Tennessee Code 45-7-116 – Renewal of license

(a)

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Terms Used In Tennessee Code 45-7-116

Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
Licensee: means a person licensed under this chapter. 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
Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105

(1) A license under this chapter must be renewed annually.

(2) A nonrefundable supervision fee, as provided in § 45-1-118(i), must be paid between November 1 and December 31 of each year.

(3) The renewal term is for a period of one (1) year and begins on January 1 of each year after the initial license term and expires on December 31 of the year the renewal term begins.

(b) A licensee shall submit a renewal report with the supervision fee, in a form and in a medium prescribed by the commissioner, between November 1 and December 31 of each year. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application that has not been reported to the commissioner.

(c) Failure to timely pay the supervision fee or to timely submit a completed renewal report causes the license to expire at the close of business on December 31. An abatement of the supervision fee must not be made if the license is surrendered, cancelled, revoked, or suspended prior to the expiration of the period for which it was issued.

(d) Licenses issued or renewed under the former provisions of this chapter expire on December 31, 2024.

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Tennessee Code 45-7-116 – Renewal of license

Terms Used In Tennessee Code 45-7-116

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