(a) The commissioner shall visit and examine each licensee as frequently as the commissioner deems it necessary or expedient. On the occasion of every visit and examination, the commissioner shall, in company with one (1) or more of the officers of the licensee, if requested by the licensee, be given free access to every part of the office or place of business and to the assets, securities, books, papers and records of the licensee.

Terms Used In Tennessee Code 45-8-216

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • BIDCO: means a business and industrial development corporation licensed under this part. See Tennessee Code 45-8-203
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-8-203
  • Department: means the department of financial institutions. See Tennessee Code 45-1-103
  • Licensee: means a Tennessee corporation that is licensed under this part. See Tennessee Code 45-8-203
  • Officer: means :
    (A) If used with respect to a corporation, a person appointed or designated as an officer of the corporation by or pursuant to applicable law or the charter or bylaws of the corporation, or a person who performs, with respect to the corporation, functions usually performed by an officer of a corporation. 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
  • Subsidiary: means , if used with respect to a licensee, a company or business firm that the licensee holds control of as permitted by §. See Tennessee Code 45-8-203
(b) If, in the commissioner’s opinion, it is necessary for a thorough examination of a licensee, the commissioner may retain one (1) or more accountants, attorneys, appraisers, or other third parties to assist the commissioner in the examination. Within ten (10) days after receipt of a statement from the commissioner, the licensee shall pay or reimburse the fees, costs and expenses of any third parties retained by the commissioner under this subsection (b).
(c) The commissioner shall also have the power to examine or cause to be examined subsidiary corporations of BIDCOs subject to the commissioner’s supervision under this part.
(d) Any examination under this section may be made by any person or persons designated by the commissioner, and in that case, all the powers vested in the commissioner by this section shall be possessed by the person or persons so designated. The commissioner shall furnish to each examiner a commission under the signature of the commissioner and official seal of the department, which the examiner shall exhibit to the officer or officers of the BIDCO proposed to be examined as the examiner’s authority for making the examination.
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