(a) The commissioner may issue an order, setting forth an appropriate remedy, including, but not limited to, a cease-and-desist order, an order removing any person from office with a licensee, or prohibiting any person from further participating in any manner in the conduct of the business of the licensee, upon a finding by the commissioner that the licensee, subject person or other person:

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Terms Used In Tennessee Code 45-8-218

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-8-203
  • Licensee: means a Tennessee corporation that is licensed under this part. See Tennessee Code 45-8-203
  • Order: includes an approval, authorization, consent, exemption, denial, prohibition, or other official act taken by the commissioner. See Tennessee Code 45-8-203
  • Person: includes an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other entity or organization. See Tennessee Code 45-8-203
  • Subject person: means a controlling person, subsidiary, or affiliate of a licensee, a director, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee. See Tennessee Code 45-8-203
  • Uniform Administrative Procedures Act: refers to title 4, chapter 5. See Tennessee Code 45-8-203
(1) Has violated, is violating, or is about to violate any provision of this part or other applicable law, rule or regulation;
(2) Has engaged or participated, or is engaging or participating, or is about to engage or participate, detrimentally with respect to the business of the licensee;
(3) Has been indicted or convicted for a crime involving dishonesty or breach of trust; or
(4) Is conducting acts that threaten the interests of the licensee or may threaten to impair public confidence in the licensee.
(b) Notice and hearing shall be provided in advance of any action authorized in subsection (a). In cases involving extraordinary circumstances requiring immediate action, the commissioner may take the action, but shall promptly afford a subsequent hearing upon application to rescind the action taken.
(c) The licensee, subject person or other person to whom an order is issued under subsection (a), is entitled to an administrative review of the order pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
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