(a) No branch or satellite office, or other facility at which deposits may be accepted shall be established until approved by the commissioner.

Terms Used In Tennessee Code 45-3-302

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-3-104
  • Satellite office: means a facility that is operated ancillary to a home or branch office and that does not have more than one thousand (1,000) square feet of floor space nor more than four (4) teller stations. See Tennessee Code 45-3-104
(b) In the event the application to open a branch or satellite office is disapproved and the applicants feel aggrieved, they may have a review by certiorari as provided in title 27, chapter 9.
(c) Should the commissioner fail to approve or disapprove an application to open a branch or satellite office within ninety (90) calendar days after the submission of the application, the application shall be deemed to have been approved by the commissioner.
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