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Can you summarize TNRR 0180-24?
Financial Institutions > Rules Pertaining to Home Equity Conversion Mortgages
Short Summary
This document governs the implementation and enforcement of the Home Equity Conversion Mortgage Act in the state of Tennessee. It applies to entities seeking authorization to engage in reverse mortgage loans, authorized lenders, borrowers, counselors, and the commissioner of financial institutions. The purpose of this rule is to implement and provide for the enforcement of the provisions of the act. However, federally chartered institutions are exempt from seeking authorization from the commissioner for activities or transactions specifically authorized by federal law or regulation. The document provides definitions for various terms and requires notice to the commissioner prior to making any home equity conversion loan or reverse mortgage loan. It also outlines the application requirements for individuals or entities seeking authorization to make reverse mortgage loans. The document further requires authorized lenders to provide specific information to the commissioner for dissemination to counselors. It also outlines the examination process for authorized lenders and the enforcement actions that can be taken against violators of the act or regulations. No specific penalties are mentioned in this document.
Whom does it apply to?
Entities seeking authorization to engage in reverse mortgage loans, authorized lenders, borrowers, counselors, and the commissioner of financial institutions
What does it govern?
Implementation and enforcement of the Home Equity Conversion Mortgage Act
What are exemptions?
Federally chartered institutions are exempt from seeking authorization from the commissioner for activities or transactions specifically authorized by federal law or regulation
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Tennessee