Restrictions on Local Regulation

  1. Law
  2. Tennessee Code
  3. Banks and Financial Institutions
  4. Tennessee Home Loan Protection Act
  5. Restrictions on Local Regulation

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All counties, municipalities, or political subdivisions of this state are prohibited from enacting and enforcing ordinances, resolutions, and rules regulating financial and lending activities, including ordinances, resolutions, and rules disqualifying persons from doing business with a city, county, or municipality based upon lending practices, interest rates or imposing reporting requirements or any other obligations upon persons regarding financial services or lending practices of persons or entities, and any subsidiaries or affiliates thereof, who:

  1. Are subject to the jurisdiction of the department of financial institutions, including activities subject to this chapter;
  2. Are subject to the jurisdiction of the office of thrift supervision, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission, or the United States department of housing and urban development;
  3. Originate, purchase, sell, buy, secure, or service property interests or obligations created by financial transactions or loans made, executed, or originated by persons referred to in subdivision (1) or (2) to assist or facilitate the transactions; or
  4. Are chartered by the United States congress to engage in secondary market mortgage transactions.


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