(a) The commissioner, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of employment, management or control of a licensee, if the commissioner finds that the:

Terms Used In Tennessee Code 45-12-118

  • 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
  • Licensee: means a person licensed to offer flex loans pursuant to this chapter. See Tennessee Code 45-12-102
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Person: means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity. See Tennessee Code 45-12-102
(1) Censure, suspension, or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule or order of the commissioner; or
(2) Person has been:

(A) Convicted or pled guilty to, or pled nolo contendere to, any crime; or
(B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business of making flex loans pursuant to this chapter.
(b) Persons suspended or barred under this section are prohibited from participating in any business activity of a licensee and from engaging in any business activity on the premises where a licensee is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a licensee.
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