(a) A license issued pursuant to this chapter is not transferable or assignable.

Terms Used In Tennessee Code 45-12-110

  • Commissioner: means the commissioner of financial institutions or the commissioner's designee. See Tennessee Code 45-12-102
  • Control: means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise. See Tennessee Code 45-12-102
  • Controlling person: means any person in control of a licensee. See Tennessee Code 45-12-102
  • Department: means the department of financial institutions. See Tennessee Code 45-12-102
  • Flex loan: means a loan made pursuant to a flex loan plan. 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
  • Person: means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. See Tennessee Code 45-12-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b)

(1) The prior written approval of the commissioner is required for the continued operation of a flex loan business whenever a change in control of a licensee is proposed. The commissioner may require information deemed necessary to determine whether a new application is required. Reasonable and actual costs incurred by the commissioner in investigating a change of control request shall be paid by the person requesting approval.
(2) Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee or its controlling person shall surrender the license to the commissioner on demand.
(c) A licensee shall notify the department five (5) days before any change in the licensee’s principal place of business, branch office or name.
  Previous section
Next section  
 Chapter 12 Contents