(a) To be eligible for a pawnbroker‘s license, an applicant must:

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Terms Used In Tennessee Code 45-6-206

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Pawnbroker: means any person, partnership or corporation engaged in the business of lending money on the security of pledged goods. See Tennessee Code 45-6-203
  • Person: means any individual, corporation, joint venture, association or any other legal entity however organized. See Tennessee Code 45-6-203
(1) Be of good moral character;
(2) Have net assets, as defined herein, of at least seventy-five thousand dollars ($75,000), readily available for use exclusively in conducting the business of each licensed pawnbroker;
(3) Show that the business will be operated lawfully and fairly within the purpose of this part; and
(4) Each licensed pawnbroker shall conform to the requirements set forth in § 45-6-221.
(b) Despite a person‘s eligibility for a pawnbroker’s license under subsection (a), the county clerk shall find ineligible an applicant who has a prior felony conviction within ten (10) years next preceding that:

(1) Directly relates to the duties and responsibilities of the occupation of a pawnbroker; or
(2) Otherwise makes the applicant presently unfit for a pawnbroker’s license.
(c) If an applicant for a pawnbroker’s license is a business entity, the eligibility requirements of subsections (a) and (b) apply to each operator or beneficial owner, and as to a corporation, to each officer, shareholder, and director.
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