InfoBytes Blog

Tennessee governor extends authorization of remote notarization

On May 12, Tennessee Governor Bill Lee issued Executive Order No. 37 allowing for remote notarizations and witnessing of documents until June 30, thereby extending the relief previously granted in Executive Order No. 26, which was set to expire on May 18. 

State Issues Covid-19 Tennessee Notary Fintech

Tennessee extends timeline for bank examinations and authorizes virtual shareholder meetings during pandemic

On May 12, Tennessee Governor Bill Lee issued Executive Order No. 36 suspending or amending a variety of statutory and regulatory requirements to facilitate the treatment and containment of Covid-19.  These include, among other things, extending examination cycles for financial institutions, extending timing requirements for securities registrations, and allowing for virtual shareholder meetings. The order will be in effect until June 30, unless amended or revised.

State Issues Covid-19 Tennessee Banking Examination Shareholders Securities

Tennessee authorizes remote shareholder meetings

On May 1, the governor of Tennessee issued Executive Order No. 32, which authorizes certain corporations to utilize remote communications for shareholder meetings.  For corporations holding remote shareholder meetings, the order suspends requirements that corporations make a list of shareholders entitled to receive notice of the meeting available at the meeting, provided the list is made available on an electronic network to which shareholders are granted access.

State Issues Covid-19 Tennessee Shareholders

FDIC issues regulatory relief for areas in Tennessee affected by severe storms

On April 28, the FDIC issued FIL-51-2020 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Tennessee affected by a recent series of severe weather. In the letter, the FDIC encourages institutions to consider, among other things, (i) extending repayment terms; (ii) restructuring existing loans; or (iii) easing terms for new loans to borrowers affected by the severe weather, provided the measures are “done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.” Additionally, the FDIC notes that institutions may receive Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery. The FDIC states it will also consider relief from certain filing and publishing requirements.

Find continuing InfoBytes coverage on disaster relief guidance here.

Federal Issues FDIC Consumer Finance Disaster Relief Tennessee

Tennessee regulators issue joint bulletin on premium finance agreements

On April 3, the Tennessee Department of Commerce and Insurance and Department of Financial Institutions issued a joint bulletin pertaining to premium finance agreements. The joint statement encouraged premium finance lenders to provide grace periods on payments and to be flexible when determining agreement defaults. The Department of Commerce and Insurance, working in conjunction with the Department of Financial Institutions, recommended insurance carriers coordinate with premium finance lenders on grace period modifications.

State Issues Covid-19 Tennessee Consumer Finance

Tennessee Department of Financial Institutions issues guidance to non-depository financial institutions

On March 23, The Tennessee Department of Financial Institutions issued interim guidance to all non-depository financial institutions and individuals licensed or registered with the Compliance Division. The guidance is intended to facilitate the ability of licensees and registrants to take precautions deemed necessary to avoid the risk of exposure to or transmission of COVID-19, and reminds businesses that business continuity plans should address the threat of pandemic outbreak and the potential impact on the delivery of financial services.

State Issues Covid-19 Tennessee Licensing