§ 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 […]
§ 45-20-105. Purchaser or Assignee of Loan Subject to All Claims and Defenses of the Borrower — Relief Granted — Due Diligence
Notwithstanding any other provision of law, any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all claims and defenses with respect to the high-cost home loan that the borrower could assert against the lender of the high-cost home loan, unless the purchaser or assignee demonstrates, by a preponderance […]
§ 45-20-106. Actions Prohibited to Avoid Application or Provisions of Chapter — Open-End Credit Plan
No person shall, with the intent to avoid the application or provisions of this chapter: Divide a loan transaction into separate parts; Structure a loan transaction as an open-end credit plan for the purpose and with the intent of evading this chapter, when the loan would have been a high-cost home loan if the loan […]
§ 45-20-107. Penalties — Punitive Damages — Remedies — Limitations — Frivolous or Harassment Actions — Notice of Action
Except as provided in § 45-20-108, any lender found by a preponderance of the evidence to have violated this chapter shall be subject to the following: The making of a high-cost home loan that violates one (1) or more of the provisions found in § 45-20-103(1), (4)-(14), (16), (17), or (19)-(21), or § 45-20-106 is […]
§ 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 […]