Within fifteen (15) days of the occurrence of any one (1) of the events listed in this section, a registrant shall file a written report with the commissioner describing the event and its expected impact on the activities of the registrant:

(1) The filing for bankruptcy or reorganization by the registrant;

Terms Used In Tennessee Code 45-5-507

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-5-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • 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
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(2) The institution of revocation or suspension proceedings against the registrant by any state or governmental authority;
(3) The denial of the opportunity to engage in business by any state or governmental authority;
(4) Any felony indictment of the registrant or any of its officers, directors or principals, or partners;
(5) Any felony conviction of the registrant or any of its officers, directors, principals, or partners; and
(6) Other events that the commissioner may determine and identify by rule.
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