(a) In order to carry out the purposes of this chapter, the commissioner may, subject to § 45-7-108:

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 45-7-106

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • 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
(1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burdens by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter;
(2) Use, hire, contract, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter;
(3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials;
(4) Accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant or licensee, and incorporate the audit report in any report of examination or investigation; and
(5) Rely on and utilize the reports referenced in subdivisions (a)(3) and (4) for any purposes deemed appropriate by the commissioner under this chapter, including for purposes of making determinations regarding applications received under this chapter.
(b) The commissioner is authorized to administer, interpret, and enforce this chapter, promulgate rules effectuating the purposes of this chapter, and to recover the cost of administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to achieve the purpose of this chapter.
  Previous section
Next section  
 Part 1 Contents