(a) Applicants for a license under this chapter shall apply in a form and in a medium as prescribed by the commissioner. The application must state or contain, as applicable:

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 45-7-113

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means the power to:
    (i) Vote, directly or indirectly, at least twenty-five percent (25%) of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Tennessee Code 45-7-103
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Federally insured depository financial institution: means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank, or industrial loan company organized under the laws of the United States or any state of the United States and that has federally insured deposits. See Tennessee Code 45-7-103
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • in the United States: includes , to the extent applicable, a person in any state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a United States military installation that is located in a foreign country. See Tennessee Code 45-7-103
  • In this state: means :
    (A) For a transaction requested in person, at a physical location within this state. See Tennessee Code 45-7-103
  • Individual: means a natural person. See Tennessee Code 45-7-103
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Material litigation: means litigation that, according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders, or similar records. See Tennessee Code 45-7-103
  • NMLS: means the Nationwide Multistate Licensing System and Registry developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries. See Tennessee Code 45-7-103
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the commissioner. See Tennessee Code 45-7-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business;
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application;
(3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state;
(4) A list of the applicant’s proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission;
(5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state;
(6) Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee;
(7) A sample form of contract for authorized delegates, as applicable;
(8) A sample form of payment instrument or stored value, as applicable;
(9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission; and
(10) Any other information the commissioner or NMLS reasonably requires with respect to the applicant.
(b) If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant shall also provide:

(1) The date of the applicant’s incorporation or formation and state or country of incorporation or formation;
(2) If applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed;
(3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded;
(4) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the ten-year period next preceding the submission of the application of each key individual and person in control of the applicant;
(5) A list of any criminal convictions and material litigation in which a person in control of the applicant that is not an individual has been involved in the ten-year period preceding the submission of the application;
(6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period next preceding the submission of the application or, if determined to be acceptable to the commissioner, certified unaudited financial statements for the most recent fiscal year or other period acceptable to the commissioner;
(7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter;
(8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under 15 U.S.C. § 78m;
(9) If the applicant is a wholly owned subsidiary of:

(A) A corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation’s most recent report filed under 15 U.S.C. § 78m; or
(B) A corporation publicly traded outside the United States, a copy of similar documentation filed with the parent corporation’s non-United States regulator;
(10) The name and address of the applicant’s registered agent in this state; and
(11) Any other information the commissioner reasonably requires with respect to the applicant.
(c) A nonrefundable supervision fee as provided in § 45-1-118(i) must accompany an application for a license under this section.
(d) The commissioner may waive one (1) or more requirements of subsections (a) and (b), or permit an applicant to submit other information in lieu of the required information.
  Previous section
Next section  
 Part 1 Contents