In addition to other powers conferred upon the commissioner by this chapter, the commissioner has the power to require associations subject to the commissioner’s supervision to:

(1)Charge Off Assets. Charge off the whole or part of an asset that at the time of its acquisition could not lawfully have been acquired and that could not lawfully be retained at the time of the commissioner’s action; provided, that the commissioner’s action is within two (2) years of the aforementioned acquisition;

Terms Used In Tennessee Code 45-3-816

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-3-104
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
(2)Recordation. Record liens and security in property;
(3)Financial Statement. Obtain a financial statement from each borrower before making any loan to the extent that the association can do so;
(4)Title Search, etc. Search, or obtain insurance as to, the title to real estate taken as security, or both; and
(5)Other Insurance. Maintain adequate insurance against other risks that the commissioner determines to be necessary and appropriate for the protection of depositors, other creditors, and stockholders.
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