Tennessee § 45-7-105 - License qualifications.
Full text of Tennessee Tennessee Code Annotated § 45-7-105 — License qualifications., with citation guidance and answers to common questions.
§ 45-7-105. License qualifications.
Each applicant for a license must demonstrate, and each licensee must maintain a net worth of not less than one hundred thousand dollars ($100,000) computed according to generally accepted accounting principles. Persons transmitting or proposing to transmit money shall have an additional net worth of twenty-five thousand dollars ($25,000) per additional location or agent located in Tennessee, as applicable, to a maximum of five hundred thousand dollars ($500,000). Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be qualified to do business in the state. Subject to the commissioner's discretion, no person shall be licensed under this chapter to do business in the state if the person has been adjudged guilty of any felony within the last ten (10) years or if an executive officer, key shareholder or director of the person has been so adjudged. The applicant must demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-205 . Code Commission Notes. Former part 2 of chapter 7, §§ 45-7-201 to 45-7-229 , was renumbered as chapter 7, §§ 45-7-101 to 45-7-129 , by the authority of the Code Commission in 2020. Law Reviews. Information Technology and Non-Legal Sanctions in Financing Transactions, 54 Vand. L. Rev. 1627 (2001).
Frequently Asked Questions About Tennessee § 45-7-105
What does Tennessee Code Annotated § 45-7-105 cover?
Section 45-7-105 ("License qualifications.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-7-105?
A common citation format is "Tennessee Code Annotated § 45-7-105" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-7-105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.