(a) Credit unions shall be subject to the supervision of the commissioner and shall make a report of conditions to the commissioner at least semiannually, on blank forms to be supplied by the commissioner, on the dates of the second and fifth calls made to national banks, notice of which calls shall be sent out by the commissioner; returns shall be verified under oath of the president and treasurer, and additional reports may be required by the commissioner. Any credit union that neglects to make the reports shall forfeit to the state treasury fifty dollars ($50.00) for each day of neglect unless excused.(b) The commissioner may promulgate rules for the implementation of the credit union laws of this state and the sound operation of state chartered credit unions pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a11; Code 1932, § 3839; Acts 1973, ch. 294, § 6; 1977, ch. 117, § 1; T.C.A. (orig. ed.), § 45-1808; Acts 1985, ch. 17, § 9; 1986, ch. 558, § 5.
Tennessee Legal Code