Tennessee Code 45-2-1411 – Enforcement
Terms Used In Tennessee Code 45-2-1411
- Bank: has the meaning stated in §. See Tennessee Code 45-2-1402
- Branch: means a branch as defined in §. See Tennessee Code 45-2-1402
- Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
- Fiduciary: A trustee, executor, or administrator.
- Home state: means :
(A) With respect to a national bank, the state in which the main office of the bank is located. See Tennessee Code 45-2-1402 - 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 bank: means any bank chartered by this state. See Tennessee Code 45-1-103
- Trust institution: means a depository institution, foreign bank, state bank or trust company authorized to act as a fiduciary. See Tennessee Code 45-1-103
- Trust office: means an office, other than the principal office, at which a trust institution is authorized by the commissioner to act as a fiduciary. See Tennessee Code 45-1-103
If the commissioner determines that a branch maintained by an out-of-state state bank or a trust office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state, or is being operated in an unsafe and unsound manner, the commissioner shall have the authority to take all enforcement actions that the commissioner would be empowered to take if the branch or office were a Tennessee state bank; provided, that the commissioner shall promptly give notice to the home state supervisory agency of each enforcement action taken against an out-of-state state bank or out-of-state trust institution. To the extent practicable, the commissioner shall consult and cooperate with the home state supervisory agency in pursuing and resolving the enforcement action. The commissioner may issue an order temporarily or permanently prohibiting a trust institution from acting as a fiduciary in this state.