# Tenn. Code Ann. § 45-12-104: Qualifications for licensure - Continuing nature > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-104 ## Section - **Citation:** Tenn. Code Ann. § 45-12-104 - **Heading:** Qualifications for licensure - Continuing nature - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 45 / Chapter 12 / Section 45-12-104 ## Text (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. ## Nearby sections - [Tenn. Code Ann. § 45-12-101 Short title](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-101.md) - [Tenn. Code Ann. § 45-12-102 Chapter definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-102.md) - [Tenn. Code Ann. § 45-12-103 License required to engage in business of making flex loans - Designation of agent for service of process by nonresident licensees](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-103.md) - [Tenn. Code Ann. § 45-12-104 Qualifications for licensure - Continuing nature](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-104.md) - [Tenn. Code Ann. § 45-12-105 Contents of written application for license](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-105.md) - [Tenn. Code Ann. § 45-12-106 Application requirements](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-106.md) - [Tenn. Code Ann. § 45-12-107 Investigation of applicants - Issuance of license - Posting of license - Term of license](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-107.md) - [Tenn. Code Ann. § 45-12-108 Denial of application - Hearing](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-108.md) - [Tenn. Code Ann. § 45-12-109 Expiration of license - Renewal - Fees - Biennial license arrangement - Criminal history records check](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-109.md) - [Tenn. Code Ann. § 45-12-110 License nontransferable and nonassignable - Change in control of licensee - Notification to department of change in place of business](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-110.md) - [Tenn. Code Ann. § 45-12-111 Interest, fees, and charges](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-111.md) - [Tenn. Code Ann. § 45-12-112 Licensee to provide to prospective customers written explanation of interest, fees, and charges - Requirements for account-opening statement - Billing statements](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-112.md) - [Tenn. Code Ann. § 45-12-113 Books, accounts and records - Limitations and requirements applicable to operation of business of making flex loans](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-113.md) - [Tenn. Code Ann. § 45-12-114 Law applicable to business of making flex loans - Licensees legally exercising powers under this chapter not in violation of statutory provisions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-114.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C12_S45-12-104. Check the current official text before relying on it. Not legal advice.