(a) Upon the filing of an application and the payment of the nonrefundable supervision fee, as provided in § 45-1-118(i), the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so find, the commissioner shall, at the request of the applicant, give the applicant a full hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
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Terms Used In Tennessee Code 56-37-104

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 56-37-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
  • Person: means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized. See Tennessee Code 56-37-102
  • 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
(b) The commissioner shall issue or renew a license, as may be applied for, when the commissioner is satisfied that the person to be licensed:

(1) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license for which the person applied;
(2) Has a good business reputation and has had experience, training or education so as to be qualified in the business for which the license is required; and
(3) If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
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