Tenn. Comp. R. & Regs. 0180-22-.04 - FORM OF AGREEMENT

(1) A form of Agreement between the respective banks shall be provided to the commissioner for the approval prior to the commencement of the agency relationship. The commissioner shall have the power to require appropriate amendments to any such Agreement and/ or to reject such Agreement. The commissioner shall approve or deny the Agreement not later than the 30^th day after the date the complete Agreement has been filed with the commissioner. However, if the commissioner has requested that an amendment be made to the Agreement, the thirty (30) day time period does not begin to run until the amended Agreement has been submitted.

(2) Each Agreement shall:

(a) describe the services to be provided by the agent bank(s);

(b) describe in reasonable detail the physical operation of the relationship;

(c) describe in reasonable detail the manner in which compliance with depository and other applicable laws, rules and regulations is to be effected;

(d) describe the manner and/or time frames at which the agent bank(s) will account to the principal bank(s); and

(e) describe whether the bank(s) are affiliated or non-affiliated and be accompanied by proof of such status.

Notes

Tenn. Comp. R. & Regs. 0180-22-.04

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(h); Public Chapter 85, Acts of 1989.