fiscal Summary for *HB0680 / SB1159MINIMAL HB0768
Latest Action: 03/07/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill Text Companion 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 SB0806
Latest Action: 03/02/2007 - Assigned to Gen. Sub of Senate C,L&A Comm. Bill Text 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. - Amends TCA Title 45, Chapter 2 and Title 45, Chapter 7. Fiscal Summary for *SB0806Increase State Revenues - Net Impact - Not Significant / Dept. of Financial Institutions Increase State Expenditures - Not Significant Bill Summary for *SB0806 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" as a company that controls a domestic or foreign lender and has its principal place of business in this state. This bill extends the authority to organize, own, and control a credit card state bank to a company licensed under the Tennessee Money Transmitter Act that has [...] show full description SB0148
Latest Action: 02/20/2007 - Assigned to Gen. Sub of C,L&A Comm Bill Text Companion Bill HB0104. 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 *SB0148 / HB0104Increase State Expenditures - Not Significant Bill Summary for *SB0148 / HB0104 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 HB0104
Latest Action: 02/12/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill Text Companion 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 |
 Bill Categories in Tennessee
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