(a) Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in § 45-17-106, the commissioner shall investigate to ascertain whether the qualifications prescribed by § 45-17-104 have been satisfied. If the commissioner finds that the qualifications have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the deferred presentment services business in Tennessee.

Terms Used In Tennessee Code 45-17-107

  • Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-17-102
  • Deferred presentment services: means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
    (A) Accepting a check dated on the date it was written. See Tennessee Code 45-17-102
  • Licensee: means a person licensed to provide deferred presentment services pursuant to this chapter. See Tennessee Code 45-17-102
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) The license shall be kept conspicuously posted in the place of business of the licensee.
(c) A license issued pursuant to this section shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter.
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