(a) A change in control of a registrant shall require thirty (30) days prior notice in writing to the commissioner. However, in the case of a publicly traded corporation, notification shall be made in writing within thirty (30) days of a change or acquisition of control of a registrant.

Terms Used In Tennessee Code 45-5-505

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-5-102
  • 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 45-5-102
  • Controlling person: means any person in control of a registrant. See Tennessee Code 45-5-102
  • 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.
  • Registrant: means any person registered as an industrial loan and thrift company, industrial investment company or industrial bank under this chapter. See Tennessee Code 45-5-102
(b) Upon notification, the commissioner may require information deemed necessary to determine whether an application for registration is required. The commissioner may waive the filing of an application if, in the commissioner’s discretion, the change in control does not pose any risk to the interests of the public.
(c) Whenever control of a registrant is acquired or exercised in violation of this section, the registration of the registrant shall be deemed revoked as of the date of the unlawful acquisition of control. The registrant, or its controlling person, shall surrender the registration to the commissioner on demand.
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