Tenn. Code Ann. § 45-2-1703
This is the official text of Tenn. Code Ann. § 45-2-1703, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Unlawful service as officer or director - Exceptions at commissioner's discretion
Official statutory text
(a) It is unlawful for any person to serve as an officer or director of a bank who: (1) Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust; (2) Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or (3) Is indebted to the bank for more than thirty (30) days upon judgment that has become final. (b) Notwithstanding subsection (a), the commissioner shall have the discretion to approve the application of any person to become a director or officer of a bank chartered under Tennessee law, if the commissioner finds the person has demonstrated fitness to participate in the conduct of the affairs of the bank through evidence of the person's rehabilitation, including, but not limited to, the person's reputation since the person's conviction, the person's age at the time of conviction, and the time that has elapsed since the conviction and other factors as the commissioner determines. Acts 1969, ch. 36, § 1 (3.603); T.C.A., § 45-1103; Acts 2006, ch. 660, § 5.
(a) It is unlawful for any person to serve as an officer or director of a bank who: (1) Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust; (2) Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or (3) Is indebted to the bank for more than thirty (30) days upon judgment that has become final.
(1) Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust;
(2) Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or
(3) Is indebted to the bank for more than thirty (30) days upon judgment that has become final.
(b) Notwithstanding subsection (a), the commissioner shall have the discretion to approve the application of any person to become a director or officer of a bank chartered under Tennessee law, if the commissioner finds the person has demonstrated fitness to participate in the conduct of the affairs of the bank through evidence of the person's rehabilitation, including, but not limited to, the person's reputation since the person's conviction, the person's age at the time of conviction, and the time that has elapsed since the conviction and other factors as the commissioner determines.
Acts 1969, ch. 36, § 1 (3.603); T.C.A., § 45-1103; Acts 2006, ch. 660, § 5.
(a) It is unlawful for any person to serve as an officer or director of a bank who: (1) Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust; (2) Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or (3) Is indebted to the bank for more than thirty (30) days upon judgment that has become final.
(1) Has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a felony involving a violation of banking laws, fraud, embezzlement, or breach of trust;
(2) Would be disqualified by federal law from serving as a director or officer of a federally chartered bank; or
(3) Is indebted to the bank for more than thirty (30) days upon judgment that has become final.
(b) Notwithstanding subsection (a), the commissioner shall have the discretion to approve the application of any person to become a director or officer of a bank chartered under Tennessee law, if the commissioner finds the person has demonstrated fitness to participate in the conduct of the affairs of the bank through evidence of the person's rehabilitation, including, but not limited to, the person's reputation since the person's conviction, the person's age at the time of conviction, and the time that has elapsed since the conviction and other factors as the commissioner determines.
Acts 1969, ch. 36, § 1 (3.603); T.C.A., § 45-1103; Acts 2006, ch. 660, § 5.
Status: in_force
Need a lawyer in Tennessee?
Find a Tennessee lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.