(a) If the commissioner finds that a licensee is insolvent, or the licensee is transacting business without authority or in violation of this part or any other law, or it is contrary to the purposes of this part for the licensee to continue business, the commissioner shall communicate the facts to the attorney general and reporter who shall file in the chancery court, in any county where the licensee is doing business, a complaint setting forth the facts and applying for an order requiring the licensee to show cause why its business should not be closed.

Terms Used In Tennessee Code 45-8-220

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-8-203
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Insolvent: means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose liabilities exceed its assets. 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
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
(b) In a proper case made, the chancery court shall have the power to appoint a receiver to take charge of, settle and wind up the affairs of a licensee under the direction of the court, to enjoin the licensee from doing business, or to make other orders or decrees as the circumstances warrant and the court deems proper.
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