§ 45-3-301 — Location - Effect of de novo branches

Tennessee § 45-3-301

• Jurisdiction: Tennessee
• Title: 45

Text

(a) Any state association, as defined in § 45-3-1402 , may establish and maintain branch or satellite offices or other facilities for the conduct of its business at any location in any county in this state. (b) No branch of an out-of-state savings and loan association or savings bank, or savings institution, may be established through the establishment of a de novo branch, unless the laws of the home state of the out-of-state savings institution permit Tennessee savings institutions to establish and maintain branches in that state through the establishment of de novo branches under substantially the same terms and conditions as set forth in this title. (c) For purposes of this section, "de novo branch" means a branch of a savings institution that: (1) Is originally established by the savings institution as a branch; and (2) Does not become a branch of the savings institution as a result of: (A) The acquisition by the savings institution of an insured depository institution or a branch of an insured depository institution; or (B) The conversion, merger, or consolidation of the institution or branch.

Legislative History

Acts 1990, ch. 624, § 1; 2001, ch. 140, § 3.