reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 16 - AUTOMATED TELLER MACHINES (§§ 45-16-101 — 45-16-104) › Section 45-16-103 - Usage fees on foreign access cards

A financial institution may impose and collect a usage fee on a foreign access card; provided, that the usage fee may only be charged if the imposition of the fee is disclosed at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the usage fee.
Acts 1996, ch. 899, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 16 - AUTOMATED TELLER MACHINES (§§ 45-16-101 — 45-16-104) › Section 45-16-104 - Rules and regulations

The commissioner of financial institutions is authorized to promulgate rules and regulations to effectuate the purposes of this chapter.
Acts 1996, ch. 899, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-101 - Short title

This chapter shall be known and may be cited as the "Deferred Presentment Services Act."
Acts 1997, ch. 255, § 2; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Check" means any payment instrument, including any customer authorization for electronic payment;
(2)
"Commissioner" means the commissioner of financial institutions or the commissioner's designated representative;
(3)
"Deferred presentment services" means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
(A)
Accepting a check dated on the date it was written; and
(B)
Holding the check for a period of time prior to presentment for payment or deposit;
(4)
"Department" means the department of financial institutions;
(5)
"Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter;
(6)
"Payment instrument":
(A)
Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and
(B)
Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and
(7)
"Person" means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
Acts 1997 , ch. 255, § 3; 1999, ch. 14, §1; 2011 , ch. 205, §§ 1, 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-103 - License requirement

(a)
No person shall engage in the business of deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license. A person shall be deemed to be engaged in the business of deferred presentment services in this state, if the person induces a consumer, while located in this state, to enter into a deferred presentment services transaction in this state. A separate license shall be required for each location from which the business of deferred presentment services is conducted.
(b)
Any nonresident person, seeking a license under this chapter, shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders issued by the commissioner, or process affecting a licensee under this chapter, may be served. Such nonresident licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until approved by the commissioner.
Acts 1997 , ch. 255, § 4; 1999, ch. 14, §1; 2011 , ch. 205, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-104 - Qualifications for license

(a)
To qualify for a license, an applicant shall satisfy the following requirements:
(1)
The applicant shall have a minimum net worth determined in accordance with generally accepted accounting principles of at least twenty-five thousand dollars ($25,000) available for the operation of each location; and
(2)
The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall reasonably warrant the belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the commissioner may review and approve:
(A)
The relevant business records and the capital adequacy of the applicant;
(B)
The competence, experience, integrity and financial ability of any person who is a director, officer, or ten percent (10%) or more shareholder of the applicant or owns or controls the applicant; and
(C)
Any record, on the part of the applicant, or any person referred to in subdivision (a)(2)(B), of any criminal activity, any fraud or other act of personal dishonesty, any act, omission or practice that constitutes a breach of a fiduciary duty or any suspension, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.
(b)
The requirements set forth in subdivisions (a)(1) and (2) are continuing in nature.
Acts 1997 , ch. 255, § 5; 1999, ch. 14, §1; 2012 , ch. 679, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-105 - Application for license

Each application for a license shall be in writing and under oath to the commissioner, in a form prescribed by the commissioner, and shall include the following:
(1)
The legal name, residence and business address of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing employee and director thereof;
(2)
The location at which the registered agent of the applicant shall be located; provided, that "registered agent of the applicant" includes a person designated by the applicant for accepting notices or orders by the commissioner, or process affecting the applicant, pursuant to §
45-17-103
; and
(3)
Other data and information the commissioner may require with respect to the applicant, its directors, trustees, officers, members, managing employees or agents.
Acts 1997 , ch. 255, § 6; 1999, ch. 14, §1; 2011 , ch. 205, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-106 - Filing fees - Financial statements

(a)
Each application for a license shall be accompanied by:
(1)
A nonrefundable supervision fee, as provided in §
45-1-118(i)
; and
(2)
A balance sheet and income statement for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm. For a newly created entity, the commissioner may accept a balance sheet only, accompanied by a projected income statement demonstrating that the licensee will have adequate capital after payment of start-up costs.
(b)
The supervision fee set forth in subdivision (a)(1) shall be applicable to each location.
Amended by 2014 Tenn. Acts, ch. 736,s 21, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 20, eff. 7/1/2015.
Acts 1997, ch. 255, § 7; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-107 - Investigation - Issuance of license - Posting

(a)
Upon the filing of an application in a form prescribed by the commissioner, accompanied by the fee and documents required in §
45-17-106
, the commissioner shall investigate to ascertain whether the qualifications prescribed by §
45-17-104
have been satisfied. If the commissioner finds that the qualifications have been satisfied, and approves the documents, the commissioner shall issue to the applicant a license to engage in the deferred presentment services business in Tennessee.
(b)
The license shall be kept conspicuously posted in the place of business of the licensee.
(c)
A license issued pursuant to this section shall remain in force and effective through the remainder of the year ending December 31 after its date of issuance unless earlier surrendered, suspended or revoked pursuant to this chapter.
Acts 1997 , ch. 255, § 8; 1999, ch. 14, §1; 2012 , ch. 679, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-108 - Nontransferability - Change in control of license

(a)
A license issued pursuant to this chapter is not transferable or assignable.
(b)
The prior written approval of the commissioner is required for the continued operation of a deferred presentment services business whenever a change in control of a licensee is proposed. "Control," in the case of a corporation, means direct or indirect ownership, or the right to control, twenty-five percent (25%) or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy. "Control," in the case of any other entity, means the ability to change the principals of the organization, whether active or passive. The commissioner may require information deemed necessary to determine whether a new application is required. Costs incurred by the commissioner in investigating a change of control request shall be paid by the person requesting approval, subject to the limitations set forth in §
45-17-111
.
(c)
A licensee shall notify the department five (5) days before any change in the licensee's principal place of business, branch office or name.
Acts 1997 , ch. 255, § 9; 1999, ch. 14, §1; 2012 , ch. 679, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-109 - Reports to commissioner

Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in this state:
(1)
The filing for bankruptcy or reorganization by the licensee;
(2)
The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
(3)
The denial of the opportunity to engage in the deferred presentment services business by any state or governmental authority;
(4)
Any felony indictment of the licensee or any of its directors, officers or principals;
(5)
Any felony conviction of the licensee or any of its directors, officers or principals; and
(6)
Other events that the commissioner may determine and identify by rule.
Acts 1997, ch. 255, § 10; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-110 - Expiration of license

(a)
Licenses issued pursuant to this chapter shall expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of §
45-17-104
and the payment to the commissioner annually, between November 1 and December 31, of the nonrefundable supervision fee, as provided in §
45-1-118(i)
. A licensee making timely and complete application and payment for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.
(b)
Licenses issued or renewed under the former provisions of this chapter with an expiration date of September 30, 2012, shall instead expire on December 31, 2012.
(c)
The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.
Amended by 2014 Tenn. Acts, ch. 736, s 23, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736, s 22, eff. 7/1/2015.
Acts 1997 , ch. 255, § 11; 1999, ch. 14, §1; 2012 , ch. 679, § 4.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-111 - Regulations - Examinations - Payment of expenses

(a)
The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to the principal place of business of each license holder at least thirty (30) days before the date it takes effect.
(b)
To assure compliance with this chapter, the commissioner may examine the relevant business, books and records of any licensee. Further, for the purpose of discovering violations of this chapter and determining whether persons are subject to this chapter, the commissioner may examine or investigate persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, by exercising authority that includes, but is not limited to, the power to summon witnesses and examine them under oath, and to compel the production of books and records that may be relevant to the examination or investigation.
(c)
A licensee that is examined or investigated from July 1, 2015, through December 31, 2015, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination. After December 31, 2015, the costs for an examination or investigation of licensees shall be assessed pursuant to §
45-1-118(i)
. An unlicensed person subject to the licensing requirements of this chapter, that is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination.
Amended by 2014 Tenn. Acts, ch. 736, s 24, eff. 7/1/2015.
Acts 1997 , ch. 255, § 12; 1999, ch. 14, §1; 2011 , ch. 205, §5; 2012 , ch. 679, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-113 - Denial of license - Hearing

(a)
If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b)
If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make written demand to the commissioner for a hearing before the commissioner on the question of whether the license should be granted.
(c)
Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the commissioner following any hearing on the denial of a license is subject to review under the Uniform Administrative Procedures Act.
Acts 1997, ch. 255, § 14; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-114 - Suspension or revocation of licenses

(a)
The commissioner may, after notice and hearing, suspend or revoke any license if the commissioner finds that the licensee has knowingly or through lack of due care:
(1)
Failed to pay any fees or assessments imposed by the commissioner under this chapter;
(2)
Has committed any fraud, engaged in any dishonest activities or made any misrepresentations;
(3)
Has violated any provisions of this chapter or any administrative regulation issued pursuant to this chapter or has violated any other law in the course of the licensee's dealings as a licensee;
(4)
Has made a false statement in the application for the license or failed to give a true reply to a question in the application; or
(5)
Has demonstrated incompetency or untrustworthiness to act as a licensee.
(b)
If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee.
(c)
A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Amended by 2014 Tenn. Acts, ch. 736,s 25, eff. 7/1/2015.
Acts 1997, ch. 255, § 15; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-115 - Violations - Cease and desist orders - Penalties

If, after notice and opportunity for a hearing, the commissioner finds that a person has violated this chapter, or any administrative regulation issued pursuant thereto, the commissioner may:
(1)
Order the person to cease and desist violating the chapter or any administrative rules issued pursuant thereto;
(2)
Require the refund of any fees collected by the person in violation of this chapter; and/or
(3)
Order the person to pay to the commissioner a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter or each day that a violation has occurred and continues.
Acts 1997, ch. 255, § 16; 1999, ch. 14, § 1; 2001, ch. 165, § 21.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-116 - Consent orders

(a)
The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation or order promulgated or issued under this chapter has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule, regulation or order promulgated or issued under this chapter.
(b)
Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c)
In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the commissioner within twenty (20) days after receipt of the notice of the commissioner's emergency action.
Acts 1997, ch. 255, § 17; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-117 - Written complaint - Investigation - Subpoenas

(a)
Any person aggrieved by the conduct of a licensee under this chapter in connection with the licensee's regulated activities may file a written complaint with the commissioner who may investigate the complaint.
(b)
In the course of the investigation of the complaint, the commissioner may:
(1)
Subpoena witnesses;
(2)
Administer oaths;
(3)
Examine any individual under oath; and
(4)
Compel the production of records, books, papers, contracts or other documents relevant to the investigation.
(c)
If any person fails to comply with a subpoena of the commissioner under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the commissioner may petition any court of competent jurisdiction for enforcement.
(d)
The license of any licensee under this chapter who fails to comply with a subpoena of the commissioner may be suspended pending compliance with the subpoena.
(e)
The commissioner shall have exclusive administrative power to investigate and enforce any and all complaints filed by any person that are not criminal in nature, which complaint relates to the business of deferred presentment services.
Acts 1997, ch. 255, § 18; 1999, ch. 14, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-118 - Construction with other statutes

The business of deferred presentment services conducted in accordance with this chapter shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges, including but not limited to, §
47-14-104
. A licensee shall not have the powers enumerated in this chapter without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this chapter shall not be deemed in violation of §§
47-9-610
,
47-14-112
,
47-14-115
and
47-14-117
.
Acts 1997 , ch. 255, § 19; 1999, ch. 14, § 1; 2000, ch. 846, § 29.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-119 - Annual reports

(a)
Each licensee shall file an annual report with the commissioner between November 1 and December 31 of each year, containing the following information:
(1)
The names and addresses of persons owning controlling interest in each licensee;
(2)
The location of all places of business operated by the licensee and the nature of the business conducted at each location;
(3)
The names and addresses of all affiliated entities regulated under this title, doing business in this state;
(4)
Balance sheets, statements of income and expense, and other statistical information that may be reasonably required by the commissioner, consistent with generally accepted accounting practices, for the purpose of determining the general results of operations under this chapter; and
(5)
If the licensee is a corporation, the names and addresses of its officers and directors, or if the licensee is a partnership, the names and addresses of the partners, or if the licensee is a limited liability company, the names and addresses of the board of governors of the limited liability company.
(b)
If the licensee holds two (2) or more licenses or is affiliated with other licensees, a composite report may be filed, but may not be required.
(c)
The reports shall be filed in a form that may reasonably be required by the commissioner and shall be sworn to by a responsible officer of the licensee.
(d)
The information submitted by licensees pursuant to this section shall be afforded the same degree of confidentiality by the department and the commissioner as is applicable to reports filed by industrial loan and thrift companies pursuant to §
45-5-503
.
(e)
The commissioner shall prepare and submit to the governor and general assembly, annually, an analysis and recapitulation of the reports for the preceding calendar year for the purpose of reflecting the general results of operations under this chapter.
Acts 1997 , ch. 255, § 20; 1999, ch. 14, §1; 2012 , ch. 679, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-120 - Commissioner's authority to require licensing through a multi-state automated licensing system

(a)
In addition to any other powers conferred upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be licensed through a multi-state automated licensing system. Pursuant to this authority, the commissioner may:
(1)
Promulgate whatever rules and regulations are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system;
(2)
Establish relationships or enter into agreements that are reasonably necessary for participation in, transition to or operation of a multi-state automated licensing system. The agreements may include, but are not limited to, operating agreements, information sharing agreements, interstate cooperative agreements and technology licensing agreements;
(3)
Require that applications for licensing under this chapter and renewals of such licenses be filed with a multi-state automated licensing system;
(4)
Require that any fees required to be paid under this chapter be paid through a multi-state automated licensing system;
(5)
Establish deadlines for transitioning licensees to a multi-state automated licensing system. The commissioner has the authority to deny any applications or renewal applications not filed with a multi-state automated licensing system after such deadlines have passed, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of any transition deadlines to licensees; and
(6)
Take such further actions as are reasonably necessary to give effect to this section.
(b)
Nothing in this section shall authorize the commissioner to require a person who is not subject to this chapter to submit information to, or to participate in, a multi-state automated licensing system that is operated or participated in pursuant to this chapter.
(c)
Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.
(d)
Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to a multi-state automated licensing system, as well as all costs required by a multi-state automated licensing system for maintaining and renewing any license issued by the commissioner on a multi-state automated licensing system.
Acts 2012, ch. 679, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-121 - Commissioner's authority to use multi-state automated licensing system as agent for information channeling

The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, whether derived from or distributed to the United States department of justice or any other state or federal governmental agency, or any other source, that the commissioner is authorized to request or distribute under this chapter.
Acts 2012, ch. 679, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 17 - DEFERRED PRESENTMENT SERVICES (§§ 45-17-101 — 45-17-122) › Section 45-17-122 - Promotion of more effective regulation and reduction of regulatory burden through supervisory information sharing

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1)
The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated licensing system, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multi-state automated licensing system. The information or material may be shared with all state and federal regulatory officials with deferred presentment services oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law, including the protection available under §
45-1-120
;
(2)
For purposes of subdivision (1), the commissioner is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors or other associations representing governmental agencies as established by rule, regulation or order of the commissioner;
(3)
Information or material that is subject to a privilege or confidential under subdivision (1) shall not be subject to:
(A)
Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or
(B)
Subpoena or discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multi-state automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege, in whole or in part, in the discretion of such person;
(4)
This section shall supersede any inconsistent provisions of title 10, chapter 7, part 5 pertaining to the records open to public inspection; and
(5)
This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this chapter that is included in a multi-state automated licensing system for access by the public.
Acts 2012, ch. 679, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-101 - Short title

This chapter shall be known and may be cited as the "Check Cashing Act of 1997."
Acts 1997, ch. 309, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-102 - Chapter definitions

As used in this chapter, unless the context requires otherwise:
(1)
"Applicant" means a person filing an application for a license under this chapter;
(2)
"Check" means any payment instrument;
(3)
"Check casher" means a person who, for compensation, provides currency in exchange for payment instrument received;
(4)
"Commissioner" means the commissioner of financial institutions;
(5)
"Consideration" means and includes any premium charged for the sale of goods, or services provided in connection with the sale of the goods that is in excess of the cash price of the goods or services;
(6)
"Control" means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee controlled by any person. There shall be aggregated with the person's interest the interest of any other person controlled by the person or by any spouse, parent, or child of the person;
(7)
"Currency" means the coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. "Currency" includes United States silver certificates, United States notes, and Federal Reserve notes. "Currency" also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country;
(8)
"Department" means the department of financial institutions;
(9)
"Licensee" means a check cashing business licensed by the commissioner to engage in that business in accordance with this chapter;
(10)
"Material litigation" means any litigation that, according to generally accepted accounting principles, is deemed significant to a person's financial health and would be required to be referenced in annual audited financial statements, reports to shareholders or similar documents;
(11)
"Payment instrument" means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable. "Payment instrument" does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and
(12)
"Person" means any individual, partnership, association, trust, corporation, limited liability company, or other group, however organized, but does not include the governments of the United States or this state or any department, agency, or instrumentality thereof.
Acts 1997, ch. 309, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-103 - Application

This chapter does not apply to:
(1)
Any bank, trust company, credit union, building and loan association, savings bank or mutual bank organized under the laws of any state or the United States;
(2)
Persons who offer a check cashing service without receiving, directly or indirectly, any consideration or fee; and
(3)
Persons engaged in the cashing of payment instruments that is incidental to the retail sale of goods or services, whose compensation for cashing payment instruments at each site does not exceed five percent (5%) of the gross receipts from the retail sale of goods or services by the person during the person's most recently completed fiscal year.
Acts 1997 , ch. 309, §3; 2007 , ch. 80, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-104 - License requirement

(a)
No person shall engage in, or in any manner advertise engagement in, the business of cashing payment instruments without first obtaining a license under this chapter. A separate license shall be required for each location from which the business is conducted.
(b)
Any licensed money transmitter or registered industrial loan and thrift company engaged in the business of cashing payment instruments on October 1, 2007, may continue to engage in the business of cashing payment instruments without a license issued by the commissioner, until the commissioner has acted upon the application for license, if the application is filed by December 31, 2007.
Acts 1997 , ch. 309, §4; 2007 , ch. 80, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-106 - Application for license

Each application for a license under this chapter shall be made in writing under oath, and in a form prescribed by the commissioner.
Acts 1997, ch. 309, § 6.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-107 - Supervision fee - Financial statements

Each application for a license shall be accompanied by:
(1)
A nonrefundable supervision fee, as provided in §
45-1-118(i)
. The supervision fee shall be applicable to each location; and
(2)
Financial statements for the immediately preceding fiscal year end prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm.
Amended by 2014 Tenn. Acts, ch. 736,s 27, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 26, eff. 7/1/2015.
Acts 1997, ch. 309, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-108 - Issuance of license

(a)
Upon the filing of a properly completed application, accompanied by the nonrefundable supervision fee, as provided in §
45-1-118(i)
, and other required documents, the department shall investigate to ascertain whether the qualifications and requirements prescribed by this chapter have been met. If the department finds the applicant meets the qualifications and requirements, the department shall issue the applicant a license to engage in the check cashing business in this state. Any license issued under this chapter shall remain in effect through December 31 of each year following its date of issuance unless otherwise specified by the department or earlier surrendered, suspended, or revoked. If the commissioner finds that the qualifications and requirements prescribed by this chapter have not been met, the commissioner shall deny the application in writing setting forth the reasons for the denial.
(b)
The commissioner shall approve or deny every application for a license within ninety (90) days from the date a completed application with all required fees and documents is submitted, which period may be extended by the written consent of the commissioner. If the commissioner denies an application, or if the commissioner fails to act on an application within ninety (90) days after its filing, the applicant may make written demand to the department for a hearing before the commissioner on the question of whether the license should be granted.
(c)
Any hearing on the denial of a license shall be conducted pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In the hearing, the burden of proving that the applicant is entitled to a license is on the applicant. Decisions of the commissioner following any hearing on the denial of a license are subject to review under the Uniform Administrative Procedures Act.
(d)
Licenses are not transferable or assignable.
Amended by 2017 Tenn. Acts, ch. 122,s 16, eff. 4/1/2018.
Amended by 2014 Tenn. Acts, ch. 736,s 28, eff. 7/1/2015.
Acts 1997, ch. 309, § 8.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-109 - License renewal

(a)
(1)
Licenses issued pursuant to this chapter expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the qualifications for a license, filing of the completed renewal form, and payment of the nonrefundable supervision fee, as provided in §
45-1-118(i)
. A licensee making timely and complete application and payment for renewal of its license may continue to operate under its existing license until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee must be sent to the department on or before December 31, but no earlier than November 1, of each year.
(2)
A license holder submitting a renewal application pursuant to this chapter for a license expiring on March 31, 2018, must pay the supervision fee as provided in §
45-1-118(i)
for each location. The completed renewal application and payment must be sent to the department on or before March 1, 2018. A renewed license issued under this chapter with a beginning effective date of April 1, 2018, expires on December 31, 2018.
(b)
The licensee shall include in its annual renewal report:
(1)
A copy of its most recent unconsolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes in financial position, except that a licensee may provide the most recent consolidated annual financial statement of the parent corporation if the statement includes the balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes of financial position of the licensee;
(2)
Any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;
(3)
Notification of material litigation relating to the businesses regulated under this chapter; and
(4)
Other information that the commissioner may deem appropriate for the proper enforcement of this chapter.
(c)
The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.
Amended by 2017 Tenn. Acts, ch. 122,Sec.s10, eff. 7/1/2017 and s 9 eff. 4/1/2018.
Amended by 2014 Tenn. Acts, ch. 736,s 30, Sec.s31 eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 29, eff. 7/1/2015.
Acts 1997, ch. 309, § 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-110 - Licensee's change of address, name and/or ownership - Revocation of license

(a)
No licensee shall change its address unless it has given fourteen (14) days prior notice to the commissioner.
(b)
No licensee shall change its name unless it has given fourteen (14) days prior notice to the commissioner.
(c)
A change in control of a licensee shall require prior written notice to the commissioner. In the case of a publicly traded corporation, notice shall be made in writing within thirty (30) days of a proposed change or acquisition of control of a licensee. Upon notification, the commissioner may require such information deemed necessary to determine whether an application for a license is required. "Control," in the case of a corporation, has the meaning used in §
45-18-102
. "Control," in the case of any other entity, means any change in the principals of the organization, whether active or passive. Costs incurred by the department in investigating a change in control request shall be paid by the person or persons requesting approval. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change of control does not pose any risk to the interests of the public.
(d)
Whenever control of a licensee is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
(e)
If the commissioner approves of the change of name, location or ownership and an amended license must be issued, a fifty dollar ($50.00) fee shall be paid for the amended license.
Acts 1997 , ch. 309, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-111 - Location of check cashing business

A licensee may operate the businesses regulated under this chapter at a location where any other business is operated or in association or conjunction with any other business as long as the licensee gives prior written notification to the commissioner and the other business is consistent with the following requirements:
(1)
The books, accounts and records of businesses regulated under this chapter are kept and maintained separate and apart from the books, accounts, and records of any other business; and
(2)
The other business is not of a type that would tend to enable the concealment of acts engaged in to evade the requirements of this chapter. If the commissioner determines upon investigation that the other business is of the type that would conceal the acts, the commissioner shall order the licensee to cease the operation of the businesses regulated under this chapter at that location.
Acts 1997, ch. 309, § 11.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-112 - Filing of written report with commissioner - Events impacting activities of licensee

Within fifteen (15) days of the occurrence of any one (1) of the events listed in subdivisions (1)-(6), a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities of the licensee in the state:
(1)
The filing for bankruptcy or reorganization by the licensee;
(2)
The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
(3)
The denial of the opportunity to engage in the check cashing business by any state or governmental authority;
(4)
Any felony indictment of the licensee or any of its officers, directors or principals;
(5)
Any felony conviction of the licensee or any of its officers, directors, or principals; and
(6)
Other events that the commissioner may determine and identify by rule.
Acts 1997, ch. 309, § 12.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-113 - Examination of licensee by commissioner

(a)
The commissioner may conduct periodic examinations of a licensee to determine compliance with this chapter. In conducting the examination, the commissioner or the commissioner's staff shall have full and free access to all the books, papers and records of the licensee and may summon and qualify as witnesses, under oath, and examine the directors, officers, members, agents and employees of any licensee, and any other person concerning the condition and affairs of the licensee. The cost for an examination or investigation of licensees shall be assessed pursuant to §
45-1-118(i)
.
(b)
Upon reasonable cause, the commissioner may conduct an examination of any unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the ability to summon witnesses and examine them under oath concerning matters relating to the business of the persons or other matters that may be relevant to the discovery of a violation of this chapter, including, but not limited to, the conduct of business without a license as required under this chapter. An unlicensed person subject to the licensing requirements of this chapter, who is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the examination or investigation.
(c)
The commissioner may promulgate reasonable regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, for the enforcement of this chapter. A copy of any rule or regulation adopted by the commissioner shall be mailed to each license holder at least thirty (30) days before the date it takes effect.
(d)
The commissioner is authorized to disclose information obtained pursuant to this chapter to any local, state or federal agency as the commissioner deems proper.
Amended by 2014 Tenn. Acts, ch. 736,s 33, eff. 7/1/2015.
Amended by 2014 Tenn. Acts, ch. 736,s 32, eff. 7/1/2015.
Acts 1997, ch. 309, § 13; 2006, ch. 596, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 18 - CHECK CASHING ACT (§§ 45-18-101 — 45-18-124) › Section 45-18-114 - Required records

(a)
Each licensee shall make, keep and preserve the books, accounts, records, and documents as the commissioner may determine by rule.
(b)
All records of the check cashing business shall be maintained separately by the licensee from any other business in which the licensee may engage.
Acts 1997, ch. 309, § 14.