Section 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.Tenn. Comp. R. & Regs. 0180-22-.01
Original rule filed July 28, 1993; effective November 18, 1993. Amendment filed August 31, 1998; effective December 31, 1998.Authority: T.C.A. §§ 45-2-614(e), 45-1-107; Public Chapter 85, Acts of 1989.