Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in the state:

(1) The filing for bankruptcy or reorganization by the licensee;
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Terms Used In Tennessee Code 45-18-112

  • 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.
  • Check: means any payment instrument. See Tennessee Code 45-18-102
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-18-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Licensee: means a check cashing business licensed by the commissioner to engage in that business in accordance with this chapter. See Tennessee Code 45-18-102
  • 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
(3) The denial of the opportunity to engage in the check cashing business by any state or governmental authority;
(4) Any felony indictment of the licensee or any of its officers, directors or principals;
(5) Any felony conviction of the licensee or any of its officers, directors, or principals; and
(6) Other events that the commissioner may determine and identify by rule.
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