(a) To be eligible for a pawnbroker‘s license, an applicant must:
Terms Used In Tennessee Code 45-6-206
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Conviction: A judgement of guilt against a criminal defendant.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Pawnbroker: means any person, partnership or corporation engaged in the business of lending money on the security of pledged goods. See Tennessee Code 45-6-203
Person: means any individual, corporation, joint venture, association or any other legal entity however organized. See Tennessee Code 45-6-203
(1) Be of good moral character;(2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker;(3) Show that the business will be operated lawfully and fairly within the purpose of this part; and(4) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221.(b) Despite a person‘s eligibility for a pawnbroker’s license under subsection (a), the county clerk shall find ineligible an applicant who has a prior felony conviction within ten (10) years next preceding that:
(1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or(2) Otherwise makes the applicant presently unfit for a pawnbroker’s license.(c) If an applicant for a pawnbroker’s license is a business entity, the eligibility requirements of subsections (a) and (b) apply to each operator or beneficial owner, and as to a corporation, to each officer, shareholder, and director.
