§ 47-32-107. Violations — Liability — Penalties — Frivolous Actions
Any party violating this chapter is liable to any other party suffering a loss due to such violation, for any actual damages sustained, plus reasonable attorneys’ fees. In addition, any party in violation of this chapter shall pay to the other party or parties suffering a loss an amount equal to one thousand dollars ($1,000), […]
§ 47-50-101. Private and Corporation Seals Abolished
The use of seals in or upon written contracts or other instruments of writing, whether of persons or of corporations, is abolished, and the absence of such seal therefrom, or its addition thereto, shall not affect its character or validity or legal effect in any respect. Code 1858, § 1804 (deriv. Acts 1849-1850, ch. 20, […]
§ 47-31-102. Chapter Definitions
As used in this chapter: “Adjusted for inflation” means increased in accordance with the formula for inflation adjustment set forth in exhibit C to the master settlement agreement; “Affiliate” means a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. Solely […]
§ 47-31-103. Requirements of Tobacco Product Manufacturers
Any tobacco product manufacturer selling cigarettes to consumers within the state of Tennessee, whether directly or through a distributor, retailer or similar intermediary or intermediaries, after May 26, 1999, shall do one of the following: Become a participating manufacturer, as defined in § II(jj) of the master settlement agreement, and generally perform its financial obligations […]
§ 47-32-101. Short Title
This chapter shall be known and may be cited as the “Residential Closing Funds Distribution Act of 2005.”
§ 47-32-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Agricultural land” means land used for agriculture, as defined in § 1-3-105; “Commercial real estate,” for purposes of this chapter only, means any real estate used for any business purpose, including one (1) to four (4) residential units or parcels of unimproved, residential property sold […]
§ 47-32-103. Application
This chapter applies to transactions involving loans made by mortgage lenders utilizing settlement agents, which loans shall be secured by deeds of trust or mortgages on real estate, on the following: Dwellings containing not more than four (4) residential units, regardless of the purpose of such dwellings; Vacant lots zoned or designated for use as […]
§ 47-32-104. Disbursement of Loan Funds to Settlement Agent
A mortgage lender, mortgage loan broker, mortgage loan servicer, or other person shall, at or before loan closing, cause disbursement of loan funds, in one (1) of the forms identified in § 47-32-102(3), to the settlement agent. In any transaction in which the borrower may exercise a right of rescission under the federal Truth-in-Lending Act, […]
§ 47-30-110. Lender to Provide Borrower With Name of Agent to Answer Inquiries — Annual Statement of Account
At the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender’s employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning […]
§ 47-30-111. Lender’s Default — Applicability
A lender’s failure to make loan advances to the borrower under the reverse mortgage loan contract shall be deemed the lender’s default of the contract. Upon the lender’s default, the lender shall forfeit any right to collect interest or service charges under the contract. The lender’s right to recovery at loan maturity shall be limited […]