Tennessee § 45-17-108 - Nontransferability — Change in control of license.

§ 45-17-108. Nontransferability — Change in control of license.

A license issued pursuant to this chapter is not transferable or assignable. The prior written approval of the commissioner is required for the continued operation of a deferred presentment services business whenever a change in control of a licensee is proposed. “Control,” in the case of a corporation, means direct or indirect ownership, or the right to control, twenty-five percent (25%) or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy. “Control,” in the case of any other entity, means the ability to change the principals of the organization, whether active or passive. The commissioner may require information deemed necessary to determine whether a new application is required. Costs incurred by the commissioner in investigating a change of control request shall be paid by the person requesting approval, subject to the limitations set forth in § 45-17-111. A licensee shall notify the department five (5) days before any change in the licensee's principal place of business, branch office or name. Acts 1997, ch. 255, § 9; 1999, ch. 14, § 1; 2012, ch. 679, § 3. Compiler's Notes. Acts 1997, ch. 255, § 22 provided that §§ 45-17-101 — 45-17-119 were to be repealed at 12:01 a.m. October 1, 1999; however, Acts 1999, ch. 14, § 1 deleted the repeal provisions in Acts 1997, ch. 255, § 22, effective March 17, 1999.