(a) If the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions or duties of a person engaged in the business in accordance with this chapter, the commissioner, after notice and opportunity for hearing, may censure, suspend or bar a person from any position of management, control, employment or providing services for any licensee, registrant or other person subject to the commissioner’s jurisdiction, if the commissioner finds that:

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Terms Used In Tennessee Code 45-13-407

  • Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
  • Control: means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise. See Tennessee Code 45-13-105
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Licensee: means a person to whom a license has been issued under this chapter, whether a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator, as applicable, but "licensee" also applies to any person holding a certificate of registration on July 31, 2009, for so long as the certificate is still valid. See Tennessee Code 45-13-105
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
(1) The censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this chapter or any rule, regulation or order of the commissioner; or
(2) The person has been:

(A) Convicted of or pled guilty to or pled nolo contendere to any crime; or
(B) Held liable in any civil action by final judgment or any administrative judgment by any public agency.
(b) Persons suspended or barred under this section are prohibited from participating in any business activity of a registrant or licensee and from engaging in any business activity on the premises where a registrant or licensee is conducting its business. This subsection (b) shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a registrant or licensee.
(c) This section shall apply to any violation, conviction, plea or judgment after July 1, 2001.
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