After notice and an opportunity for a hearing, the commissioner may suspend or revoke a licensee‘s license if the commissioner finds that:

(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;

Terms Used In Tennessee Code 45-7-117

  • 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 45-7-103
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(2) The licensee’s net worth becomes inadequate and the licensee, after ten (10) days’ written notice from the commissioner, fails to take steps the commissioner deems necessary to remedy the deficiency;
(3) The licensee knowingly violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this title;
(4) An agent or agents of a licensee knowingly violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this title, without the licensee making reasonable efforts to correct the violations known to the licensee to exist;
(5) The licensee is conducting business in an unsafe or unsound manner;
(6) The licensee is insolvent;
(7) The licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money or has made an assignment for the benefit of its creditors;
(8) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(9) The licensee refuses to permit the commissioner to make any examination authorized by this chapter;
(10) The licensee willfully fails to make any report or pay any fee required by this chapter;
(11) The licensee has been found guilty of any fraudulent act or practice; or
(12) The licensee has made any material false representation to the commissioner in any application or report filed with the commissioner.
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