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Can you summarize TNRR 0180-31?
Financial Institutions > Loan Production Offices
Short Summary
The provided legal document content outlines the rules and regulations for Tennessee-chartered banks regarding the establishment of loan production offices. The document states that banks must file a notice with the commissioner 14 days prior to establishing a loan production office. The notice should include various details such as the bank’s name and address, the name and address of the loan production office, the responsible bank officer, a description of proposed activities, and the planned opening date. If the loan production office is located outside Tennessee, a no-objection letter from the respective state is required. The document also mentions that each notice should be accompanied by a non-refundable fee of $100. The commissioner has the authority to object to the establishment of a loan production office based on safety and soundness concerns. Banks are required to notify the commissioner of any closure of a loan production office and provide information on the disposition of records and transfer of pending loans. The document also mentions that if the loan production office uses an assumed name, additional requirements must be met. Periodic inspections may be conducted by the Department of Financial Institutions, and any expenses incurred during out-of-state inspections are to be paid by the bank. The document cites the relevant sections of the Tennessee Code Annotated as the authority for these rules and regulations.
Whom does it apply to?
Tennessee-chartered banks
What does it govern?
Establishment of loan production offices for Tennessee-chartered banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Tennessee