(a) The treasurer may contract with a person to conduct an examination under this part. The treasurer shall make any contract entered into under this section available for public inspection during normal business hours.

Attorney's Note

Under the Tennessee Code, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
class E felony1 to 6 yearsup to $3,000
For details, see Tenn. Code § 40-35-111

Terms Used In Tennessee Code 66-29-164

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Tennessee Code 66-29-102
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Tennessee Code 66-29-102
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(b) Not less than sixty (60) days before contracting with a person to conduct an examination for the treasurer under subsection (a), the treasurer shall give the person to be examined a demand in a record to submit a report and deliver property that is subject to this part.
(c) On request by a person subject to examination by a contractor, the treasurer shall deliver to the person a complete unredacted copy of the contract between the treasurer and the contractor relating to the examination and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination.
(d)

(1) It is hereby declared unlawful for the treasurer, or an individual employed by the treasurer who participates in, recommends, or approves the award of a contract under this section, to bid on, procure, or have any interest in a contract to conduct an examination under this section during the tenure of the treasurer’s or employee’s office or employment, and for six (6) months thereafter.
(2) A person violating subsection (a) is liable to the state for any and all sums paid out by the state, together with interest at the rate of eight percent (8%) per annum, growing out of any such transaction.
(3) A violation of subdivision (d)(1) is a Class E felony.
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