Tenn. Comp. R. & Regs. 0180-24-.06 - EXAMINATIONS
(1)
Lenders subject to
examination. For the purpose of discovering violations of the Act and
this rule, the commissioner may conduct an examination of those authorized
lenders which obtain their status on as authorized lender by virtue of the
commissioner's approval of an application submitted pursuant to T.C.A.
§
47-30-103(c)
and Chapter 0180-24-04. Such examinations may include an inspection of all
books, records and papers used by such lenders in the transaction of their
business or making reverse mortgages pursuant to the Act.
(2)
Subpoenas. In connection
with an examination conducted pursuant to Chapter 0180-24-.06(1), the
commissioner may summon witnesses and examine them under oath concerning
matters relating to the business of such persons or such other matters as may
be relevant in the discovery of violations of Title 47, Chapter 30 or this
rule.
(3) Cost of examinations.
(a) For the sole purpose of recovering the
cost incurred through an examination conducted pursuant to Chapter
0180-24-.06(1) the commissioner may impose a special assessment upon any
authorized lender examined pursuant to Chapter 0180-24-.06(1).
(b) To impose a special assessment, the
commissioner must notify the lender in writing and include an itemized
statement showing the nature of the costs to be recovered by the department and
the dates on which the department incurred such costs.
(c) Payment of all special assessments shall
be due no later then thirty (30) calendar days from the lender's receipt of the
notice of such assessment.
(d) All
special assessments collected pursuant to this rule shall be used at the
exclusive discretion of the commissioner in the administration of the
department.
(e) If a lender fails
to pay a special assessment when due, the commissioner may, in addition to
other applicable remedies, levy a late payment penalty of up to one hundred
dollars ($100) per day for each day the payment is overdue. All penalties and
fines collected pursuant to this rule shall be used at the exclusive discretion
of the commissioner in the administration of the department.
Notes
Authority: T.C.A. § 47-30-116.
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