The following acts are expressly permitted by, but are not otherwise subject to, this chapter:

(1) The preparation, examination, handling or maintenance of any financial records:

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Terms Used In Tennessee Code 45-10-103

  • Allegation: something that someone says happened.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Customer: means a depositor, borrower, member, lessee, other person, or the personal or legal representative or estate thereof, who has, has had, or has contemplated a relationship with the financial institution that caused the financial institution to create, obtain, preserve or maintain financial records pertaining to the person or the person's affairs. See Tennessee Code 45-10-102
  • Department: means the department of financial institutions. See Tennessee Code 45-1-103
  • Financial institution: means a bank, savings and loan association, industrial loan and thrift company, credit union, mortgage broker, mortgage banker, or leasing company accepting deposits, making or arranging loans and making or arranging leases. See Tennessee Code 45-10-102
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means any individual, partnership, corporation, association, trust or any other legal entity organized under the laws of this state, including any department or agency of this state, any county or municipal corporation located in this state, and any court of this state or of the United States. See Tennessee Code 45-10-102
  • records: means any original document, any copy of an original document, or any information contained in the document, other than a customer's name, address, and account number, held by or in the custody of a financial institution, where the document, copy or information is identifiable as pertaining to one (1) or more customers of the institution. See Tennessee Code 45-10-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena: means any writ, order, or other writing directed to a financial institution, or an officer thereof, and requiring the production of a financial record or records. See Tennessee Code 45-10-102
  • Supervisory agency: means :
    (A) The federal deposit insurance corporation. See Tennessee Code 45-10-102
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(A) By any attorney, officer, employee or agent of a financial institution having custody of the records; or
(B) By a certified public accountant engaged by the financial institution to perform an independent audit;
(2) The examination of any financial records by, or the furnishing of financial records by a financial institution to, any officer, employee or agent of a supervisory agency for use solely in the exercise of the person‘s duties as an officer, employee or agent of the agency;
(3) The publication of data furnished from financial records relating to customers where the data cannot be identified to any particular customer or account;
(4) The making of reports or returns required under the tax laws and/or regulations of this state or the United States;
(5) The furnishing of information permitted to be disclosed under article 3 of the Uniform Commercial Code, compiled in title 47, chapter 3, concerning the dishonor of any negotiable instrument;
(6) The exchange in the regular course of business of credit information between a financial institution and other financial institutions or commercial enterprises, directly or through a credit reporting agency;
(7) The furnishing of information or records deemed by a financial institution to be necessary or incidental to the performance of the duties of a federal, state or local official or agency;
(8) The furnishing of information or records to a state or local official or agency in response to a subpoena lawfully issued by the official or agency. A financial institution may presume that a subpoena that appears valid on its face has been lawfully issued, if the subpoena shows on its face that it is in compliance with:

(A) The notice requirements of § 45-10-106;
(B) The delay provisions of § 45-10-117; or
(C) An administrative subpoena issued by the department of human services pursuant to § 45-10-119;
(9) The furnishing of information or records as a part of a financial institution’s answer, or other pleading, in any action wherein the financial institution is a party, including being a garnishee;
(10) The furnishing of information or records to any federal officer or agency as long as furnishing the information is not prohibited by the federal Right to Financial Privacy Act of 1978;
(11) The furnishing of information or records in response to any allegation made by a customer;
(12) The furnishing of information or records where deemed necessary to comply with or to preserve rights under:

(A) Any statute, ordinance, or regulation; or
(B) Any contract to which the customer, or any person serving as surety, guarantor, or the like, is a party;
(13) The furnishing of a copy of any negotiable, nonnegotiable or nontransferable instrument to any person named therein as a remitter, party, obligor, or obligee;
(14)

(A) The furnishing of records concerning a loan or other obligation, and the obligor or obligors thereon, held by a financial institution to a purchaser or prospective purchaser of the obligation or a participation or interest therein; provided, that:

(i) The purchaser, if a financial institution, shall hold the records subject to this chapter, to the same extent as if the obligor or obligors were customers of the purchaser; or
(ii) The purchaser, if not a financial institution, shall undertake not to disclose the records to any person, except:

(a) To or with the consent of the obligors or the obligor’s agent;
(b) Pursuant to legal process served on the purchaser; or
(c) As would be permitted under this section if the purchaser were a financial institution;
(B) This subdivision (14) shall not be construed to impose or create a duty of disclosure on the part of a financial institution to a purchaser;
(15)

(A) The furnishing by a financial institution of information or records to an affiliate of the financial institution;
(B) As used in this subdivision (15), “affiliate of a financial institution” is:

(i) A corporation, eighty percent (80%) of any class of voting stock of which is owned, directly or indirectly, by the financial institution or by a corporation that, directly or indirectly, also owns eighty percent (80%) of any class of voting stock of the financial institution; or
(ii) A corporation that owns, directly or indirectly, eighty percent (80%) of any class of voting stock of the financial institution;
(C) The affiliate to whom the records and information are furnished shall hold the records or information subject to this chapter as if the affiliate were the financial institution furnishing the records or information; and
(16) The furnishing by a financial institution of information or records to the extent permitted by the Gramm-Leach-Bliley Act of 1999 (Public Law 106-102); provided, the financial institution complies with the consumer disclosure requirements and opt-out provisions of the act.
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