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Can you summarize TNRR 0180-20?
Financial Institutions > Recovery of the Costs of Examination and Supervision of Certain Financial Institutions
Short Summary
These documents govern the recovery of costs incurred by the Department of Financial Institutions in the examination and supervision of certain financial institutions in the state of Tennessee. The documents define key terms and grant the Commissioner the authority to examine and supervise financial institutions engaged in unsafe, unsound, or illegal practices. The costs covered include the average salary and actual travel expenses of field staff involved in examining or investigating financial institutions, as well as the salary and expenses of supervisory or other staff required as a result of examination or investigation findings. The Commissioner has the authority to impose a special assessment on financial institutions to recover costs that exceed those normally incurred in the supervision of a financially sound and legally operating institution. However, routine periodic examinations are not included in the special assessment. The Commissioner must provide written notification to the financial institution, including a statement of the costs to be recovered and the dates on which the department incurred such costs. Payment of special assessments is due within thirty days from the date of the invoice. If a financial institution fails to pay a special assessment when due, the Commissioner may levy a late payment penalty. All penalties and fines collected pursuant to these documents shall be used at the exclusive discretion of the Commissioner in the administration of the department.
Whom does it apply to?
Certain financial institutions and their subsidiaries or affiliates engaged in unsafe, unsound, or illegal practices
What does it govern?
Recovery of the costs associated with the examination and supervision of certain financial institutions in the state of Tennessee
What are exemptions?
The special assessment does not include the costs of routine periodic examinations.
What are the Penalties?
Late payment penalty of up to five hundred dollars ($500) per day for each day the payment is overdue.
Jurisdiction
Tennessee