Amends TCA Section 45-2-601.

Present law authorizes any state bank to exercise any power or engage in any activity that it could exercise or engage in if it were a national bank located in Tennessee, subject to regulation by the commissioner of financial institutions for the purpose of maintaining the state bank's safety and soundness.<br /> <br /> This bill authorizes a state bank to apply to the commissioner for:<br /> <br /> (1) A waiver or modification of the terms and conditions applicable to a national bank; and<br /> <br /> (2) The authority to exercise any incidental power or engage in any incidental activity that is reasonably necessary to enable the state bank to exercise a power or engage in an activity pursuant to (1).<br /> <br /> This bill authorizes the commissioner to grant an application submitted under (1) or (2) if the commissioner finds that the waiver or modification, or exercising the incidental power or engaging in the incidental activity, will support the state bank's ability to serve the citizens of this state, the state bank's ability to promote the economic progress of this state, and the state bank's safety and soundness. The commissioner will be authorized to impose terms or conditions as a condition of granting a waiver, modification, or authorization under this bill.<br /> <br /> This bill requires the commissioner to publish a summary of each application submitted and approved under (1) and (2). The full text of this bill specifies various components that must be included in the summaries. This bill authorizes any state bank to exercise any power or engage in any activity specified in the summaries of approved waivers, modifications, and authorized incidental powers and activities published pursuant to this bill.<br />