Tennessee Code 45-12-115 – Promulgation of rules – Investigation and examination of licensees – Payment of expenses of investigation or examination – Exception
(a) The commissioner may promulgate rules in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule adopted by the commissioner shall be mailed to the principal place of business of each license holder at least thirty (30) days before the date it takes effect.
Terms Used In Tennessee Code 45-12-115
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
Person: means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. See Tennessee Code 45-12-102
(b) To assure compliance with this chapter, the commissioner may examine the relevant business, books and records of any licensee. Further, for the purposes of discovering violations of this chapter and determining whether persons are subject to this chapter, the commissioner may examine or investigate persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter by exercising authority that includes, but is not limited to, the power to summon witnesses and examine them under oath or affirmation, and to compel the production of books and records that may be relevant to the examination or investigation.(c)(1) A licensee or unlicensed person subject to the licensing requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. The expenses shall be payable in addition to all other fees, taxes and costs required by law.(2) If a supervision fee is established pursuant to § 45-1-118, then licensees who pay the supervision fee will no longer be required to pay examination expenses pursuant to this subsection (c) for examinations that occur after payment of the supervision fee.
