(a) If the ownership of a contract security company changes, the new owner, if not already a licensee, may not operate that company more than thirty (30) days after the date of the change of ownership unless, within the thirty-day period, the new owner submits an application for a license. If the application is submitted, the new owner may continue to operate the company until the application has been finally determined by the commissioner.

Terms Used In Tennessee Code 62-35-113

  • Commissioner: means the commissioner of commerce and insurance or the commissioner's designee. See Tennessee Code 62-35-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Licensee: means any contract security company licensed in accordance with this chapter. See Tennessee Code 62-35-102
(b) For good cause, the commissioner may extend the period for submitting an application pursuant to subsection (a) for a reasonable time.
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