2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 7 - MONEY TRANSMISSION MODERNIZATION ACT (§§ 45-7-101 — 45-7-144) › Part 1 - MONEY TRANSMISSION MODERNIZATION ACT (§§ 45-7-101 — 45-7-144) › Section 45-7-115 - Issuance of license

(a)
When an application for an original license under this chapter appears to the commissioner to include all the items and address all of the matters that are required, the application is considered complete under this section.
(b)
Unless the commissioner has extended the application period pursuant to subsection (c), or the commissioner has approved or denied the application within one hundred eighty (180) days after the date that the commissioner determined the application to be complete:
(1)
The application is approved; and
(2)
The license takes effect as of the first business day after expiration of the one hundred eighty-day period.
(c)
The commissioner may for good cause extend the application period.
(d)
A determination by the commissioner that an application is considered complete under this section means only that the application, on its face, appears to include all items, including the criminal background check response from the federal bureau of investigation, or investigative background report, if applicable, and address all matters required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.
(e)
When an application is filed and considered complete under this section, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, competence, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this section if the commissioner finds that the following conditions have been fulfilled:
(1)
The applicant has complied with §§
45-7-113
and
45-7-114
; and
(2)
The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(f)
The commissioner shall notify the applicant in writing of a denial of an application under this section, stating the basis for denial. If the commissioner denies an application, the applicant may make a written request to the commissioner for a hearing on the question of whether the license should be granted. Any hearing requested under this subsection (f) must be conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the individual has requested the hearing in writing within thirty (30) days of the date of the commissioner's denial. At the hearing, the applicant must prove by a preponderance of the evidence that the applicant is entitled to a license.
(g)
The initial license term begins on the day the application is approved. The license expires on December 31st of the year in which the license term began.
Amended by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.
Acts 1994, ch. 715, § 1; T.C.A., §
45-7-215
.