§ 45-20-108. Compliance Failure
A lender or servicer, as applicable, of a high-cost home loan who, when acting in good faith, fails to comply with § 45-20-103, § 45-20-104, or § 45-20-106 shall not be deemed to have violated the section, if the lender or servicer establishes that either: Within thirty (30) days of discovery and prior to the […]
§ 45-20-109. Commissioner’s Powers — Rules and Regulations — Examinations and Investigations — Injunctions
The commissioner is granted the power to interpret this chapter and to enact reasonable substantive and procedural rules as are necessary and proper for the administration, enforcement and interpretation of this chapter. For the purpose of discovering violations of this chapter or securing information lawfully required under this chapter, the commissioner may conduct examinations and […]
§ 45-20-110. Restrictions on Local Regulation
All counties, municipalities, or political subdivisions of this state are prohibited from enacting and enforcing ordinances, resolutions, and rules regulating financial and lending activities, including ordinances, resolutions, and rules disqualifying persons from doing business with a city, county, or municipality based upon lending practices, interest rates or imposing reporting requirements or any other obligations upon […]
§ 45-20-111. Application
This chapter shall apply to all high-cost home loans applied for and closed on or after January 1, 2007; provided, that this chapter shall not apply to the extent it is preempted by, or is in conflict with or inconsistent with the National Bank Act (12 U.S.C. § 21 et seq.), the Homeowner’s Loan Act […]
§ 45-19-101. Operating Agreements for Data Match Systems
All financial institutions conducting business in this state shall enter agreements with the department of human services to develop and operate, in coordination with the department of human services, and the federal parent locator service in the case of financial institutions doing business in two (2) or more states, a data match system using automated […]
§ 45-19-102. Immunity for Provision of Financial Information
A “financial institution,” as defined in § 45-19-101(e), or any financial institution’s contractor that may process any records pursuant to this chapter, shall be absolutely immune from any civil or criminal liability under common law or under any contract, statute or regulation for: The disclosure of any information pursuant to this part, for the escrow, […]
§ 45-20-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Home Loan Protection Act.”
§ 45-20-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Affiliate” means any company that controls, is controlled by, or is under common control with another company, as set forth in the federal Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), and the regulations promulgated pursuant to that act; “Annual percentage […]
§ 45-20-103. Prohibited Acts and Practices
The following acts and practices are prohibited in the making of a high-cost home loan: No lender shall recommend or encourage default or skipping a payment on an existing loan or other debt prior to and in connection with the closing or planned closing of a high-cost home loan that refinances all or any portion […]
§ 45-20-104. Cure of Default — Foreclosure
If a lender or servicer asserts that grounds for acceleration exist and requires the payment in full of all sums secured by the security instrument of a high-cost home loan, the borrower, or anyone authorized to act on the borrower’s behalf, shall have the right at any time, prior to three (3) business days prior […]