TN Code § 45-7-107 (2021)
2021 Tennessee Code|Title 45 - Banks and Financial Institutions|Chapter 7 - Money Transmitters|§ 45-7-107. License Application — Criminal History Records Check and Fingerprint Sample

  Each application for a license under this chapter shall be made in writing, under oath, and in a form prescribed by the commissioner. Each application shall contain:  For all applicants:  The exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant's business records;   The history of the applicant's material litigation and criminal convictions for the ten-year period prior to the date of the application;   A description of the activities conducted by the applicant and a history of operations;   A description of the business activities in which the applicant seeks to be engaged in the state;   A list identifying the applicant's authorized agents in the state, if any, at the time of the filing of the license application;   A sample authorized agent contract, if applicable;   A sample form of payment instrument, if applicable;   The location or locations at which the applicant and its authorized agents, if any, propose to conduct the licensed activities in the state;   The name and address of the clearing bank or banks on which the applicant's payment instruments will be drawn or through which the payment instruments will be payable; and   Other information that the commissioner may deem appropriate;     If the applicant is a corporation, the applicant must also provide:  The date of the applicant's incorporation and state of incorporation;   A certificate of good standing from the state in which the applicant was incorporated;   A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange;   The name, business and residential address and employment history for the past ten (10) years of the applicant's executive officers and the officer or officers or managers who will be in charge of the applicant's activities to be licensed hereunder;   If the applicant is not a publicly traded corporation or a direct or indirect subsidiary of such a corporation, the name, business and residential addresses, and employment history of each of the applicant's directors for the ten-year period preceding the date of the application;   The name, business and residential address, and employment history of any current key shareholder of the applicant for the period ten (10) years prior to the date of the application;   The history of material litigation and criminal convictions of every current director, executive officer, or key shareholder of the applicant for the ten-year period prior to the date of the application;   Copies of the applicant's unconsolidated audited financial statements, including balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position, for the current year and, if available, for the immediately preceding three-year period. However, if the applicant is a wholly owned subsidiary of a corporation publicly traded in the United States, the applicant shall also provide the most recent audited financial statement of the parent of the applicant or the parent's most recent 10K report filed with the United States securities and exchange commission. The requirements of this subsection (a) may be satisfied by the applicant providing a copy of the consolidated audited financial statement of the applicant's parent corporation that includes the balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position of the applicant for the current year and, if available, for the immediately preceding three-year period. If the applicant is a wholly owned subsidiary of a corporation publicly traded outside the United States, similar documentation filed with the parent corporation's non-United States regulator may be submitted to satisfy this provision; and   Copies of all filings, if any, made by the applicant with the United States securities and exchange commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application; and     If the applicant is not a corporation, the applicant must also provide:  The name, business and residential address, personal financial statement and employment history, for the past ten (10) years, of each principal and any other person or persons who will be in charge of the applicant's activities to be licensed hereunder;   The place and date of the applicant's qualification to do business in this state;   The history of material litigation and criminal convictions for the ten-year period prior to the date of the application for each individual having any ownership interest in the applicant and each individual who exercises supervisory responsibility with respect to the applicant's activities; and   A copy of the applicant's audited financial statement, including balance sheet, statement of income or loss, and statement of changes in financial position, for the current year and, if available, for the immediately preceding two-year period.       Every person engaged in activities within this state encompassed by this chapter on May 1, 1995, at the time of the chapter's adoption shall file an application in accordance with this chapter within three (3) months after May 1, 1995. No person shall be deemed to be in violation of this chapter for operating without a license if the person files an application within the three-month period, unless and until the application is denied. Persons licensed to issue money orders on May 1, 1995, who apply for a license under this chapter, are not required to pay the application fee required by § 45-7-109.   If an applicant for licensure under this part was engaged in the business of selling or issuing money orders on April 30, 1995, at not more than four (4) locations, and if the applicant possessed a duly issued license to engage in the business as was required at that time by [former] § 45-7-102, and if the applicant currently engages in the business of money transmission at not more than four (4) locations, then the applicant shall not be required to submit audited financial statements pursuant to this section.(d)  (1)  The commissioner may require an applicant for licensure to consent to a criminal history records check and to provide a fingerprint sample in a form acceptable to the commissioner. The commissioner may require consent to a criminal history records check and a fingerprint sample from any individual who is an executive officer, key shareholder, or director of the applicant, as well as from any other individual associated with the applicant, as is reasonably necessary to meet the purposes of this part. An application for licensure is incomplete until the commissioner receives consent to a criminal history records check and a fingerprint sample required under this subsection (d). The commissioner may deny licensure to an applicant if:    The applicant refuses to consent to a criminal history records check or to provide a fingerprint sample; or   An executive officer, key shareholder, or director of the applicant, or any other individual associated with the applicant, refuses to consent to a criminal history check or to provide a fingerprint sample.   Any criminal history records check conducted pursuant to this subsection (d) must be conducted by the Tennessee bureau of investigation, the federal bureau of investigation, or both, and the results of the criminal history records check must be forwarded to the commissioner. An applicant shall pay all costs incurred in conducting a criminal history records check in addition to any other fees required by this part.