# Tenn. Code Ann. § 12-3-103: Requirements of professional persons or groups providing fiscal agent, financial advisor, advisory or consultant services covered by this part > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-103 ## Section - **Citation:** Tenn. Code Ann. § 12-3-103 - **Heading:** Requirements of professional persons or groups providing fiscal agent, financial advisor, advisory or consultant services covered by this part - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 12 / Chapter 3 / Section 12-3-103 ## Text (a) Contracts for legal services, fiscal agent, financial advisor or advisory services, educational consultant services, and similar services by professional persons or groups with high ethical standards, shall not be based upon competitive procurement methods, but shall be awarded on the basis of recognized competence and integrity. The prohibition against competitive procurement in this section shall not prohibit any entity enumerated from interviewing eligible persons or entities to determine the capabilities of such persons or entities. (b) Any person providing fiscal agent, financial advisor or advisory services covered by this part shall perform such services only pursuant to a written contract specifying the services to be rendered, the costs of the services, and the expenses to be covered under such contract. (c) Any person providing fiscal agent, financial advisor or advisory services covered by this part who desires to respond, directly or indirectly, on any bonds, notes or other obligations of such entity sold pursuant to public, competitive sale shall receive in writing prior to the sale the permission of such entity to respond either directly or indirectly on the obligations. (d) For the purposes of this section, "providing fiscal agent, financial advisor or advisory services" means a relationship that exists when a person renders, or enters into an agreement to render, financial advisory or consultant services to or on behalf of an issuer with respect to a new issue or issues of municipal securities, including advice with respect to the structure, timing, terms and other similar matters concerning such issue or issues, for a fee or other compensation or in expectation of such compensation for the rendering of such services. (e) A financial advisory relationship shall not be deemed to exist when, in the course of acting as an underwriter, a municipal securities dealer renders advice to an issuer, including advice with respect to the structure, timing, terms and other similar matters concerning a new issue of municipal securities. Amended by 2013 Tenn. Acts, ch. 403,s 10, eff. 7/1/2013. Acts 1953, ch. 163, § 30 (Williams, § 370.39); impl. am. Acts 1957, ch. 4, § 1; impl. am. Acts 1959, ch. 9, § 5; impl. am. Acts 1961, ch. 97, § 5; Acts 1969, ch. 115, § 1; impl. am. Acts 1969, ch. 302, § 1; Acts 1971, ch. 405, § 1; impl. am. Acts 1972, ch. 543, § 7; Acts 1973, ch. 144, § 4; 1973, ch. 216, § 1; 1975, ch. 60, § 1; 1977, ch. 437, § 1; 1978, ch. 932, § 3; T.C.A. (orig. ed.), § 12-336; Acts 1980, ch. 741, § 4; T.C.A., § 12-3-130; Acts 1981, ch. 332, § 17; 2010, ch. 694, § 1; 2010, ch. 1098, § 2; 2011, ch. 295, §§ 5, 19; 2012, ch. 731, § 1. (a) Contracts for legal services, fiscal agent, financial advisor or advisory services, educational consultant services, and similar services by professional persons or groups with high ethical standards, shall not be based upon competitive procurement methods, but shall be awarded on the basis of recognized competence and integrity. The prohibition against competitive procurement in this section shall not prohibit any entity enumerated from interviewing eligible persons or entities to determine the capabilities of such persons or entities. (b) Any person providing fiscal agent, financial advisor or advisory services covered by this part shall perform such services only pursuant to a written contract specifying the services to be rendered, the costs of the services, and the expenses to be covered under such contract. (c) Any person providing fiscal agent, financial advisor or advisory services covered by this part who desires to respond, directly or indirectly, on any bonds, notes or other obligations of such entity sold pursuant to public, competitive sale shall receive in writing prior to the sale the permission of such entity to respond either directly or indirectly on the obligations. under such contract. (c) Any person providing fiscal agent, financial advisor or advisory services covered by this part who desires to respond, directly or indirectly, on any bonds, notes or other obligations of such entity sold pursuant to public, competitive sale shall receive in writing prior to the sale the permission of such entity to respond either directly or indirectly on the obligations. (d) For the purposes of this section, "providing fiscal agent, financial advisor or advisory services" means a relationship that exists when a person renders, or enters into an agreement to render, financial advisory or consultant services to or on behalf of an issuer with respect to a new issue or issues of municipal securities, including advice with respect to the structure, timing, terms and other similar matters concerning such issue or issues, for a fee or other compensation or in expectation of such compensation for the rendering of such services. (e) A financial advisory relationship shall not be deemed to exist when, in the course of acting as an underwriter, a municipal securities dealer renders advice to an issuer, including advice with respect to the structure, timing, terms and other similar matters concerning a new issue of municipal securities. Amended by 2013 Tenn. Acts, ch. 403,s 10, eff. 7/1/2013. Acts 1953, ch. 163, § 30 (Williams, § 370.39); impl. am. Acts 1957, ch. 4, § 1; impl. am. Acts 1959, ch. 9, § 5; impl. am. Acts 1961, ch. 97, § 5; Acts 1969, ch. 115, § 1; impl. am. Acts 1969, ch. 302, § 1; Acts 1971, ch. 405, § 1; impl. am. Acts 1972, ch. 543, § 7; Acts 1973, ch. 144, § 4; 1973, ch. 216, § 1; 1975, ch. 60, § 1; 1977, ch. 437, § 1; 1978, ch. 932, § 3; T.C.A. (orig. ed.), § 12-336; Acts 1980, ch. 741, § 4; T.C.A., § 12-3-130; Acts 1981, ch. 332, § 17; 2010, ch. 694, § 1; 2010, ch. 1098, § 2; 2011, ch. 295, §§ 5, 19; 2012, ch. 731, § 1. ## Nearby sections - [Tenn. Code Ann. § 12-3-101 State requirements to be purchased by the central procurement office](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-101.md) - [Tenn. Code Ann. § 12-3-102 Exempt agencies and purchases](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-102.md) - [Tenn. Code Ann. § 12-3-103 Requirements of professional persons or groups providing fiscal agent, financial advisor, advisory or consultant services covered by this part](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-103.md) - [Tenn. Code Ann. § 12-3-104 Transfer of equipment between departments, institutions and agencies](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-104.md) - [Tenn. Code Ann. § 12-3-201 Chapter definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-201.md) - [Tenn. Code Ann. § 12-3-202 Long distance telephone service for students at state universities and colleges](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-202.md) - [Tenn. Code Ann. § 12-3-301 Written acquisition plan - Data relating to purchases and purchase estimates - Amendments to acquisition plan](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-301.md) - [Tenn. Code Ann. § 12-3-302 Bidding not to include statement that bidder willing to meet lowest bid price - Exception where negotiation permitted](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-302.md) - [Tenn. Code Ann. § 12-3-303 Execution of contracts by executive branch state agencies - Approval by chief procurement officer - Contracts for rendering public relations, advertising or related services - Applicability to various contracts - Posting of contracts on state procurement office's website](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-303.md) - [Tenn. Code Ann. § 12-3-304 Unauthorized contracts void - Personal liability of officers and heads of agencies](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-304.md) - [Tenn. Code Ann. § 12-3-305 Responsibility for effective management of contracts - Guidelines - Inclusion of total estimated scope or volume in solicitations - Certification to state agencies the sources of services and supply and the contract price of the various goods and services covered by contracts](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-305.md) - [Tenn. Code Ann. § 12-3-306 Registration with the department of revenue to collect and remit sales and use taxes - Development of procedures for compliance](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-306.md) - [Tenn. Code Ann. § 12-3-307 Application of procedural and administrative accountability requirements to matching funds](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-307.md) - [Tenn. Code Ann. § 12-3-308 Contracts through or administered by social services agencies without discrimination - Religious organizations](https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-308.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T12_C3_S12-3-103. Check the current official text before relying on it. Not legal advice.