Control: means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee controlled by any person. See Tennessee Code 45-18-102
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Licensee: means a check cashing business licensed by the commissioner to engage in that business in accordance with this chapter. See Tennessee Code 45-18-102
Person: means any individual, partnership, association, trust, corporation, limited liability company, or other group, however organized, but does not include the governments of the United States or this state or any department, agency, or instrumentality thereof. See Tennessee Code 45-18-102
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) No licensee shall change its name unless it has given fourteen (14) days prior notice to the commissioner.(c) A change in control of a licensee shall require prior written notice to the commissioner. In the case of a publicly traded corporation, notice shall be made in writing within thirty (30) days of a proposed change or acquisition of control of a licensee. Upon notification, the commissioner may require such information deemed necessary to determine whether an application for a license is required. “Control,” in the case of a corporation, has the meaning used in § 45-18-102. “Control,” in the case of any other entity, means any change in the principals of the organization, whether active or passive. Costs incurred by the department in investigating a change in control request shall be paid by the person or persons requesting approval. The commissioner may waive the filing of an application if, in the commissioner’s discretion, the change of control does not pose any risk to the interests of the public.(d) Whenever control of a licensee 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.(e) If the commissioner approves of the change of name, location or ownership and an amended license must be issued, a fifty dollar ($50.00) fee shall be paid for the amended license.
