(a) Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the commissioner the following items:

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Terms Used In Tennessee Code 45-7-114

  • 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
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Individual: means a natural person. See Tennessee Code 45-7-103
  • 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.
  • Key individual: means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee. 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.
  • 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
  • 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
(1) The individual’s fingerprints for submission to the federal bureau of investigation and the commissioner for purposes of a national criminal history background check, unless the individual currently resides outside of the United States and has resided outside of the United States for the last ten (10) years;
(2) Information pertaining to the individual’s personal history and experience in a form and in a medium prescribed by the commissioner; and
(3) The individual’s authorization for the commissioner or NMLS, or both, to obtain:

(A) An independent credit report from a consumer reporting agency;
(B) Information related to any criminal convictions or pending charges; and
(C) Information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.
(b) If the individual has resided outside of the United States at any time in the last ten (10) years, the individual shall also provide an investigative background report prepared by an independent search firm acceptable to the commissioner that meets the following requirements:

(1) At a minimum, the search firm shall:

(A) Demonstrate that it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report; and
(B) Not be affiliated with or have an interest with the individual it is researching; and
(2) The investigative background report must be written in the English language and must, at a minimum, contain the following:

(A) If available in the individual’s current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(B) Criminal records information for the past ten (10) years, including, but not limited to, felonies, misdemeanors, or similar convictions for violations of the law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;
(C) Employment history;
(D) Media history, including an electronic search of national and local publications, wire services, and business applications; and
(E) Financial services-related regulatory history, including, but not limited to, money transmission, securities, banking, insurance, and mortgage-related industries.
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