(a) If the crime or civil or administrative judgment involved any offense reasonably related to the qualifications, functions, or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, suspend for a period not to exceed twelve (12) months, or bar a person from any position of management, control, employment or providing services for any registrant or other person subject to the commissioner’s jurisdiction, if the commissioner finds that the:

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Terms Used In Tennessee Code 45-5-506

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-5-102
  • Control: means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise. See Tennessee Code 45-5-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Interest: means compensation for the use, detention or forbearance to collect money over a period of time, and does not include compensation for other purposes, including, but not limited to:
    (A) Time-price differentials. See Tennessee Code 45-5-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Person: means an individual, corporation, firm, trust, estate, partnership, joint venture or association, as the context may require. See Tennessee Code 45-5-102
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Registrant: means any person registered as an industrial loan and thrift company, industrial investment company or industrial bank under this chapter. See Tennessee Code 45-5-102
(1) Censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter, a rule or regulation, or an order of the commissioner; or
(2) Person has been:

(A) Convicted of or pled guilty to or nolo contendere to any crime; or
(B) Held liable in any civil action by final judgment, or any administrative judgment by any public agency.
(b) Persons suspended or barred under this section are prohibited from participating in any business activity of a registrant and from engaging in any business activity on the premises where a registrant is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a registrant.
(c) This section shall apply to any violation, conviction, plea, or judgment after July 1, 2001.
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