Qualifications for licensure - Continuing nature

(a) To qualify for a license to make flex loans, an applicant shall meet the following requirements: (1) The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and (2) The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve: (A) The relevant business records and the capital adequacy of the applicant; (B) The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant; and (C) Any record, on the part of the applicant or any person referred to in subdivision (a)(2)(B), of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business. (b) The requirements set forth in subsection (a) are continuing in nature. Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.

(a) To qualify for a license to make flex loans, an applicant shall meet the following requirements: (1) The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and (2) The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve: (A) The relevant business records and the capital adequacy of the applicant; (B) The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant; and (C) Any record, on the part of the applicant or any person referred to in subdivision (a)(2)(B), of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.

(1) The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and

t, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.

(1) The applicant has a tangible net worth that comprises tangible assets less liabilities of not less than fifty thousand dollars ($50,000) for each location; and

(2) The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve: (A) The relevant business records and the capital adequacy of the applicant; (B) The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant; and (C) Any record, on the part of the applicant or any person referred to in subdivision (a)(2)(B), of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.

(A) The relevant business records and the capital adequacy of the applicant;

(B) The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or who owns or controls the applicant; and

(C) Any record, on the part of the applicant or any person referred to in subdivision (a)(2)(B), of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.

(b) The requirements set forth in subsection (a) are continuing in nature.

Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.