§ 45-7-101 Short Title
§ 45-7-102 License Required
§ 45-7-103 Chapter Definitions
§ 45-7-104 Exemptions
§ 45-7-105 License Qualifications
§ 45-7-106 Permissible Investments
§ 45-7-107 License Application — Criminal History Records Check and Fingerprint Sample
§ 45-7-108 Bond or Other Security Device
§ 45-7-109 Application Fee
§ 45-7-110 Issuance of License
§ 45-7-111 Renewal of License and Annual Report — Exemptions
§ 45-7-112 Extraordinary Reporting Requirements
§ 45-7-113 Changes in Control of a Licensee
§ 45-7-114 Examinations
§ 45-7-115 Maintenance of Records
§ 45-7-116 Confidentiality of Data Submitted to the Commissioner
§ 45-7-117 Suspension or Revocation of Licenses
§ 45-7-118 Authorized Agent Contracts
§ 45-7-119 Authorized Agent Conduct
§ 45-7-120 Termination or Suspension of Authorized Agent Activity
§ 45-7-121 Licensee Liability
§ 45-7-122 Hearings — Procedures
§ 45-7-123 Civil Penalties
§ 45-7-124 Consent Orders — Emergency Orders
§ 45-7-125 Criminal Penalties — Reports
§ 45-7-126 Promulgation of Rules
§ 45-7-127 Requirement of Licensing Through a Multi-State Automated Licensing System
§ 45-7-128 Use of Multi-State Automated Licensing System as Agent for Channeling Information
§ 45-7-129 More Effective Regulation and Reduction of Regulatory Burden Through Supervisory Information Sharing
§ 45-7-130 Submission of Multi-State Automated Licensing System Reports of Condition

Terms Used In Tennessee Code > Title 45 > Chapter 7 - Money Transmitters

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Applicant: means a person filing an application for a license under this chapter. See Tennessee Code 45-7-103
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized agent: means an entity designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Tennessee Code 45-7-103
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • 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.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • Community: means a city, town, or incorporated village in this state, or where not within any of the foregoing, a trade area in this state. See Tennessee Code 45-1-103
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. See Tennessee Code 45-7-103
  • Controlling person: means any person in control of a licensee. See Tennessee Code 45-7-103
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the department of financial institutions. See Tennessee Code 45-1-103
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Docket: A log containing brief entries of court proceedings.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive officer: means the licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer or any other person who performs similar functions. See Tennessee Code 45-7-103
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Key shareholder: means any person (or group of persons acting in concert) who is the owner of ten percent (10%) or more of any class of any applicant's stock. See Tennessee Code 45-7-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Material litigation: means any litigation that, according to generally accepted accounting principles, is deemed significant to a person's financial health and would be required to be referenced in annual audited financial statements, report to shareholders or similar documents. See Tennessee Code 45-7-103
  • Money transmission: means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Tennessee Code 45-7-103
  • operating: means that:

    1. A charter has been issued to a bank by the United States comptroller of the currency or a certificate of authority has been issued by the commissioner. See Tennessee Code 45-1-103
    2. Oversight: Committee review of the activities of a Federal agency or program.
    3. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
    4. Payment instrument: means any check, draft, money order, travelers check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not the instrument is negotiable. See Tennessee Code 45-7-103
    5. Permissible investments: means :

      1. Cash. See Tennessee Code 45-7-103
      2. Person: means any individual, partnership, association, joint-stock association, trust or corporation. See Tennessee Code 45-7-103
      3. Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
      4. Plaintiff: The person who files the complaint in a civil lawsuit.
      5. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
      6. Property: includes both personal and real property. See Tennessee Code 1-3-105
      7. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
      8. Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
      9. Remit: means either to make direct payment of the funds to the licensee or its representatives authorized to receive those funds, or to deposit the funds in a bank, credit union or savings and loan association or other similar financial institution in an account in the name of the licensee. See Tennessee Code 45-7-103
      10. Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
      11. Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
      12. Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. See Tennessee Code 1-3-105
      13. Service of process: The service of writs or summonses to the appropriate party.
      14. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
      15. signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
      16. 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
      17. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
      18. Subpoena: A command to a witness to appear and give testimony.
      19. Summons: Another word for subpoena used by the criminal justice system.
      20. Testify: Answer questions in court.
      21. Testimony: Evidence presented orally by witnesses during trials or before grand juries.
      22. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
      23. United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
      24. Venue: The geographical location in which a case is tried.
      25. written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
      26. Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105