Part 1 General Provisions 7-60-101 – 7-60-105
Part 2 Operation and Powers 7-60-201 – 7-60-217

Terms Used In Tennessee Code > Title 7 > Local Government Functions > Chapter 60 - Tennessee Home Mortgage Act

  • Agency: means each state board, commission, committee, department, officer, or any other unit of state government authorized or required by any statute or constitutional provision to make rules or to determine contested cases. See Tennessee Code 4-5-102
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Borrower: means a natural person who occupies and owns in fee simple individually, or with another borrower as tenants by the entireties or as joint tenants with right of survivorship, an interest in residential real property securing a reverse mortgage loan, and who borrows money under a reverse mortgage loan. See Tennessee Code 47-30-102
  • Business: means every trade, occupation, profession, investment activity, and other lawful purpose for gain or the preservation of assets, whether or not carried on for profit. See Tennessee Code 48-249-102
  • Code: means the Internal Revenue Code of 1986 (26 U. See Tennessee Code 48-249-102
  • Code: means any published compilation of rules and regulations that has been prepared by technical trade associations or model code organizations regulating building construction, plumbing and gas installation, fire prevention, any portion of such rules, or any amendment of such rules. See Tennessee Code 5-20-101
  • Committee: means the county financial management committee. See Tennessee Code 5-21-102
  • Contested case: means a proceeding, including a declaratory proceeding, in which the legal rights, duties or privileges of a party are required by any statute or constitutional provision to be determined by an agency after an opportunity for a hearing. See Tennessee Code 4-5-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • County: means any county or any metropolitan form of government in this state having a population of two hundred thousand (200,000) or more, according to the 1980 federal census or any subsequent federal census, that by resolution has made the findings and determinations required by §. See Tennessee Code 7-60-103
  • County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the finance department. See Tennessee Code 5-21-102
  • Dependent: A person dependent for support upon another.
  • Director: means an individual who is vested with authority as a director under §. See Tennessee Code 48-249-102
  • Director: means the director of the finance department. See Tennessee Code 5-21-102
  • Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
  • Entry regulation: means :

    • (A) Any rule promulgated by a licensing authority for the purpose of regulating an occupational or professional group, including, but not limited to, any rule prescribing qualifications or requirements for a person's entry into, or continued participation in, any business, trade, profession, or occupation in this state. See Tennessee Code 4-5-501

    • Equity share: means any compensation, in addition to interest that has accrued on the outstanding balance, that the borrower has paid or agrees to pay to the lender at maturity of a reverse mortgage loan, which is equal to a percentage of the value of the property securing a reverse mortgage loan at maturity. See Tennessee Code 47-30-102
    • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
    • Ex officio: Literally, by virtue of one's office.
    • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
    • Fannie Mae: means The Federal National Mortgage Association, a corporation organized and existing under the laws of the United States. See Tennessee Code 47-30-102
    • Fannie Mae Reverse Mortgage Loan: means any reverse mortgage loan which complies with Fannie Mae guidelines and is purchased or securitized by Fannie Mae including a Home Keeper Mortgage Loan. See Tennessee Code 47-30-102
    • Federal law: means the Mortgage Subsidy Bond Tax Act of 1980 (26 U. See Tennessee Code 7-60-103
    • Fiduciary: A trustee, executor, or administrator.
    • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
    • Governing body: means the county legislative body, board of commissioners, county council, or other body in which the general legislative powers of a county are vested. See Tennessee Code 5-20-101
    • Hearing officer: means an agency member, agency employee or employee or official of the office of the secretary of state, not licensed to practice law, and authorized by law to conduct a contested case proceeding pursuant to §. See Tennessee Code 4-5-102
    • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
    • Home: means residential housing, including real property and improvements on real property, consisting of one (1) or more dwelling units, including, but not limited to, condominium units, owned by one (1) person or family of lower or moderate income that occupies or intends to occupy one (1) of such units. See Tennessee Code 7-60-103
    • Home mortgage: means an interest-bearing loan to a person or family of lower or moderate income for the purpose of purchasing or improving a home, constituting a first lien on real property and evidenced by a promissory note and secured by a mortgage, deed of trust or other security instrument on such home, but does not include a loan primarily for the purpose of refinancing an existing loan. See Tennessee Code 7-60-103
    • Housing for lower and moderate income persons and families: means modest housing that is decent, safe, sanitary and adequate for the needs of the size of the family within sales price limits that do not exceed the sales price limits established and published by the Tennessee housing development agency for each county or metropolitan government having a population of two hundred thousand (200,000) or more by the 1980 federal census or any subsequent federal census. See Tennessee Code 7-60-103
    • HUD: means the United States department of housing and urban development. See Tennessee Code 47-30-102
    • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
    • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
    • lender: means :

      • (A) A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee. See Tennessee Code 47-30-102

      • Lending institution: means any bank, trust company, savings bank, national banking association, federal national mortgage association approved mortgage banker, savings and loan association, building and loan association, credit union, mortgage banker or other financial institution or governmental agency that customarily provides service or otherwise aids in the financing of mortgages on residential housing in the state or any holding company for any of the lending institutions and that is located in the state. See Tennessee Code 7-60-103
      • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
      • License: includes the whole or part of any agency, permit, certificate, approval, registration, charter or similar form of permission required by law. See Tennessee Code 4-5-102
      • Licensing: includes the agency process respecting the grant, denial, renewal, revocation, suspension, withdrawal or amendment of a license. See Tennessee Code 4-5-102
      • Licensing authority: means any state regulatory board, commission, council, or committee in the executive branch of state government established by statute or rule that issues any license, certificate, registration, certification, permit, or other similar document for the purpose of entry into, or regulation of, any occupational or professional group. See Tennessee Code 4-5-501
      • Lien: A claim against real or personal property in satisfaction of a debt.
      • LLC: means a limited liability company, organized under chapters 201-248 of this title. See Tennessee Code 48-202-101
      • Member: means a person that has been admitted to an LLC as a member, as provided in §. See Tennessee Code 48-249-102
      • Member-managed: means an LLC organized pursuant to this title that has elected pursuant to §. See Tennessee Code 48-202-101
      • Metropolitan government: means the political entity created by consolidation of all, or substantially all, of the political and corporate functions of a county and a city or cities. See Tennessee Code 7-1-101
      • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
      • Month: means a calendar month. See Tennessee Code 1-3-105
      • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
      • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
      • notes: means the bonds and notes respectively authorized to be issued by counties under this chapter. See Tennessee Code 7-60-103
      • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
      • Operating agreement: means an agreement described in §. See Tennessee Code 48-249-102
      • Order: means an agency action of particular applicability that determines the legal rights, duties, privileges, immunities or other legal interests of a specific person or persons. See Tennessee Code 4-5-102
      • Outstanding balance: means the current net amount of money owed by the borrower to the lender, calculated in accordance with §. See Tennessee Code 47-30-102
      • Party: means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party. See Tennessee Code 4-5-102
      • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
      • Person: means any individual, partnership, corporation, association, governmental subdivision, or public or private organization of any character, including another agency. See Tennessee Code 4-5-102
      • Persons and families of low and moderate income: means persons and families, regardless of race, creed, national origin, age or sex, deemed to require such assistance as is made available by this chapter with the income limits established for each county by the governing body of such county, except that the income limits cannot exceed the income limits set by the Tennessee housing development agency for its programs. See Tennessee Code 7-60-103
      • Policy: means any statement, document, or guideline prepared or issued by any agency pursuant to its delegated authority that merely defines or explains the meaning of a statute or a rule. See Tennessee Code 4-5-102
      • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
      • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
      • Principal executive office: means the office, in or out of this state, that is designated as the principal executive office of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
      • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
      • Proceeding: means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal. See Tennessee Code 48-249-102
      • Property: includes both personal and real property. See Tennessee Code 1-3-105
      • Purposes of this chapter: means ameliorating the deterioration of counties by preserving and expanding employment opportunities in the construction and related industries and the tax base of counties by undertaking or assisting in the financing of home mortgages for persons and families of lower and moderate income. See Tennessee Code 7-60-103
      • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. 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
      • Registered agent: means the person designated as the registered agent of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
      • Registered office: means the office in this state that is designated as the registered office of a domestic or foreign LLC in its articles or in an application for a certificate of authority, as applicable, as thereafter changed from time to time in accordance with this chapter. See Tennessee Code 48-249-102
      • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
      • Reverse mortgage: means a mortgage or deed of trust securing a home equity conversion loan or reverse mortgage loan. See Tennessee Code 47-30-102
      • Reverse mortgage loan: means a home equity conversion mortgage loan issued under the terms of this chapter. See Tennessee Code 47-30-102
      • Rule: includes the establishment of a fee and the amendment or repeal of a prior rule. See Tennessee Code 4-5-102
      • Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. See Tennessee Code 1-3-105
      • Secretary: means the corporate officer to whom the bylaws or the board of directors has delegated responsibility under §. See Tennessee Code 48-11-201
      • Secretary of state: means the individual who holds the office of secretary of state of this state. See Tennessee Code 48-249-102
      • Shared appreciation: means an agreement by the lender and the borrower that, in addition to any interest accruing on the outstanding balance of a reverse mortgage loan, the lender may collect an additional amount equal to a percentage of any net appreciated value of the property during the term of the reverse mortgage loan. See Tennessee Code 47-30-102
      • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
      • Small business: means a business entity, including its affiliates, that employs fifty (50) or fewer full-time employees. See Tennessee Code 4-5-102
      • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
      • State: means the state of Tennessee. See Tennessee Code 7-60-103
      • Statute: A law passed by a legislature.
      • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
      • Trustee: A person or institution holding and administering property in trust.
      • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
      • United States: includes district, authority, bureau, commission, department, and any other agency of the United States. See Tennessee Code 48-11-201
      • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
      • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
      • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105