Tennessee § 45-7-117 - Suspension or revocation of licenses.

§ 45-7-117. Suspension or revocation of licenses.

After notice and an opportunity for a hearing, the commissioner may suspend or revoke a licensee's license if the commissioner finds that: Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application; The licensee's net worth becomes inadequate and the licensee, after ten (10) days' written notice from the commissioner, fails to take steps the commissioner deems necessary to remedy the deficiency; The licensee knowingly violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this title; An agent or agents of a licensee knowingly violates any provision of this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this title, without the licensee making reasonable efforts to correct the violations known to the licensee to exist; The licensee is conducting business in an unsafe or unsound manner; The licensee is insolvent; The licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money or has made an assignment for the benefit of its creditors; The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy; The licensee refuses to permit the commissioner to make any examination authorized by this chapter; The licensee willfully fails to make any report or pay any fee required by this chapter; The licensee has been found guilty of any fraudulent act or practice; or The licensee has made any material false representation to the commissioner in any application or report filed with the commissioner. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-217 . 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.