(a) Licenses issued pursuant to this chapter shall expire on December 31. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-12-104 and the payment to the commissioner annually, between November 1 and December 31, of a license renewal fee of five hundred dollars ($500). If a supervision fee is established pursuant to § 45-1-118, the commissioner shall require licensees under this chapter to, instead, pay the nonrefundable supervision fee in place of the license renewal fee.
Terms Used In Tennessee Code 45-12-109
Commissioner: means the commissioner of financial institutions or the commissioner's designee. See Tennessee Code 45-12-102
Licensee: means a person licensed to offer flex loans pursuant to this chapter. See Tennessee Code 45-12-102
(b) A licensee making timely and complete application for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.(c) The commissioner may establish a biennial license arrangement for the filing of the application for license renewal, but in no case shall the license fee or supervision fee, if established pursuant to § 45-1-118, be payable for more than one (1) year at a time.(d)(1) In connection with an application for license renewal, the commissioner may require a licensee to consent to a criminal history records check and to provide with the application fingerprints in a form acceptable to the commissioner. The commissioner may require such consent and fingerprints from an individual who is a director, officer, or ten percent (10%) or more shareholder of the licensee, or who owns or controls the licensee, as well as from any other individual associated with the licensee as is reasonably necessary to meet the purposes of this chapter. Failure to provide the consent and fingerprints within thirty (30) days of the commissioner’s request shall constitute grounds for the commissioner to deny the application for license renewal.(2) A criminal history records check conducted pursuant to this subsection (d) shall be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check shall be forwarded to the commissioner. All costs incurred in conducting the criminal history records check shall be paid by the licensee, in addition to other fees required by this chapter.
