Tennessee § 45-2-2005 - Modification or revocation of exemption — Commissioner's authority — Notice — Hearing.
Full text of Tennessee Tennessee Code Annotated § 45-2-2005 — Modification or revocation of exemption — Commissioner's authority — Notice — Hearing., with citation guidance and answers to common questions.
§ 45-2-2005. Modification or revocation of exemption — Commissioner's authority — Notice — Hearing.
The commissioner shall not modify or revoke any exemption granted to a private trust company under § 45-2-2001 unless: The commissioner determines that, based upon the safety and soundness of the private trust company or any action that the private trust company has taken or proposes to take, modification or revocation is necessary to protect the viability of the private trust company; or The private trust company fails to comply with any conditions or limitations imposed by the commissioner in connection with granting the exemption. The commissioner's authority to modify an exemption under subsection (a) includes the authority to impose conditions or limitations with respect to the exemption. The commissioner must provide notice in writing to the private trust company at least thirty (30) days prior to the effective date of the proposed modification or revocation of an exemption. Within thirty (30) days following receipt of the notice provided pursuant to subdivision (c)(1), the private trust company may request in writing that the commissioner hold a hearing for the private trust company to show cause as to why the proposed modification or revocation of an exemption should not become effective. If a hearing is requested within the time period set forth in subdivision (c)(2), the commissioner shall schedule and conduct the hearing, and the proposed modification or revocation shall not become effective until the commissioner's final determination following the hearing. If a hearing is not requested within the time period set forth in subdivision (c)(2), the proposed modification or revocation shall become effective without further notice or hearing on the date specified in the notice provided pursuant to subdivision (c)(1). This section does not modify, limit, or repeal § 45-2-2003. Acts 2018, ch. 632, § 2.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-2-2005
What does Tennessee Code Annotated § 45-2-2005 cover?
Section 45-2-2005 ("Modification or revocation of exemption — Commissioner's authority — Notice — Hearing.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-2-2005?
A common citation format is "Tennessee Code Annotated § 45-2-2005" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-2-2005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.