(a) A license issued pursuant to this chapter is not transferable or assignable.(b)(1) The prior written approval of the commissioner is required for the continued operation of a flex loan business whenever a change in control of a licensee is proposed. The commissioner may require information deemed necessary to determine whether a new application is required. Reasonable and actual costs incurred by the commissioner in investigating a change of control request shall be paid by the person requesting approval.(2) Whenever control 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.(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.Added by 2014 Tenn. Acts, ch. 969,s 1, eff. 1/1/2015.
Tennessee Legal Code