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Can you summarize TNCO 45-2-618?
General Powers of Banks > Notification at maturity of certificate of deposit Requirement.
Short Summary
This provision, found in the Tennessee Code under the General Powers of Banks section, pertains to banks and their requirement to provide a maturity notice for nonrenewable certificates of deposit. The compliance with the Truth in Savings Act and applicable federal regulations is deemed compliance with Tennessee laws regarding the disclosure of information in connection with deposit accounts. However, for nonrenewable certificates of deposit with a term of more than one (1) month but no longer than one (1) year, the bank must provide a maturity notice that meets the requirements of the Truth in Savings Act, as if the certificate’s term exceeded one (1) year. The bank’s liability for failing to provide the maturity notice is limited to the liability it would have incurred under the Truth in Savings Act if the certificate’s term exceeded one (1) year.
Whom does it apply to?
Banks
What does it govern?
Notification at maturity of certificate of deposit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The bank's liability for failing to provide the maturity notice shall equal but not exceed that liability the bank would have incurred under the Truth in Savings Act had the certificate's term exceeded one (1) year.
Jurisdiction
Tennessee