Tenn. Comp. R. & Regs. 0180-24-.03 - NOTICE REQUIREMENTS
(1) The Tennessee
housing development agency, and any bank, savings institution, or credit union,
shall be designated an authorized lender by providing notice to the
commissioner of its intent to make any home equity conversion loan or reverse
mortgage loan not less than thirty (30) days prior to making any such loans.
The notice shall state an effective date, shall be made on a form prescribed by
the commissioner and shall contain all information required by the commissioner
and contain evidence that the applicant is an approved HUD lender. The
commissioner may object to the notice by denying the designation prior to the
effective date and shall state in the objection any reasons therefor. In
determining whether to object to the notice, the commissioner may consider the
information provided in the notice as well as any other information the
commissioner deems relevant. Such information may include but not necessarily
be limited to the experience, character, management and financial condition of
the entity providing the notice.
(2) The commissioner may authorize a lender
to begin making reverse mortgage loans prior to the expiration of the thirty
(30) day notice period required under paragraph 0180-24-.03(1) above.
Notes
Authority: T.C.A. ยงยง 47-30-103 and 47-30-116.
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