Tenn. Comp. R. & Regs. 0180-22-.01 - IN GENERAL
(1) SCOPE. Chapter
0180-22 establishes rules pertaining to the agency relationships of
state-chartered banks pursuant to the provisions of Public Chapter 85, Acts of
1989.
(2) PURPOSE.
(a) It is a primary purpose of these rules,
consistent with the broad intent of Public Chapter 85, Acts of 1989, to
facilitate the types of transactions and activities described
therein.
(b) It is a primary
purpose of these rules to protect the safety and soundness of all Tennessee
banks, their depositors, and their other customers.
(3) DEFINITIONS.
(a) "Affiliated bank" or "affiliated" shall
mean that the banks are under common ownership, direction, or control. For the
purposes hereof, affiliation shall be deemed to exist if the same person,
entity or group owns or controls not less than twenty-five percent (25%) of the
shares of any class of outstanding voting stock of the two or more banks
entering into an agency relationship, exclusive of shares held in a fiduciary
capacity.
(b) "Agency relationship"
means any relationship undertaken within the terms or under the authority of
Section 45-2-614(e) of
Tennessee Code Annotated.
(c)
"Agent", "agent bank" and the plurals thereof mean the bank(s) undertaking to
represent one or more banks in conducting transactions and activities permitted
under Section
45-2-614(e) of
Tennessee Code Annotated.
(d)
"Commissioner" means the Commissioner of the Tennessee Department of Financial
Institutions.
(e) "National bank"
means a bank organized under the laws of the United States.
(f) "Principal", "principal bank" and the
plurals thereof mean the bank(s) engaging one or more banks in conducting
transactions and activities permitted under Section
45-2-614(e) of
Tennessee Code Annotated.
(g)
"State-chartered bank" means a bank organized under the laws of the state of
Tennessee.
Notes
Authority: T.C.A. ยงยง 45-2-614(e), 45-1-107; Public Chapter 85, Acts of 1989.
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