Notice Requirements

(1) The Tennessee housing development agency, and any bank, savings institution, or credit union, shall be designated an authorized lender by providing notice to the commissioner of its intent to make any home equity conversion loan or reverse mortgage loan not less than thirty (30) days prior to making any such loans. The notice shall state an effective date, shall be made on a form prescribed by the commissioner and shall contain all information required by the commissioner and contain evidence that the applicant is an approved HUD lender. The commissioner may object to the notice by denying the designation prior to the effective date and shall state in the objection any reasons therefor. In determining whether to object to the notice, the commissioner may consider the information provided in the notice as well as any other information the commissioner deems relevant. Such information may include but not necessarily be limited to the experience, character, management and financial condition of the entity providing the notice. (2) The commissioner may authorize a lender to begin making reverse mortgage loans prior to the expiration of the thirty (30) day notice period required under paragraph 0180-24-.03(1) above.