Tennessee § 45-7-120 - Termination or suspension of authorized agent activity.

§ 45-7-120. Termination or suspension of authorized agent activity.

The commissioner may issue an order suspending or barring the authorized agent from continuing to be or becoming an authorized agent of any licensee during the period for which the order is in effect, if, after notice and an opportunity for a hearing, the commissioner finds that any authorized agent of a licensee or any director, officer, employee, or controlling person of the authorized agent has: Violated any provision of this chapter or any rule or regulation or order issued under this chapter; Engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or Made or caused to be made in any application or report filed with the commissioner or any proceeding before the commissioner, any statement that was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in the application or report any material fact that is required to be stated in the application or report. Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order. Any authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner shall not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and any regulation or order issued under this title. Acts 1994, ch. 715, § 1; T.C.A., § 45-7-220 . 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.