Tenn. Code Ann. § 45-5-605: Issuance of thrift certificates

An industrial bank shall not issue thrift certificates until and unless:

(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;

(2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and

(3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.