(a) A licensee adding or replacing any key individual shall:

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Terms Used In Tennessee Code 45-7-119

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • 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.
  • Individual: means a natural person. See Tennessee Code 45-7-103
  • Key individual: means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee. 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
(1) Provide notice in a manner prescribed by the commissioner within fifteen (15) days after the effective date of the key individual‘s appointment; and
(2) Provide information as required by § 45-7-114 within forty-five (45) days after the effective date.
(b) Within ninety (90) days after the date on which the commissioner determines that the notice and information provided pursuant to subsection (a) is complete, the commissioner may issue a notice of disapproval of a key individual if, based on the competence, experience, character, or integrity of the individual, it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.
(c) A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual. If the commissioner issues a notice of disapproval, the licensee may make a written request to the commissioner for a hearing on the question of whether the notice should be approved. Any hearing requested under this subsection (c) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the licensee has requested the hearing in writing within thirty (30) days of the date of the commissioner’s disapproval. At the hearing, the licensee must prove by a preponderance of the evidence that the notice should be approved.
(d) If the notice provided pursuant to subsection (a) is not disapproved within ninety (90) days after the date on which the commissioner determined the notice and information provided pursuant to subsection (a) to be complete, the key individual is deemed approved.
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