Tenn. Code § 45-7-139

Current through Acts 2023-2024, ch. 1069

Section 45-7-139 - Suspension and revocation

After notice and an opportunity for a hearing, the commissioner may suspend or revoke a licensee's license if the commissioner finds that:

(1) A fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;

(2) The licensee's net worth becomes inadequate and the licensee, after ten (10) days' written notice from the commissioner, fails to take steps the commissioner deems necessary to remedy the deficiency;

(3) The licensee violated this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this chapter;

(4) An authorized delegate or authorized delegates of a licensee violated this chapter or any rule or order validly promulgated or issued by the commissioner under authority of this chapter, without the licensee making reasonable efforts to correct the violations known to the licensee to exist;

(5) The licensee is conducting business in an unsafe or unsound manner;

(6) The licensee is insolvent;

(7) The licensee has demonstrated a pattern of failure or refusal to promptly pay obligations on payment instruments or transmissions of money or has made an assignment for the benefit of its creditors;

(8) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;

(9) The licensee refused to permit the commissioner to make any examination authorized by this chapter;

(10) The licensee willfully failed to make any report or pay any fee required by this chapter;

(11) The licensee engaged in fraud, intentional misrepresentation, or gross negligence; or

(12) The licensee made or caused to be made in any application or report filed with the commissioner or any proceeding before the commissioner, any statement that was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in the application or report any material fact that is required to be stated in the application or report.

T.C.A. § 45-7-139

Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.