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Can you summarize TNRR 0180-09?
Financial Institutions > Pertaining to State-Chartered Credit Unions
Short Summary
This legal document pertains to the disclosure requirements in borrowing transactions of state-chartered credit unions in the state of Tennessee. It mandates that any state-chartered credit union borrowing funds from a non-member individual must make a specific disclosure on the instrument evidencing the borrowing. The disclosure states that the obligation is not a deposit, share, or special account in the credit union and is not insured by the National Credit Union Administration. The credit union is allowed to provide additional information in connection with the borrowing transaction, as long as it does not violate anti-fraud provisions of state and federal law. The rule applies to all instruments issued after the effective date of the rule. The authority for this rule comes from various sections of the Tennessee Code Annotated. The original rule was filed in 1980 and an amendment was filed in 2017, both with specific effective dates.
Whom does it apply to?
State-chartered credit unions
What does it govern?
Disclosure requirements in borrowing transactions of state-chartered credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Tennessee