Tennessee Code 45-8-226 – Inapplicability of Section 45-8-212 to well capitalized licensee
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Terms Used In Tennessee Code 45-8-226
- 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
- Well capitalized: means , in the case of a licensee under this part, a licensee that has stockholders' equity at least equal to the greater of ten million dollars ($10,000,000) or fifteen percent (15%) of total assets, that is not subject to any administrative enforcement action or order and the condition of which was considered as satisfactory in its last examination in the opinion of the commissioner. See Tennessee Code 45-8-203
The requirements of § 45-8-212 shall not be applicable to a well capitalized licensee; provided, that within thirty (30) days of ceasing to be well capitalized, a licensee must apply for commissioner approval in order to retain any business acquired without the commissioner’s prior approval.