Tennessee Statutes
§ 13-22-103 — Continuation of agency - Termination - Payment of claims
Tennessee·Title 13
(a)The agency shall continue until terminated by law; provided, that no such law shall take effect so long as the agency has commitments to insure mortgages, contracts of mortgage insurance, or other obligations outstanding, unless adequate provision has been made for the administration thereof, including the payment of claims.
(b)Should the agency be unable to pay, for a period of one hundred twenty (120) days, a claim arising under a contract of mortgage insurance, the state shall make adequate provision for the payment of such claims.
(c)Upon termination of the existence of the agency, all rights and properties shall pass to and be vested in the state.
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Legislative History
Acts 1973, ch. 313, §§ 3-5; modified; 1974, ch. 579, § 2; 1975, ch. 339, § 3; 1976, ch. 797, § 2; 1976, ch. 806, § 1(56); 1977, ch. 360, § 3; T.C.A., §§13-2203, 13-2204, 13-2205; Acts 1988, ch. 901, §§ 4, 5; 1988, ch. 1013, § 10.
Nearby Sections
15
§ 13-10-101
Chapter definitions§ 13-10-102
Functions of commissioner§ 13-10-104
Authority of commissioner to inspect property and records and conduct investigations and hearings§ 13-10-107
State financial assistance - Contingencies§ 13-10-109
Financial assistance - Approved sources§ 13-10-201
Responsibility for implementation§ 13-10-202
Financial and legal independence§ 13-10-203
Enforcement authority§ 13-10-204
Confidentiality of information§ 13-10-205
Audits and reporting§ 13-10-206
Authority to adopt policies and regulations§ 13-11-101
Short title§ 13-11-102
Purpose§ 13-11-103
Chapter definitions